John Hancock

New York Tax-Free Income Fund

Semiannual report 11/30/14

A message to shareholders

Dear fellow shareholder,

Robust economic growth in the United States continues to set the standard globally. Unemployment has ratcheted down to pre-recession levels, consumer confidence and spending are rising, and inflation remains low. Bond markets have turned in positive performance against this backdrop as investors pursue yield where they can find it. Despite a 30-year bull market in bonds, many U.S. bond yields look compelling when compared with other developed markets around the world.

The coming year may likely present greater challenges for bond investors, however. The U.S. Federal Reserve (Fed) has signaled its intention to be patient in beginning to raise short-term interest rates. Once the Fed does raise the rates, it may have an adverse affect on many fixed-income portfolios, particularly those that invest in less-liquid markets. At John Hancock Investments, we are closely monitoring our fixed-income portfolios and communicating regularly with their portfolio managers about these issues. Now may also be a good time for you to discuss your fixed-income strategy with your financial advisor to determine if your portfolio continues to match your long-term goals.

A new look

I am pleased to introduce you to our redesigned shareholder reports. As part of an effort to elevate the educational substance in our communications, we undertook an initiative to make our reports more engaging and easier to navigate. Included in the changes are a performance snapshot that shows your fund's performance against that of its benchmark, and a Q&A with your fund's lead portfolio manager. We hope these enhancements give you better insight into your fund's activity and performance.

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us and wish you a happy and healthy 2015.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views as of November 30, 2014. They are subject to change at any time. For more up-to-date information, you can visit our website at jhinvestments.com.

John Hancock
New York Tax-Free Income Fund

Table of contents

2 Your fund at a glance

4 Discussion of fund performance

8 A look at performance

10 Your expenses

12 Fund's investments

15 Financial statements

19 Financial highlights

22 Notes to financial statements

27 Continuation of investment advisory and subadvisory agreements

33 More information

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks 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.

AVERAGE ANNUAL TOTAL RETURNS AS OF 11/30/14(%)

The Barclays New York Municipal Bond Index is an unmanaged index of New York investment-grade municipal bonds.

It is not possible to invest directly in an index.

Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.

The past performance shown here reflects reinvested distributions and the beneficial effect of any expense reductions, and does not guarantee future results. Returns for periods shorter than one year are cumulative, and results for other share classes will vary. Shares will fluctuate in value and, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance cited, and can be found at jhinvestments.com or by calling 800-225-5291. For further information on the fund's objectives, risks, and strategy, see the fund's prospectus.

PERFORMANCE HIGHLIGHTS OVER THE LAST SIX MONTHS

Municipal bonds advanced

Favorable supply-and-demand conditions and a lack of inflationary pressure contributed to positive returns in the municipal bond market, and New York municipal bonds fared slightly better.

Fund underperformed

The fund modestly trailed the performance of its benchmark, the Barclays New York Municipal Bond Index.

Shorter duration and Puerto Rico exposure detracted

The fund's underperformance versus its benchmark was driven by a shorter duration (i.e., less interest-rate sensitivity) and exposure to Puerto Rico.

PORTFOLIO COMPOSITION AS OF 11/30/14 (%)

A note about risks

Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities include a higher risk of default. Municipal bond prices can decline due to fiscal mismanagement or tax shortfalls, or if related projects become unprofitable. If the fund invests heavily in any one state or region, performance could be disproportionately affected by factors particular to that state or region. Events in the financial markets have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. In addition, reduced liquidity in credit and fixed-income markets may adversely affect issuers worldwide. Certain market conditions, including reduced trading volume, heightened volatility, and rising interest rates, may impair liquidity, the ability of the fund to sell securities or close derivative positions at advantageous prices. The use of hedging and derivatives could produce disproportionate gains or losses and may increase costs. Sector investing is subject to greater risks than the market as a whole. Because the fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors, and investments focused in one sector may fluctuate more widely than investments diversified across sectors. Please see the fund's prospectus for additional risks.

Discussion of fund performance

An interview with Portfolio Manager Dianne M. Sales, CFA, John Hancock Asset Management, a division of Manulife Asset Management (US) LLC

Dianne M. Sales, CFA
Portfolio Manager
John Hancock Asset Management

What factors contributed to the positive returns in the municipal bond market over the past six months?

Supply and demand in the municipal bond market aided performance during the six-month period. Through November 30, 2014, new municipal bond issuance year to date was 4% lower than for the same period in 2013. Moreover, a meaningful portion of the new issues in the muni market, especially during the last half of the six-month period, was used to refinance existing securities, which does not materially increase the volume of outstanding municipal bonds. On the other side of the equation, investor demand picked up, resulting in steadily positive inflows into the municipal bond market. This stood in contrast to 2013, when investment dollars flowed out of the muni market.

The favorable supply-and-demand backdrop helped tax-exempt municipal bonds outperform the broad taxable bond market. As a point of reference, the Barclays Municipal Bond Index returned 2.45% for the six-month period, while the Barclays U.S. Aggregate Bond Index, a broad taxable bond market measure, returned 1.92%. New York municipal bonds fared slightly better as the Barclays New York Municipal Bond Index returned 2.55%.

How did the economic environment affect the muni market?

Economic conditions were supportive for bonds in general. Inflation in the United States remained well below its long-term historical average, in part because of declining energy prices and slowing economic growth elsewhere in the world, particularly in Europe and China. But we are also seeing little evidence of domestic wage pressure, despite stronger job numbers and a lower unemployment rate. The lack of inflationary pressure enabled bond yields to trend lower during the six-month period, leading to higher bond prices.

Munis also benefited from stronger economic data in the United States, which typically boosts state and local tax revenues, aids publicly funded development projects, and strengthens municipal credit quality.

"The favorable supply-and-demand backdrop helped tax-exempt municipal bonds outperform..."

Speaking of which, did any municipal credit concerns develop in New York over the last six months?

New York credit quality remained solid as the state's economy continued to improve. Tax revenues have remained on an upward trajectory and government spending levels have been relatively stable. After struggling with enormous budget shortfalls in the wake of the 2008 credit crisis and recession, the state of New York delivered timely balanced budgets in each of the past four years.

The state's prudent fiscal stewardship led to a credit rating upgrade on state debt from each of the major credit rating agencies in mid-2014. The state's current credit rating is the highest it has been since the mid-1970s. In New York City, tax revenues exceeded expectations thanks to improving economic conditions driven by a strengthening financial services sector.

Looking at the portfolio, what contributed to the fund's underperformance of its benchmark, the Barclays New York Municipal Bond Index?

The fund's duration (a measure of interest-rate sensitivity) detracted from relative results. The fund's duration (4.2 years as of November 30, 2014) was shorter than that of the benchmark (4.5 years as of November 30, 2014), which meant that the fund had less interest-rate sensitivity, so it did not

QUALITY COMPOSITION AS OF 11/30/14 (%)

benefit as much from declining municipal bond yields. Furthermore, several of the fund's holdings were subject to near-term call pressure as issuers exercised their right to pay off the bonds prior to maturity. These securities had relatively high yields and traded at a premium, so the call led to downward pressure on their prices as they moved closer to par.

The fund's small position in bonds issued by the Commonwealth of Puerto Rico, which are not represented in the benchmark, also had a negative impact on relative performance. Puerto Rico has been struggling with a persistent economic downturn and potential liquidity problems. We continued to reduce the fund's Puerto Rico holdings during the six-month period; as of November 30, 2014, they made up approximately 3.7% of net assets, compared with 5.1% six months ago. The fund's Puerto Rico holdings consisted entirely of sales tax revenue bonds, so they are tied to a dedicated revenue stream rather than to general fund collections.

What contributed positively to results versus the benchmark over the last six months?

The fund's lower-grade, higher-yielding holdings benefited from continued investor demand for yield. Examples included the fund's holdings of bonds financing industrial development and pollution control projects, as well as securities rated BBB, the lower end of the investment-grade credit rating spectrum. The fund also benefited from its lower-rated healthcare bonds, especially those financing hospitals that are viewed as critical suppliers in their region of the state.

Are there any noteworthy themes in the municipal bond market?

In recent years, the federal budget deficit has prompted some proposals to limit the tax exemption that municipal bond interest payments have enjoyed since the passage of the Revenue Act of 1913.

TOP 10 HOLDINGS AS OF 11/30/14 (%)

Oneida County Industrial Development Agency, Hamilton College Project, Series A, zero coupon bond, 7-1-29 5.6

New York State Dormitory Authority, State University Educational Facilities, Series A, 5.500%, 5-15-19 4.5

Upper Mohawk Valley Regional Water Finance Authority, Water Revenue, zero coupon bond, 4-1-22 3.6

New York City Municipal Water Finance Authority, Water Revenue, Series D, zero coupon bond, 6-15-20 3.6

Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Escrowed to Maturity,
Series Y, 6.125%, 1-1-21 3.5

Long Island Power Authority, Electric, Power & Light Revenues, Series A, 5.750%, 4-1-39 3.3

New York State Dormitory Authority, Fordham University, 5.000%, 7-1-44 2.9

New York Local Assistance Corp., Sales Tax Revenue, Series C, 5.500%, 4-1-17 2.6

Brooklyn Arena Local Development Corp., Barclays Center Project, 6.375%, 7-15-43 2.3

Long Island Power Authority, Electric, Power & Light Revenues, Series A, 6.000%, 5-1-33 2.3

Total 34.2

As a percentage of net assets.

Cash and cash equivalents are not included.

In 2014, there were proposals from both Congress and the White House recommending a cap on the municipal bond interest tax deduction for higher-income investors.

As a result of the November midterm elections, Republicans will control both houses of Congress starting in January 2015. Given the potential for conflicting priorities between Congress and the president, we anticipate that near-term changes to the municipal bond interest tax deduction are unlikely.

Can you provide some details about the timing of the fund's proposed merger?

The fund's Board of Trustees approved the merger of the fund into John Hancock Tax-Free Bond Fund. Shareholders have approved the merger, and it is expected to occur at the close of business on or about February 13, 2015.

MANAGED BY

Dianne M. Sales, CFA
On the fund since 1995
Investing since 1984

The views expressed in this report are exclusively those of Dianne M. Sales, CFA, John Hancock Asset Management, and are subject to change. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund's investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk.

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED NOVEMBER 30, 2014

Average annual
total returns (%)
with maximum sales charge Cumulative
total returns (%)
with maximum sales charge SEC
30-day
yield (%)
subsidized SEC
30-day
yield (%)
unsubsidized¹ Tax-
equivalent
subsidized
yield (%)²

1-year 5-year 10-year 6-month 5-year 10-year as of
11-30-14 as of
11-30-14 as of
11-30-14

Class A 4.36 3.76 3.71 -1.84 20.29 43.98 1.71 1.56 3.31

Class B 2.99 3.52 3.56 -3.06 18.91 41.89 1.03 0.93 2.00

Class C 6.99 3.87 3.41 0.94 20.92 39.80 1.03 0.93 2.00

Index 1^† 7.85 4.87 4.74 2.55 26.85 58.93 — — —

Index 2^† 8.23 5.12 4.81 2.45 28.39 59.99 — — —

Performance figures assume all distributions have been reinvested. Figures reflect maximum sales charges on Class A shares of 4.0% and the applicable contingent deferred sales charge (CDSC) on Class B and Class C shares. The returns for Class A shares have been adjusted to reflect the reduction in the maximum sales charge from 4.5% to 4.0%, effective 2-3-14. 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 prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Had the fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

Class A Class B Class C

Gross (%) 1.12 1.82 1.82

Net (%) 0.97 1.72 1.72

Please refer to the most recent prospectus and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

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 800-225-5291 or visit the fund's website at jhinvestments.com.

The performance table above and the chart on the next page do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. 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.

†	Index 1 is the Barclays New York Municipal Bond Index; Index 2 is the Barclays Municipal Bond Index.

See the following page for footnotes.

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock New York Tax-Free Income Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in two separate indexes.

Start date With maximum
sales charge ($) Without
sales charge ($) Index 1 ($) Index 2 ($)

Class B³ 11-30-04 14,189 14,189 15,893 15,999

Class C³ 11-30-04 13,980 13,980 15,893 15,999

The values shown in the chart for "Class A shares with maximum sales charge" have been adjusted to reflect the reduction in the Class A shares' maximum sales charge from 4.5% to 4.0%, which became effective on 2-3-14.

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.

The Barclays New York Municipal Bond Index is an unmanaged index of New York investment-grade municipal bonds.

The Barclays 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 expenses or sales charges, which would have resulted in lower values.

Footnotes related to performance pages

1	Unsubsidized yield reflects what the yield would have been without the effect of reimbursements and waivers.
2	Tax-equivalent yield is based on the maximum federal income tax rate of 43.4% and a state tax rate of 8.82%.
3	The contingent deferred sales charge is not applicable.

Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

This example is intended to provide information about the fund's actual ongoing operating expenses, and is based on the fund's actual return. It assumes an account value of $1,000.00 on June 1, 2014, with the same investment held until November 30, 2014.

Account value
on 6-1-2014 Ending value
on 11-30-2014 Expenses paid
during period
ended 11-30-2014¹ Annualized
expense ratio

Class A $1,000.00 $1,022.40 $5.73 1.13%

Class B 1,000.00 1,019.40 9.57 1.89%

Class C 1,000.00 1,019.40 9.52 1.88%

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, 2014, 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:

Hypothetical example for comparison purposes

This table allows you to compare the 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 the fund's actual return). It assumes an account value of $1,000.00 on June 1, 2014, with the same investment held until November 30, 2014. Look in any other fund shareholder report to find its hypothetical example and you will be able to compare these expenses. Please remember that these hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Account value
on 6-1-2014 Ending value
on 11-30-2014 Expenses paid
during period
ended 11-30-2014¹ Annualized
expense ratio

Class A $1,000.00 $1,019.40 $5.72 1.13%

Class B 1,000.00 $1,015.60 9.55 1.89%

Class C 1,000.00 $1,015.60 9.50 1.88%

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, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Fund's investments

As of 11-30-14 (unaudited)

Rate (%) Maturity date Par value Value

Municipal bonds 96.2% $49,457,982

(Cost $44,672,894)

New York 89.2% 45,895,422

Brooklyn Arena Local Development Corp.
Barclays Center Project 6.375 07-15-43 1,000,000 1,177,549

Chautauqua Asset Securitization Corp.
Tobacco Settlement 6.750 07-01-40 1,000,000 1,002,360

City of New York, Series D-1 5.000 10-01-36 1,000,000 1,128,990

City of New York, Series E-1 6.250 10-15-28 500,000 595,025

Hudson Yards Infrastructure Corp.
Series A 5.750 02-15-47 1,000,000 1,149,750

Long Island Power Authority
Electric, Power & Light Revenues, Series A 5.750 04-01-39 1,500,000 1,703,325

Long Island Power Authority
Electric, Power & Light Revenues, Series A 6.000 05-01-33 1,000,000 1,170,440

Metropolitan Transportation Authority
Transit Revenue, Series A 5.250 11-15-28 1,000,000 1,130,290

Metropolitan Transportation Authority
Transit Revenue, Series B 5.000 11-15-34 1,000,000 1,126,220

Monroe County Industrial Development Corp., Series A 5.000 07-01-41 1,000,000 1,102,430

Monroe Newpower Corp.
Electric, Power & Light Revenues 5.100 01-01-16 520,000 520,707

New York City Industrial Development Agency
Polytechnic University Project (D) 5.250 11-01-27 1,000,000 1,111,740

New York City Industrial Development Agency
Terminal One Group Association Project AMT (P) 5.500 01-01-21 1,000,000 1,050,300

New York City Municipal Water Finance Authority
Water Revenue, Series A 5.750 06-15-40 1,000,000 1,146,480

New York City Municipal Water Finance Authority
Water Revenue, Series D (Z) 1.458 06-15-20 2,000,000 1,843,660

New York City Municipal Water Finance Authority
Water Revenue, Series FF-2 5.000 06-15-40 1,000,000 1,111,180

New York City Municipal Water Finance Authority
Water Revenue, Series GG-1 5.000 06-15-39 1,000,000 1,117,100

New York City Transitional Finance Authority
Government Fund/Grant Revenue, Series S-4 5.500 01-15-39 1,000,000 1,142,140

New York Liberty Development Corp.
7 World Trade Center, Class 2 5.000 09-15-43 1,000,000 1,110,770

New York Liberty Development Corp.
Bank of America Tower, Class 2 5.625 07-15-47 1,000,000 1,136,660

New York Local Assistance Corp.
Sales Tax Revenue, Series C 5.500 04-01-17 1,225,000 1,319,582

New York State Dormitory Authority
Fordham University 5.000 07-01-44 1,350,000 1,514,916

12SEE NOTES TO FINANCIAL STATEMENTS

New York State Dormitory Authority
Mount Sinai School of Medicine 5.125 07-01-39 1,000,000 $1,108,230

New York State Dormitory Authority
North Shore Long Island Jewish Group, Series A 5.000 05-01-41 1,000,000 1,092,230

New York State Dormitory Authority
Orange Regional Medical Center 6.125 12-01-29 750,000 803,325

New York State Dormitory Authority
Rockefeller University, Series A 5.000 07-01-41 1,000,000 1,136,130

New York State Dormitory Authority
Series A 5.000 03-15-43 1,000,000 1,146,690

New York State Dormitory Authority
State University Educational Facilities, Series A (D) 5.250 05-15-15 355,000 363,382

New York State Dormitory Authority
State University Educational Facilities, Series A 5.500 05-15-19 2,000,000 2,301,760

New York State Dormitory Authority
Unrefunded General Purpose, Series E 5.000 02-15-35 1,000,000 1,130,160

New York State Environmental Facilities Corp.
Water Revenue, Series A 5.000 06-15-34 1,000,000 1,125,850

Niagara Area Development Corp.
Covanta Energy Project, Series A AMT (S) 5.250 11-01-42 500,000 514,540

Oneida County Industrial Development Agency
Hamilton College Project, Series A (D)(Z) 4.276 07-01-29 5,330,000 2,868,340

Onondaga Civic Development Corp. 5.125 07-01-31 1,000,000 1,054,020

Port Authority of New York & New Jersey
5th Installment Special Project AMT 6.750 10-01-19 990,000 986,901

Port Authority of New York & New Jersey
JFK International Airport Terminal 6.000 12-01-36 1,000,000 1,163,220

Triborough Bridge & Tunnel Authority
Highway Revenue Tolls, Escrowed to Maturity, Series Y 6.125 01-01-21 1,500,000 1,821,360

Upper Mohawk Valley Regional Water Finance Authority
Water Revenue (D)(Z) 2.411 04-01-22 2,230,000 1,867,670

Puerto Rico 3.7% 1,869,185

Puerto Rico Sales Tax Financing Corp.
Sales Tax Revenue, Series A (0.000% steps up to 6.750% on 8-1-16) (Z) 1.860 08-01-32 1,000,000 773,900

Puerto Rico Sales Tax Financing Corp., Series C 5.000 08-01-35 1,000,000 722,770

Puerto Rico Sales Tax Financing Corp., Series C 5.375 08-01-38 500,000 372,515

Virgin Islands 2.2% 1,141,140

Virgin Islands Public Finance Authority, Series A 6.750 10-01-37 1,000,000 1,141,140

Guam 1.1% 552,235

Guam Government, Series A 5.750 12-01-34 500,000 552,235

SEE NOTES TO FINANCIAL STATEMENTS13

Par value Value

Short-term investments 2.7% $1,410,000

(Cost $1,410,000)

Repurchase agreement 2.7% 1,410,000

Barclays Tri-Party Repurchase Agreement dated 11-28-14 at 0.060% to be repurchased at $1,410,007 on 12-1-14, collateralized by $1,322,900 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-16 (valued at $1,438,229, including interest) 1,410,000 1,410,000

Total investments (Cost $46,082,894)† 98.9% $50,867,982

Other assets and liabilities, net 1.1% $571,986

Total net assets 100.0% $51,439,968

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

Key to Security Abbreviations and Legend

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 or more of these companies:

Insurance Coverage As a % of total
Investments

National Public Finance Guarantee Corp. 6.4%

Ambac Financial Group, Inc. 3.7%

ACA Financial Guaranty Corp. 2.2%

Total 12.3%

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

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

(Z) Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end.

† At 11-30-14, the aggregate cost of investment securities for federal income tax purposes was $45,955,122. Net unrealized appreciation aggregated $4,912,860 of which $5,269,104 related to appreciated investment securities and $356,244 related to depreciated investment securities.

14SEE NOTES TO FINANCIAL STATEMENTS

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 11-30-14 (unaudited)

Assets

Investments, at value (Cost $46,082,894) $50,867,982

Cash 69,630

Receivable for fund shares sold 6,531

Interest receivable 606,724

Receivable from affiliates 628

Other receivables and prepaid expenses 4,303

Total assets 51,555,798

Liabilities

Payable for fund shares repurchased 43,749

Distributions payable 17,862

Payable to affiliates

Accounting and legal services fees 1,924

Transfer agent fees 4,412

Distribution and service fees 6,283

Trustees' fees 155

Other liabilities and accrued expenses 41,445

Total liabilities 115,830

Net assets $51,439,968

Net assets consist of

Paid-in capital $47,651,854

Accumulated distributions in excess of net investment income (8,650 )

Accumulated net realized gain (loss) on investments (988,324 )

Net unrealized appreciation (depreciation) on investments 4,785,088

Net assets $51,439,968

SEE NOTES TO FINANCIAL STATEMENTS15

STATEMENT OF ASSETS AND LIABILITIES (continued)

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 ($42,162,820 ÷ 3,418,311 shares)¹ $12.33

Class B ($1,617,090 ÷ 131,089 shares)¹ $12.34

Class C ($7,660,058 ÷ 620,917 shares)¹ $12.34

Maximum offering price per share

Class A (net asset value per share ÷ 96%)² $12.84

1 Redemption price per share 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.

16SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF OPERATIONS For the six months ended 11-30-14 (unaudited)

Investment income

Interest $1,217,815

Expenses

Investment management fees 132,983

Distribution and service fees 112,896

Accounting and legal services fees 4,787

Transfer agent fees 15,174

Trustees' fees 308

State registration fees 4,180

Printing and postage 3,603

Professional fees 80,261

Custodian fees 5,984

Registration and filing fees 13,031

Other 3,070

Total expenses 376,277

Less expense reductions (39,462 )

Net expenses 336,815

Net investment income 881,000

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments (158,487 )

(158,487 )

Change in net unrealized appreciation (depreciation) of

Investments 439,259

439,259

Net realized and unrealized gain 280,772

Increase in net assets from operations $1,161,772

SEE NOTES TO FINANCIAL STATEMENTS17

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended 11-30-14 Year ended 5-31-14

(unaudited)

Increase (decrease) in net assets

From operations

Net investment income $881,000 $2,053,114

Net realized loss (158,487 ) (962,310 )

Change in net unrealized appreciation (depreciation) 439,259 (1,552,635 )

Increase (decrease) in net assets resulting from operations 1,161,772 (461,831 )

Distributions to shareholders

From net investment income

Class A (791,106 ) (1,769,144 )

Class B (24,804 ) (60,420 )

Class C (110,793 ) (245,143 )

Total distributions (926,703 ) (2,074,707 )

From fund share transactions (3,554,437 ) (7,651,568 )

Total decrease (3,319,368 ) (10,188,106 )

Net assets

Beginning of period 54,759,336 64,947,442

End of period $51,439,968 $54,759,336

Undistributed (accumulated distributions in excess of) net investment income ($8,650 ) $37,053

18SEE NOTES TO FINANCIAL STATEMENTS

Financial highlights

Class A Shares Period ended 11-30-14 ¹ 5-31-14 5-31-13 5-31-12 5-31-11 5-31-10

Per share operating performance

Net asset value, beginning of period $12.28 $12.72 $12.82 $11.94 $12.20 $11.60

Net investment income² 0.21 0.46 0.46 0.48 0.52 0.51

Net realized and unrealized gain (loss) on investments 0.06 (0.44 ) (0.06 ) 0.89 (0.28 ) 0.60

Total from investment operations 0.27 0.02 0.40 1.37 0.24 1.11

Less distributions

From net investment income (0.22 ) (0.46 ) (0.46 ) (0.48 ) (0.50 ) (0.51 )

From net realized gain — — (0.04 ) (0.01 ) — —

Total distributions (0.22 ) (0.46 ) (0.50 ) (0.49 ) (0.50 ) (0.51 )

Net asset value, end of period $12.33 $12.28 $12.72 $12.82 $11.94 $12.20

Total return (%)^3,4 2.24 ⁵ 0.34 3.11 11.71 2.04 9.71

Ratios and supplemental data

Net assets, end of period (in millions) $42 $45 $53 $53 $50 $54

Ratios (as a percentage of average net assets):

Expenses before reductions 1.20 ⁶ 1.12 1.04 1.06 1.08 1.10

Expenses including reductions 1.04 ⁶ 0.97 0.89 0.93 0.96 1.10

Net investment income 3.45 ⁶ 3.82 3.53 3.92 4.31 4.27

Portfolio turnover (%) 2 7 8 16 9 7

1 Six months ended 11-30-14. Unaudited.

2 Based on average daily shares outstanding.

3 Does not reflect the effect of sales charges, if any.

4 Total returns would have been lower had certain expenses not been reduced during the applicable periods.

5 Not annualized.

6 Annualized.

SEE NOTES TO FINANCIAL STATEMENTS19

Class B Shares Period ended 11-30-14 ¹ 5-31-14 5-31-13 5-31-12 5-31-11 5-31-10

Per share operating performance

Net asset value, beginning of period $12.28 $12.72 $12.82 $11.94 $12.21 $11.60

Net investment income² 0.17 0.37 0.36 0.39 0.43 0.42

Net realized and unrealized gain (loss) on investments 0.07 (0.44 ) (0.06 ) 0.89 (0.28 ) 0.61

Total from investment operations 0.24 (0.07 ) 0.30 1.28 0.15 1.03

Less distributions

From net investment income (0.18 ) (0.37 ) (0.36 ) (0.39 ) (0.42 ) (0.42 )

From net realized gain — — (0.04 ) (0.01 ) — —

Total distributions (0.18 ) (0.37 ) (0.40 ) (0.40 ) (0.42 ) (0.42 )

Net asset value, end of period $12.34 $12.28 $12.72 $12.82 $11.94 $12.21

Total return (%)^3,4 1.94 ⁵ (0.41 ) 2.34 10.90 1.25 9.03

Ratios and supplemental data

Net assets, end of period (in millions) $2 $2 $2 $2 $2 $3

Ratios (as a percentage of average net assets):

Expenses before reductions 1.90 ⁶ 1.82 1.74 1.76 1.77 1.80

Expenses including reductions 1.79 ⁶ 1.72 1.64 1.66 1.66 1.80

Net investment income 2.69 ⁶ 3.07 2.78 3.18 3.59 3.57

Portfolio turnover (%) 2 7 8 16 9 7

20SEE NOTES TO FINANCIAL STATEMENTS

Class C Shares Period ended 11-30-14 ¹ 5-31-14 5-31-13 5-31-12 5-31-11 5-31-10

Per share operating performance

Net asset value, beginning of period $12.28 $12.72 $12.82 $11.94 $12.21 $11.60

Net investment income² 0.17 0.37 0.36 0.39 0.43 0.43

Net realized and unrealized gain (loss) on investments 0.07 (0.44 ) (0.06 ) 0.89 (0.28 ) 0.60

Total from investment operations 0.24 (0.07 ) 0.30 1.28 0.15 1.03

Less distributions

From net investment income (0.18 ) (0.37 ) (0.36 ) (0.39 ) (0.42 ) (0.42 )

From net realized gain — — (0.04 ) (0.01 ) — —

Total distributions (0.18 ) (0.37 ) (0.40 ) (0.40 ) (0.42 ) (0.42 )

Net asset value, end of period $12.34 $12.28 $12.72 $12.82 $11.94 $12.21

Total return (%)^3,4 1.94 ⁵ (0.41 ) 2.34 10.90 1.25 9.04

Ratios and supplemental data

Net assets, end of period (in millions) $8 $8 $10 $9 $8 $8

Ratios (as a percentage of average net assets):

Expenses before reductions 1.90 ⁶ 1.82 1.74 1.76 1.78 1.80

Expenses including reductions 1.79 ⁶ 1.72 1.64 1.66 1.66 1.80

Net investment income 2.70 ⁶ 3.07 2.78 3.19 3.61 3.56

Portfolio turnover (%) 2 7 8 16 9 7

SEE NOTES TO FINANCIAL STATEMENTS21

Notes to financial statements (unaudited)

Note 1 — Organization

John Hancock New York Tax-Free Income Fund (the fund) is a 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 outstanding are detailed in the Statement of assets and liabilities. All share classes are currently closed to new investors in anticipation of a reorganization of the fund into John Hancock Tax-Free Bond Fund. 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.

On June 25, 2014, the Board of Trustees approved a proposal to merge the fund into John Hancock Tax-Free Bond Fund, a series of John Hancock Municipal Securities Trust. Shareholders of the fund approved the merger at a shareholder meeting held on January 9, 2015, and it is expected to be complete on or about February 13, 2015. The fund will remain open to purchases and redemptions from existing shareholders until on or about February 13, 2015.

Note 2 — Significant accounting policies

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP), which require management to make certain estimates and assumptions as of the date of the financial statements. Actual results could differ from those estimates and those differences could be significant. The fund intends to qualify as an investment company under Topic 946 of Accounting Standards Codification of US GAAP.

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. 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 vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes 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, as well as broker supplied prices. Securities that trade only in the over-the-counter (OTC) market are valued using bid prices. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost. Other fund securities and assets, for which reliable 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. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

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 securities valued using quoted prices in active markets for identical securities. Level 2 includes securities valued using other 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 inputs are received from independent pricing vendors and brokers and are based on an evaluation of the inputs described. Level 3 includes securities valued using 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. Factors used in determining value may include market or issuer specific events or trends, changes in interest rates and credit quality. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.

As of November 30, 2014, all investments are categorized as Level 2 under the hierarchy described above.

Repurchase agreements. The fund may enter into repurchase agreements. When the fund enters into a repurchase agreement, it receives collateral that is held in a segregated account by the fund's custodian, or for tri-party repurchase agreements, collateral is held at a third-party custodian bank in a segregated account for the benefit of the fund. 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. Collateral received by the fund for repurchase agreements is disclosed in the Fund's investments as part of the caption related to the repurchase agreement.

Repurchase agreements are typically governed by the terms and conditions of the Master Repurchase Agreement and/or Global Master Repurchase Agreement (collectively, MRA). Upon an event of default, the non-defaulting party may close out all transactions traded under the MRA and net amounts owed. Absent an event of default, the MRA does not result in an offset of the reported amounts of assets and liabilities in the Statement of assets and liabilities. 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 or the counterparty may have insufficient assets to pay back claims resulting from close-out of the transactions.

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. 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. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds from litigation.

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 fund's custodian agreement, the custodian may loan money to the 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 may have a lien, security interest or security entitlement in any fund property that is not otherwise segregated or pledged, to the maximum extent permitted by law, to the extent of any overdraft.

In addition, the fund and other affiliated funds have entered into an agreement with Citibank N.A. that enables them to participate in a $300 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. Commitment fees for the six months ended November 30, 2014 were $243. For the six months ended November 30, 2014, the fund had no borrowings under the line of credit.

Expenses. Within the John Hancock group of funds complex, expenses that are directly attributable to an individual fund are allocated to such 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 net 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 assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, are calculated daily for each class based on the appropriate net assets 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.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital

losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of May 31, 2014, the fund has a short-term capital loss carryforward of $144,534 and a long-term capital loss carryforward of $535,425 available to offset future net realized capital gains. These carryforwards do not expire.

As of May 31, 2014, the fund had no uncertain tax positions that would require financial statement recognition, derecognition or disclosure. The fund's federal tax returns are subject to examination by the Internal Revenue Service for a period of three years.

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 in the same amount, except for the effect of class level 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 US GAAP.

Capital accounts within the 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. Book-tax differences are primarily attributable to accretion on debt securities.

Note 3 — Guarantees and indemnifications

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust, including 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 Advisor) serves as investment advisor for the fund. John Hancock Funds, LLC (the Distributor), an affiliate of the Advisor, serves as principal underwriter of the fund. The Advisor and the Distributor are indirect, wholly owned subsidiaries of Manulife Financial Corporation (MFC).

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent, on an annual basis, to the sum of: (a) 0.500% of the first $250 million of the fund's average daily net assets; (b) 0.450% of the next $250 million of the fund's average daily net assets; (c) 0.425% of the next $500 million of the fund's average daily net assets; (d) 0.400% of the next $250 million of the fund's average daily net assets and (e) 0.300% of the fund's average daily net assets in excess of $1.25 billion. The Advisor has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The Advisor has contractually agreed to waive a portion of its management fee and/or reimburse expenses for certain funds of the John Hancock complex, including the fund (the participating portfolios). The waiver equals, on an annualized basis, 0.01% of that portion of the aggregate net assets of all the participating portfolios that exceeds $75 billion but is less than or equal to $125 billion; 0.0125% of that portion of the aggregate net assets of all the participating portfolios that exceeds $125 billion but is less than or equal to $150 billion; and 0.015% of that portion of the aggregate net assets of all the participating portfolios that exceeds $150 billion. The amount of the reimbursement is calculated daily and allocated among all the participating portfolios in proportion to the daily net assets of each fund. This arrangement may be amended or terminated at any time by the Advisor upon notice to the fund and with the approval of the Board of Trustees.

The expense reductions described above amounted to $1,587, $63, and $281 for Class A, Class B, and Class C shares, respectively, for the six months ended November 30, 2014.

The investment management fees, including the impact of the waivers and reimbursements as described above, incurred for the six months ended November 30, 2014 were equivalent to a net annual effective rate of 0.49% of the fund's average daily net assets.

Accounting and legal services. Pursuant to a service agreement, the fund reimburses the Advisor for all expenses associated with providing the administrative, financial, legal, accounting and recordkeeping services to 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. These accounting and legal services fees incurred for the six months ended November 30, 2014 amounted to an annual rate of 0.02% 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 Rule 12b-1 fee

Class A 0.30%

Class B 1.00%

Class C 1.00%

The fund's Distributor has contractually agreed to waive 0.15%, 0.10%, and 0.10% of Rule 12b-1 fees for Class A, Class B, and Class C shares, respectively. The current waiver agreement expires on September 30, 2015, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. For the period ended November 30, 2014 the fund was reimbursed $32,801, $866, and $3,864 for Class A, Class B, and Class C shares, respectively, for Rule 12b-1 fees.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $22,627 for the six months ended November 30, 2014. Of this amount, $3,212 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $19,217 was paid as sales commissions to broker-dealers and $198 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Advisor. The up-front sales charge for Class A shares is 4.00%.

Class A, Class B, and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00%. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to 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, 2014, CDSCs received by the Distributor amounted to $6,149 and $255 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), an affiliate of the Advisor. 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, including 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 fees that Signature Services receives in connection with retirement and small accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes, and Municipal Bond 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.

Class level expenses. Class level expenses for the six months ended November 30, 2014 were:

Class Distribution and service fees Transfer agent fees

Class A $65,602 $12,476

Class B 8,659 494

Class C 38,635 2,204

Total $112,896 $15,174

Trustee expenses. The fund compensates each Trustee who is not an employee of the Advisor or its affiliates. The costs of paying Trustee compensation and expenses are allocated to each fund based on its net assets relative to other funds within the John Hancock group of funds complex.

Note 5 — Fund share transactions

Transactions in fund shares for the six months ended November 30, 2014 and for the year ended May 31, 2014 were as follows:

Six months ended 11-30-14 Year ended 5-31-14

Shares Amount Shares Amount

Class A shares

Sold 72,531 $888,218 253,876 $3,051,902

Distributions reinvested 56,475 694,350 127,801 1,524,928

Repurchased (378,629 ) (4,638,238 ) (870,121 ) (10,355,155 )

Net decrease (249,623 ) ($3,055,670 ) (488,444 ) ($5,778,325 )

Class B shares

Sold 3,452 $42,403 1,012 $12,358

Distributions reinvested 1,469 18,059 3,728 44,485

Repurchased (23,652 ) (290,476 ) (32,887 ) (390,910 )

Net decrease (18,731 ) ($230,014 ) (28,147 ) ($334,067 )

Class C shares

Sold 20,018 $246,873 118,121 $1,418,674

Distributions reinvested 7,732 95,092 17,415 207,859

Repurchased (49,743 ) (610,718 ) (264,517 ) (3,165,709 )

Net decrease (21,993 ) ($268,753 ) (128,981 ) ($1,539,176 )

Total net decrease (290,347 ) ($3,554,437 ) (645,572 ) ($7,651,568 )

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term securities amounted to $1,047,058 and $3,934,528, respectively, for the six months ended November 30, 2014.

CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Tax-Exempt Series Fund (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadvisor) for John Hancock New York Tax-Free Income Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-25, 2014 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at an in-person meeting held on May 27-29, 2014.

Approval of Advisory and Subadvisory Agreements

At in-person meetings held on June 23-25, 2014, the Board, including the Trustees who are not considered to be interested persons of the Trust under the Investment Company Act of 1940, as amended (the 1940 Act) (the Independent Trustees), reapproved the continuation of the Advisory Agreement between the Trust and the Advisor and the Subadvisory Agreement between the Advisor and the Subadvisor with respect to the fund for a term ending as of the anticipated closing of the fund's proposed reorganization into John Hancock Tax-Free Bond Fund ("Tax-Free Bond Fund"), which is expected to take place on or about February 13, 2015.

In considering the Advisory Agreement and the Subadvisory Agreement, the Board received in advance of the meetings a variety of materials relating to the fund, the Advisor and the Subadvisor, including comparative performance, fee and expense information for a peer group of similar funds prepared by an independent third-party provider of fund data, performance information for an applicable benchmark index; and, with respect to the Subadvisor, comparative performance information for comparably managed accounts, as applicable, and other information provided by the Advisor and the Subadvisor regarding the nature, extent and quality of services provided by the Advisor and the Subadvisor under their respective Agreements, as well as information regarding the Advisor's revenues and costs of providing services to the fund and any compensation paid to affiliates of the Advisor. At the meetings at which the renewal of the Advisory Agreement and Subadvisory Agreement are considered, particular focus is given to information concerning fund performance, comparability of fees and total expenses, and profitability. However, the Board notes that the evaluation process with respect to the Advisor and the Subadvisor is an ongoing one. In this regard, the Board also took into account discussions with management and information provided to the Board at prior meetings with respect to the services provided by the Advisor and the Subadvisor to the fund, including quarterly performance reports prepared by management containing reviews of investment results and prior presentations from the Subadvisor with respect to the fund. The Board noted the affiliation of the Subadvisor with the Advisor, noting any potential conflicts of interest. The Board also considered the nature, quality, and extent of non-advisory services, if any, to be provided to the fund by the Advisor's affiliates, including distribution services.

Throughout the process, the Board asked questions of and requested additional information from management. The Board is assisted by counsel for the Trust and the Independent Trustees are also separately assisted by independent legal counsel throughout the process. The Independent Trustees also received a memorandum from their independent legal counsel discussing the legal standards for their consideration of the proposed continuation of the Agreements and discussed the proposed continuation of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

Approval of Advisory Agreement

In approving the Advisory Agreement with respect to the fund, the Board, including the Independent Trustees, considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and does not treat any single factor as determinative, and each Trustee may attribute different weights to different factors. The Board's conclusions may be based in

part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of fund performance and operations throughout the year.

Nature, extent, and quality of services. Among the information received by the Board from the Advisor relating to the nature, extent, and quality of services provided to the fund, the Board reviewed information provided by the Advisor relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Advisor's compliance and regulatory history, including its Form ADV. The Board also noted that on a regular basis it receives and reviews information from the Trust's Chief Compliance Officer (CCO) regarding the fund's compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act. The Board also considered the Advisor's risk management processes. The Board considered that the Advisor is responsible for the management of the day-to-day operations of the fund, including, but not limited to, general supervision of and coordination of the services provided by the Subadvisor, and is also responsible for monitoring and reviewing the activities of the Subadvisor and third-party service providers.

In considering the nature, extent, and quality of the services provided by the Advisor, the Trustees also took into account their knowledge of the Advisor's management and the quality of the performance of the Advisor's duties, through Board meetings, discussions and reports during the preceding year and through each Trustee's experience as a Trustee of the Trust and of the other trusts in the complex.

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

(a) the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;

(b) the background, qualifications and skills of the Advisor's personnel;

(c) the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and mutual fund industry developments;

(d) the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund;

(e) the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; and

(f) the Advisor's reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

Investment performance. In considering the fund's performance, the Board noted that it reviews at its regularly scheduled meetings information about the fund's performance results. In connection with the consideration of the Advisory Agreement, the Board:

(a) reviewed information prepared by management regarding the fund's performance;

(b) considered the comparative performance of an applicable benchmark index;

(c) considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and

(d) took into account the Advisor's analysis of the fund's performance and its plans and recommendations regarding the Trust's subadvisory arrangements generally.

Fees and expenses. The Board reviewed comparative information prepared by an independent third-party provider of mutual fund data, including, among other data, the fund's contractual and net management fees (and subadvisory fees, to the extent available) and total expenses as compared to similarly situated investment companies deemed to be comparable to the fund. The Board considered the fund's ranking within a smaller group of peer funds chosen by the independent third-party provider, as well as the fund's ranking within a broader group of funds. In comparing the fund's contractual and net management fees to those of comparable funds, the Board noted that such fees include both advisory and administrative costs. The Board noted that net management fees and total expenses for the fund are higher than the peer group median. The Board took into account management's discussion of the fund's expenses.

The Board also took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by the Advisor after payment of the subadvisory fee. The Board also noted that the Advisor pays the subadvisory fee. In addition, the Board took into account that management had agreed, effective July 1, 2014, to implement an overall fee waiver across the complex, including the fund, which is discussed further below. The Board also noted actions taken over the past several years to reduce the fund's operating expenses. The Board also noted that, in addition, the Advisor is currently waiving fees and/or reimbursing expenses with respect to the fund and that the fund has breakpoints in its contractual management fee schedule that reduce management fees as assets increase. The Board also noted that the fund's distributor, an affiliate of the Advisor, has agreed to waive a portion of its Rule 12b-1 fee for the fund's share classes through September 30, 2015. The Board reviewed information provided by the Advisor concerning the investment advisory fee charged by the Advisor or one of its advisory affiliates to other clients (including other funds in the complex) having similar investment mandates, if any. The Board considered any differences between the Advisor's and Subadvisor's services to the fund and the services they provide to other comparable clients or funds. The Board concluded that the advisory fee paid with respect to the fund is reasonable.

Profitability/indirect benefits. In considering the costs of the services to be provided and the profits to be realized by the Advisor and its affiliates (including the Subadvisor) from the Advisor's relationship with the Trust, the Board:

(a) reviewed financial information of the Advisor;

(b) reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;

(c) received and reviewed profitability information with respect to the John Hancock fund complex as a whole;

(d) received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;

(e) considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability analysis reviewed by the Board;

(f) considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;

(g) noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund's distributor also receives Rule 12b-1 payments to support distribution of the fund;

(h) noted that the fund's Subadvisor is an affiliate of the Advisor;

(i) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;

(j) noted that the subadvisory fee for the fund is paid by the Advisor; and

(k) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the entrepreneurial risk that it assumes as Advisor.

Based upon its review, the Board concluded that the level of profitability, if any, of the Advisor and its affiliates (including the Subadvisor) from their relationship with the fund was reasonable and not excessive.

Economies of scale. Keeping in mind that the fund is expected to be reorganized into Tax-Free Bond Fund, in considering the extent to which economies of scale could be realized if the fund were to grow, and whether fee levels reflect these economies of scale for the benefit of fund shareholders, the Board:

(a) considered that the Advisor has agreed, effective July 1, 2014, to waive a portion of its management fee for the fund and each of the other John Hancock funds in the complex (except for those discussed below) (the Participating Portfolios) or otherwise reimburse the expenses of the Participating Portfolios as follows (the Reimbursement):

The Reimbursement shall equal, on an annualized basis, 0.01% of that portion of the aggregate net assets of all the Participating Portfolios that exceed $75 billion but is less than or equal to $125 billion, 0.0125% of that portion of the aggregate net assets of all the Participating Portfolios that exceed $125 billion but is less than or equal to $150 billion and 0.015% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $150 billion. (The funds that are not Participating Portfolios are the funds of funds in the complex, which benefit from such overall management fee waiver through their investment in underlying portfolios that include Participating Portfolios, which are subject to the Reimbursement.)

(b) reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements could permit shareholders of the fund to benefit from economies of scale if the fund were to grow. The Board also took into account management's discussion of the fund's advisory fee structure; and

(c) the Board also considered the effect of the fund's growth in size on its performance and fees. The Board also noted that the fund is expected to be reorganized into Tax-Free Bond Fund, and considered the likelihood that economies of scale would not be achieved by the fund.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

(1) information relating to the Subadvisor's business, including current subadvisory services to the Trust (and other funds in the John Hancock family of funds);

(2) the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and

(3) the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data.

Nature, extent, and quality of services. With respect to the services provided by the Subadvisor, the Board received information provided to the Board by the Subadvisor, including the Subadvisor's Form ADV, as well as took into account information presented throughout the past year. The Board considered the Subadvisor's current level of staffing and its overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and

responsibilities of the Subadvisor's investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board considered the Subadvisor's investment process and philosophy. The Board took into account that the Subadvisor's responsibilities include the development and maintenance of an investment program for the fund that is consistent with the fund's investment objective, the selection of investment securities and the placement of orders for the purchase and sale of such securities, as well as the implementation of compliance controls related to performance of these services. The Board also received information with respect to the Subadvisor's brokerage policies and practices, including with respect to best execution and soft dollars.

Subadvisor compensation. In considering the cost of services to be provided by the Subadvisor and the profitability to the Subadvisor of its relationship with the fund, the Board noted that the fees under the Subadvisory Agreement are paid by the Advisor and not the fund. The Board also considered any potential conflicts of interest the Advisor might have in connection with the Subadvisory Agreement.

In addition, the Board considered other potential indirect benefits that the Subadvisor and its affiliates may receive from the Subadvisor's relationship with the fund, such as the opportunity to provide advisory services to additional funds in the John Hancock fund complex and reputational benefits.

Subadvisory fees. The Board considered that the fund pays an advisory fee to the Advisor and that, in turn, the Advisor pays a subadvisory fee to the Subadvisor. As noted above, the Board also considered the fund's subadvisory fees as compared to similarly situated investment companies deemed to be comparable to the fund as included in the report prepared by the independent third party provider of fund data, to the extent available. The Board noted that the limited size of the Lipper peer group was not sufficient for comparative purposes. The Board also took into account the subadvisory fees paid by the Advisor to the Subadvisor with respect to the fund to fees charged by the Subadvisor to manage other subadvised portfolios and portfolios not subject to regulation under the 1940 Act, as applicable.

Subadvisor performance. As noted above, the Board considered the fund's performance as compared to the fund's peer group and the benchmark index and noted that the Board reviews information about the fund's performance results at its regularly scheduled meetings. The Board noted the Advisor's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of the Subadvisor. The Board was mindful of the Advisor's focus on the Subadvisor's performance. The Board also noted the Subadvisor's long-term performance record for similar accounts, as applicable.

The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(1) the Subadvisor has extensive experience and demonstrated skills as a manager;

(2) the fund's performance is being monitored and reasonably addressed;

(3) the subadvisory fee is reasonable in relation to the level and quality of services being provided; and

(4) subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

* * *

Based on the Board's evaluation of all factors that the Board deemed to be material, including those factors described above, the Board, including the Independent Trustees, concluded that renewal of the Advisory Agreement and the Subadvisory Agreement would be in the best interest of the fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Advisory Agreement and Subadvisory Agreement for a term ending as of the anticipated closing of the fund's reorganization.

More information

Trustees

James M. Oates, Chairperson
Steven R. Pruchansky, Vice Chairperson
Charles L. Bardelis*
Craig Bromley†
Peter S. Burgess*
William H. Cunningham
Grace K. Fey
Theron S. Hoffman*
Deborah C. Jackson
Hassell H. McClellan
Gregory A. Russo
Warren A. Thomson†

Officers

Andrew G. Arnott
President

John J. Danello
Senior Vice President, Secretary,
and Chief Legal Officer

Francis V. Knox, Jr.
Chief Compliance Officer

Charles A. Rizzo
Chief Financial Officer

Salvatore Schiavone
Treasurer

Investment advisor

John Hancock Advisers, LLC

Subadvisor

John Hancock Asset Management a division of Manulife Asset Management (US) LLC

Principal distributor

John Hancock Funds, LLC

Custodian

State Street Bank and Trust Company

Transfer agent

John Hancock Signature Services, Inc.

Legal counsel

K&L Gates LLP

*Member of the Audit Committee
†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) website at sec.gov or on our website.

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 website and the SEC's website, sec.gov, and can be reviewed and copied (for a fee) at the SEC's Public Reference Room in Washington, DC. Call 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 website at jhinvestments.com or by calling 800-225-5291.

You can also contact us:

800-225-5291
jhinvestments.com
Regular mail:

John Hancock Signature Services, Inc.
P.O. Box 55913
Boston, MA 02205-5913

Express mail:

John Hancock Signature Services, Inc.
30 Dan Road
Canton, MA 02021

Family of funds

DOMESTIC EQUITY FUNDS

Balanced

Classic Value

Disciplined Value

Disciplined Value Mid Cap

Fundamental All Cap Core

Fundamental Large Cap Core

Fundamental Large Cap Value

Large Cap Equity

Select Growth

Small Cap Equity

Small Cap Value

Small Company

Strategic Growth

U.S. Equity

U.S. Global Leaders Growth

Value Equity

GLOBAL AND INTERNATIONAL EQUITY FUNDS

Disciplined Value International

Emerging Markets

Global Equity

Global Opportunities

Global Shareholder Yield

Greater China Opportunities

International Core

International Growth

International Growth Equity

International Small Company

International Value Equity

INCOME FUNDS

Bond

California Tax-Free Income

Core High Yield

Emerging Markets Debt

Floating Rate Income

Focused High Yield

Global Income

Government Income

High Yield Municipal Bond

Income

Investment Grade Bond

INCOME FUNDS (continued)

Massachusetts Tax-Free Income

Money Market

New York Tax-Free Income

Short Duration Credit Opportunities

Strategic Income Opportunities

Tax-Free Bond

ALTERNATIVE AND SPECIALTY FUNDS

Absolute Return Currency

Alternative Asset Allocation

Enduring Equity

Financial Industries

Global Absolute Return Strategies

Global Conservative Absolute Return

Natural Resources

Redwood

Regional Bank

Seaport

Technical Opportunities

ASSET ALLOCATION PORTFOLIOS

Income Allocation

Lifestyle Aggressive

Lifestyle Balanced

Lifestyle Conservative

Lifestyle Growth

Lifestyle Moderate

Retirement Choices (2010-2055)

Retirement Living (2010-2055)

Retirement Living II (2010-2055)

CLOSED-END FUNDS

Financial Opportunities

Hedged Equity & Income

Income Securities Trust

Investors Trust

Preferred Income

Preferred Income II

Preferred Income III

Premium Dividend

Tax-Advantaged Dividend Income

Tax-Advantaged Global Shareholder Yield

The fund's investment objective, risks, charges, and expenses are included in the prospectuses and should be considered carefully before investing. For a prospectus, call your financial professional, call John Hancock Investments at 800-225-5291, or visit the fund's website at jhinvestments.com. Please read the prospectus carefully before investing or sending money.

John Hancock Investments

A trusted brand

John Hancock has helped individuals and institutions build and protect wealth since 1862. Today, we are one of America's strongest and most-recognized brands.

A better way to invest

As a manager of managers, we search the world to find proven portfolio teams with specialized expertise for every fund we offer, then apply vigorous investment oversight to ensure they continue to meet our uncompromising standards.

Results for investors

Our unique approach to asset management has led to a diverse set of investments deeply rooted in investor needs, along with strong risk-adjusted returns across asset classes.

John Hancock Funds, LLC n Member FINRA, SIPC
601 Congress Street n Boston, MA 02210-2805
800-225-5291 n jhinvestments.com

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

MF209441 76SA 11/14
1/15

John Hancock

Massachusetts Tax-Free Income Fund

Semiannual report 11/30/14

A message to shareholders

Dear fellow shareholder,

A new look

On behalf of everyone at John Hancock Investments, I'd like to take this opportunity to thank you for the continued trust you've placed in us and wish you a happy and healthy 2015.

Sincerely,

Andrew G. Arnott
President and Chief Executive Officer
John Hancock Investments

This commentary reflects the CEO's views as of November 30, 2014. They are subject to change at any time. For more up-to-date information, you can visit our website at jhinvestments.com.

John Hancock
Massachusetts Tax-Free Income Fund

Table of contents

2 Your fund at a glance

4 Discussion of fund performance

8 A look at performance

10 Your expenses

12 Fund's investments

16 Financial statements

20 Financial highlights

23 Notes to financial statements

28 Continuation of investment advisory and subadvisory agreements

34 More information

Your fund at a glance

INVESTMENT OBJECTIVE

The fund seeks a high level of current income, consistent with preservation of capital, that is exempt from federal and Massachusetts personal income taxes.

AVERAGE ANNUAL TOTAL RETURNS AS OF 11/30/14(%)

The Barclays Massachusetts Municipal Bond Index is an unmanaged index of Massachusetts investment-grade municipal bonds.

It is not possible to invest directly in an index.

Figures from Morningstar, Inc. include reinvested distributions and do not take into account sales charges. Actual load-adjusted performance is lower.

PERFORMANCE HIGHLIGHTS OVER THE LAST SIX MONTHS

Municipal bonds advanced

Favorable supply-and-demand conditions and a lack of inflationary pressure contributed to positive returns in the municipal bond market.

Longer duration helped

The fund's longer duration (i.e., greater interest-rate sensitivity) holdings versus its benchmark added value as muni yields declined.

Factors affecting performance

Favorable security selection added value during the period, while several holdings with near-term call dates detracted from results.

PORTFOLIO COMPOSITION AS OF 11/30/14 (%)

A note about risks

Fixed-income investments are subject to interest-rate and credit risk; their value will normally decline as interest rates rise or if a creditor, grantor, or counterparty is unable or unwilling to make principal, interest, or settlement payments. Investments in higher-yielding, lower-rated securities include a higher risk of default. Municipal bond prices can decline due to fiscal mismanagement or tax shortfalls, or if related projects become unprofitable. If the fund invests heavily in any one state or region, performance could be disproportionately affected by factors particular to that state or region. Events in the financial markets have resulted, and may continue to result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. In addition, reduced liquidity in credit and fixed-income markets may adversely affect issuers worldwide. Certain market conditions, including reduced trading volume, heightened volatility, and rising interest rates, may impair liquidity, the ability of the fund to sell securities or close derivative positions at advantageous prices. The use of hedging and derivatives could produce disproportionate gains or losses and may increase costs. Sector investing is subject to greater risks than the market as a whole. Because the fund may focus on particular sectors of the economy, its performance may depend on the performance of those sectors, and investments focused in one sector may fluctuate more widely than investments diversified across sectors. For additional information on these and other risk considerations, please see the fund's prospectus.

Discussion of fund performance

An interview with Portfolio Manager Dianne M. Sales, CFA, John Hancock Asset Management, a division of Manulife Asset Management (US) LLC

Dianne M. Sales, CFA
Portfolio Manager
John Hancock Asset Management

What factors contributed to the positive returns in the municipal bond market over the past six months?

The favorable supply-and-demand backdrop helped tax-exempt municipal bonds outperform the broad taxable bond market. As a point of reference, the Barclays Municipal Bond Index returned 2.45% for the six-month period, while the Barclays U.S. Aggregate Bond Index, a broad taxable bond market measure, returned 1.92%. Massachusetts municipal bonds slightly underperformed as the Barclays Massachusetts Municipal Bond Index returned 2.33%.

How did the economic environment affect the muni market?

Speaking of which, did any municipal credit concerns develop in Massachusetts over the last six months?

Massachusetts credit quality remained stable, reflecting the state's prudent fiscal stewardship and relatively steady economy. One notable development for 2015 is that Massachusetts residents will receive a reduction in the state income-tax rate, from 5.2% to 5.15%. The reduction is based on the state exceeding certain tax revenue benchmarks and is part of a gradual plan to bring the state tax rate down to 5%. The state estimates that the lowered tax rate will lead to a $70 million decline in tax revenues.

Looking at the portfolio, what contributed positively to the fund's performance versus its benchmark, the Barclays Massachusetts Municipal Bond Index?

The fund's duration (a measure of interest-rate sensitivity) was longer than that of the benchmark for much of the reporting period. (The fund's duration was 5.4 years at the beginning of the period, while the benchmark's duration was 5.0 years.) This positioning added value as muni yields declined. In addition, the fund's higher-yielding holdings, especially bonds rated BB and BBB, benefited from continued investor demand for yield. A recovering economy helped lift returns for housing-related bonds, particularly those financing senior care communities.

The fund also benefited from prerefundings on a number of its bonds, especially several lower-rated bonds financing higher education facilities.

QUALITY COMPOSITION AS OF 11/30/14 (%)

What does prerefunding mean?

Municipal bond issuers often take advantage of low interest rates to refinance an existing bond, much like a homeowner refinancing a mortgage. However, the existing bond can only be retired on a predetermined call date, which could be months or years away. So, the municipal entity issues a new bond and invests the proceeds in U.S. Treasury securities until the call date arrives, at which point the proceeds are used to pay off the existing bond.

This process often results in a credit rating upgrade for the prerefunded securities, equivalent to that of the U.S. Treasury securities in which the proceeds are invested. During the six-month period, some of the fund's holdings rallied following their prerefunding.

What detracted from results versus the benchmark over the last six months?

The fund's position in bonds issued by the Commonwealth of Puerto Rico, which are not represented in the benchmark, had a negative impact on relative performance. Puerto Rico has been struggling with a persistent economic downturn and potential liquidity problems. We continued to reduce the fund's holdings of Puerto Rico bonds during the six-month period; as of November 30, 2014, they made up 8% of net assets, down from 10.3% at the beginning of the period. Half of that exposure was backed by U.S. government securities; the remaining holdings consisted of sales tax bonds, which are tied to a dedicated revenue stream.

Are there any noteworthy themes in the municipal bond market?

In recent years, the federal budget deficit has prompted some proposals to limit the tax exemption that municipal bond interest payments have enjoyed since the passage of the Revenue Act of 1913.

TOP 10 HOLDINGS AS OF 11/30/14 (%)

Massachusetts State Department of Transportation, Highway Revenue Tolls,
Series B, 5.000%, 1-1-37 4.3

Massachusetts Bay Transportation Authority, Transit Revenue, Series B, 5.250%, 7-1-33 4.2

Massachusetts Water Resources Authority, Water Revenue, Series B, 5.250%, 8-1-29 4.2

Massachusetts Development Finance Agency, New England Conservatory of Music,
5.250%, 7-1-38 3.0

Massachusetts Development Finance Agency, Draper Laboratory, 5.875%, 9-1-30 3.0

Massachusetts Port Authority, Series B, 5.000%, 7-1-32 3.0

Metropolitan Boston Transit Parking Corp., 5.000%, 7-1-41 2.9

Boston Housing Authority, Capital Program Revenue, 5.000%, 4-1-28 2.9

Massachusetts Health & Educational Facilities Authority, Springfield College, 5.625%, 10-15-40 2.8

Massachusetts Development Finance Agency, Dominion Energy Brayton Point AMT,
5.000%, 2-1-36 2.8

Total 33.1

As a percentage of net assets.

Cash and cash equivalents are not included.

In 2014, there were proposals from both Congress and the White House recommending a cap on the municipal bond interest tax deduction for higher-income investors.

Can you provide some details about the timing of the fund's proposed merger?

MANAGED BY

Dianne M. Sales, CFA
On the fund since 1995
Investing since 1984

A look at performance

TOTAL RETURNS FOR THE PERIOD ENDED NOVEMBER 30, 2014

Average annual
total returns (%)
with maximum sales charge Cumulative
total returns (%)
with maximum sales charge SEC
30-day
yield (%)
subsidized SEC
30-day
yield (%)
unsubsidized¹ Tax-
equivalent
subsidized
yield (%)²

1-year 5-year 10-year 6-month 5-year 10-year as of
11-30-14 as of
11-30-14 as of
11-30-14

Class A 5.23 3.37 3.59 -1.42 18.02 42.35 1.74 1.59 3.24

Class B 3.75 3.09 3.43 -2.77 16.45 40.15 1.07 0.96 1.99

Class C 7.84 3.46 3.28 1.31 18.55 38.07 1.06 0.96 1.98

Index 1^† 7.72 4.73 4.82 2.33 25.97 60.13 — — —

Index 2^† 8.23 5.12 4.81 2.45 28.39 59.99 — — —

The expense ratios of the fund, both net (including any fee waivers and/or expense limitations) and gross (excluding any fee waivers and/or expense limitations), are set forth according to the most recent publicly available prospectuses for the fund and may differ from those disclosed in the Financial highlights tables in this report. Had the fee waivers and expense limitations not been in place, gross expenses would apply. The expense ratios are as follows:

Class A Class B Class C

Gross (%) 1.04 1.74 1.74

Net (%) 0.89 1.64 1.64

Please refer to the most recent prospectuses and annual or semiannual report for more information on expenses and any expense limitation arrangements for each class.

†	Index 1 is the Barclays Massachusetts Municipal Bond Index; Index 2 is the Barclays Municipal Bond Index.

See the following page for footnotes.

This chart and table show what happened to a hypothetical $10,000 investment in John Hancock Massachusetts Tax-Free Income Fund for the share classes and periods indicated, assuming all distributions were reinvested. For comparison, we've shown the same investment in two separate indexes.

Start date With maximum
sales charge ($) Without
sales charge ($) Index 1 ($) Index 2 ($)

Class B³ 11-30-04 14,015 14,015 16,013 15,999

Class C³ 11-30-04 13,807 13,807 16,013 15,999

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.

The Barclays Massachusetts Municipal Bond Index is an unmanaged index of Massachusetts investment-grade municipal bonds.

The Barclays 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 expenses or sales charges, which would have resulted in lower values.

Footnotes related to performance pages

1	Unsubsidized yield reflects what the yield would have been without the effect of reimbursements and waivers.
2	Tax-equivalent yield is based on the maximum federal income tax rate of 43.4% and state tax rate of 5.2%.
3	The contingent deferred sales charge is not applicable.

Your expenses

These examples are intended to help you understand your ongoing operating expenses of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds.

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 presenting only your ongoing operating expenses here.

Actual expenses/actual returns

Account value
on 6-1-2014 Ending value
on 11-30-2014 Expenses paid
during period
ended 11-30-2014¹ Annualized
expense ratio

Class A $1,000.00 $1,026.90 $4.62 0.91%

Class B 1,000.00 1,022.30 8.42 1.66%

Class C 1,000.00 1,023.10 8.42 1.66%

Hypothetical example for comparison purposes

Account value
on 6-1-2014 Ending value
on 11-30-2014 Expenses paid
during period
ended 11-30-2014¹ Annualized
expense ratio

Class A $1,000.00 $1,020.50 $4.61 0.91%

Class B 1,000.00 1,016.70 8.39 1.66%

Class C 1,000.00 1,016.70 8.39 1.66%

1	Expenses are equal to the fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Fund's investments

As of 11-30-14 (unaudited)

Rate (%) Maturity date Par value Value

Municipal bonds 96.1% $73,256,340

(Cost $66,189,230)

Massachusetts 85.2% 64,971,347

Boston Housing Authority
Capital Program Revenue (D) 5.000 04-01-28 2,000,000 2,227,438

Commonwealth of Massachusetts
Public Improvements (D) 5.500 11-01-17 1,000,000 1,140,280

Commonwealth of Massachusetts
Series E (D) 5.000 11-01-25 1,000,000 1,249,800

Massachusetts Bay Transportation Authority
Sales Tax Revenue, Series A 5.250 07-01-35 1,310,000 1,722,087

Massachusetts Bay Transportation Authority
Sales Tax Revenue, Series A-2 (Z) 4.273 07-01-26 2,500,000 1,528,875

Massachusetts Bay Transportation Authority
Sales Tax Revenue, Series B 5.250 07-01-33 2,500,000 3,222,075

Massachusetts Development Finance Agency
Brandeis University, Series 0-1 5.000 10-01-40 1,000,000 1,129,860

Massachusetts Development Finance Agency
Carleton Willard Village 5.625 12-01-30 850,000 947,181

Massachusetts Development Finance Agency
Covanta Energy Project, Series C AMT (S) 5.250 11-01-42 1,000,000 1,026,650

Massachusetts Development Finance Agency
Curry College, Series A (D) 5.250 03-01-26 1,000,000 1,048,520

Massachusetts Development Finance Agency
Dominion Energy Brayton Point AMT (P) 5.000 02-01-36 2,000,000 2,151,660

Massachusetts Development Finance Agency
Draper Laboratory 5.875 09-01-30 2,000,000 2,283,060

Massachusetts Development Finance Agency
Emerson College, Series A 5.000 01-01-40 2,000,000 2,122,440

Massachusetts Development Finance Agency
Harvard University, Series B 5.000 10-15-40 1,190,000 1,365,049

Massachusetts Development Finance Agency
Massachusetts College of Pharmacy, Series E (D) 5.000 07-01-37 1,000,000 1,080,530

Massachusetts Development Finance Agency
New England Conservatory of Music 5.250 07-01-38 2,000,000 2,312,940

Massachusetts Development Finance Agency
North Hill Communities, Inc., Series A (S) 6.500 11-15-43 1,000,000 1,055,520

Massachusetts Development Finance Agency
Northeastern University, Series A 5.000 03-01-39 1,000,000 1,125,280

Massachusetts Development Finance Agency
Olin College, Series E 5.000 11-01-38 1,000,000 1,110,870

Massachusetts Development Finance Agency
Orchard Cove 5.250 10-01-26 1,000,000 1,010,570

Massachusetts Health & Educational Facilities Authority
Harvard Pilgrim Health Care, Series A (D) 5.000 07-01-18 1,000,000 1,004,010

12SEE NOTES TO FINANCIAL STATEMENTS

Massachusetts Health & Educational Facilities Authority
Lahey Clinic Medical Center, Series C (D) 5.000 08-15-23 1,000,000 $1,030,240

Massachusetts Health & Educational Facilities Authority
Mass Eye & Ear Infirmary 5.375 07-01-35 2,000,000 2,137,520

Massachusetts Health & Educational Facilities Authority
Partners HealthCare System 5.000 07-01-22 1,000,000 1,138,190

Massachusetts Health & Educational Facilities Authority
Partners HealthCare, Series J1 5.000 07-01-34 1,000,000 1,130,050

Massachusetts Health & Educational Facilities Authority
Springfield College 5.625 10-15-40 2,000,000 2,161,120

Massachusetts Health & Educational Facilities Authority
Suffolk University, Series A 5.750 07-01-39 1,000,000 1,104,010

Massachusetts Health & Educational Facilities Authority
Suffolk University, Series A 6.250 07-01-30 1,000,000 1,170,230

Massachusetts Health & Educational Facilities Authority
Tufts University 5.375 08-15-38 350,000 397,793

Massachusetts Health & Educational Facilities Authority
Woods Hole Oceanographic, Series B 5.375 06-01-30 1,000,000 1,113,450

Massachusetts Port Authority
Boston Fuel Project AMT (D) 5.000 07-01-32 1,770,000 1,874,483

Massachusetts Port Authority
Conrac Project, Series A 5.125 07-01-41 1,500,000 1,641,405

Massachusetts Port Authority
Series B 5.000 07-01-32 2,000,000 2,269,720

Massachusetts State College Building Authority
College & University Revenue, Series A 5.500 05-01-49 1,000,000 1,133,900

Massachusetts State College Building Authority
College & University Revenue, Series B (D)(Z) 1.546 05-01-19 1,000,000 933,560

Massachusetts State Department of Transportation
Highway Revenue Tolls, Series B 5.000 01-01-37 3,000,000 3,285,720

Massachusetts State Department of Transportation
Highway Revenue Tolls, Series C (D)(Z) 1.614 01-01-20 1,000,000 920,670

Massachusetts Water Pollution Abatement Trust
Series 9 5.250 08-01-18 60,000 62,026

Massachusetts Water Pollution Abatement Trust
Unrefunded 2012 Pooled Loan Program, Series 7 5.125 02-01-31 105,000 105,381

Massachusetts Water Pollution Abatement Trust
Water Revenue, Series 14 5.000 08-01-32 1,000,000 1,131,800

Massachusetts Water Resources Authority
Water Revenue, Series A 5.000 08-01-40 1,600,000 1,804,864

Massachusetts Water Resources Authority
Water Revenue, Series B 5.000 08-01-39 1,000,000 1,128,470

Massachusetts Water Resources Authority
General Revenue, Series B (D) 5.250 08-01-29 2,500,000 3,194,550

Metropolitan Boston Transit Parking Corp. 5.000 07-01-41 2,000,000 2,237,500

SEE NOTES TO FINANCIAL STATEMENTS13

Puerto Rico 8.0% $6,061,933

Puerto Rico Highway & Transportation Authority
Prerefunded, Series AA (D) 5.500 07-01-19 1,640,000 1,954,913

Puerto Rico Housing Finance Authority
Subordinated Capital Fund Modernization (D) 5.125 12-01-27 1,000,000 1,069,160

Puerto Rico Sales Tax Financing Corp.
Sales Tax Revenue, Series A (0.000% steps up to 6.750% on 8-1-16) (Z) 1.525 08-01-32 2,000,000 1,547,800

Puerto Rico Sales Tax Financing Corp.,
Series C 5.375 08-01-38 2,000,000 1,490,060

Virgin Islands 2.2% 1,670,825

Virgin Islands Public Finance Authority, Series A 6.750 10-01-37 1,000,000 1,141,140

Virgin Islands Public Finance Authority, Series A-1 5.000 10-01-39 500,000 529,685

Guam 0.7% 552,235

Guam Government, Series A 5.750 12-01-34 500,000 552,235

Par value Value

Short-term investments 2.6% $1,984,000

(Cost $1,984,000)

Repurchase agreement 2.6% 1,984,000

Barclays Tri-Party Repurchase Agreement dated 11-28-14 at 0.0600% to be repurchased at $1,984,010 on 12-1-14, collateralized by $1,861,500 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-16 (valued at $2,023,784, including interest) 1,984,000 1,984,000

Total investments (Cost $68,173,230)† 98.7% $75,240,340

Other assets and liabilities, net 1.3% $969,081

Total net assets 100.0% $76,209,421

Insurance Coverage As a % of total
Investments

Assured Guaranty Municipal Corp. 10.1%

National Public Finance Guarantee Corp. 7.7%

Ambac Financial Group, Inc. 1.7%

Assured Guaranty Corp. 1.4%

Capital Funding Program 1.4%

ACA Financial Guaranty Corp. 1.4%

XL Capital Assurance, Inc. 1.2%

Total 24.9%

14SEE NOTES TO FINANCIAL STATEMENTS

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

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration.

(Z) Zero coupon bonds are issued at a discount from their principal amount in lieu of paying interest periodically. Rate shown is the effective yield at period end.

† At 11-30-14, the aggregate cost of investment securities for federal income tax purposes was $67,885,542. Net unrealized appreciation aggregated $7,354,798, of which $7,844,818 related to appreciated investment securities and $490,020 related to depreciated investment securities.

SEE NOTES TO FINANCIAL STATEMENTS15

Financial statements

STATEMENT OF ASSETS AND LIABILITIES 11-30-14 (unaudited)

Assets

Investments, at value (Cost $68,173,230) $75,240,340

Cash 97,588

Receivable for fund shares sold 6,543

Interest receivable 1,036,930

Receivable from affiliates 1,009

Other receivables and prepaid expenses 9,318

Total assets 76,391,728

Liabilities

Payable for fund shares repurchased 74,061

Distributions payable 35,876

Payable to affiliates

Accounting and legal services fees 3,219

Transfer agent fees 6,611

Distribution and service fees 10,094

Trustees' fees 323

Other liabilities and accrued expenses 52,123

Total liabilities 182,307

Net assets $76,209,421

Net assets consist of

Paid-in capital $73,089,819

Undistributed net investment income 115,162

Accumulated net realized gain (loss) on investments (4,062,670 )

Net unrealized appreciation (depreciation) on investments 7,067,110

Net assets $76,209,421

16SEE NOTES TO FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIES (continued)

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 ($62,129,320 ÷ 4,944,208 shares)¹ $12.57

Class B ($1,908,096 ÷ 151,876 shares)¹ $12.56

Class C ($12,172,005 ÷ 968,678 shares)¹ $12.57

Maximum offering price per share

Class A (net asset value per share ÷ 96%)² $13.09

SEE NOTES TO FINANCIAL STATEMENTS17

STATEMENT OF OPERATIONS For the six months ended 11-30-14 (unaudited)

Investment income

Interest $1,853,897

Expenses

Investment management fees 212,487

Distribution and service fees 180,818

Accounting and legal services fees 7,650

Transfer agent fees 24,320

Trustees' fees 490

State registration fees 8,695

Printing and postage 3,982

Professional fees 46,926

Custodian fees 7,055

Registration and filing fees 13,095

Other 352

Total expenses 505,870

Less expense reductions (63,023 )

Net expenses 442,847

Net investment income 1,411,050

Realized and unrealized gain (loss)

Net realized gain (loss) on

Investments (287,335 )

(287,335 )

Change in net unrealized appreciation (depreciation) of

Investments 1,020,761

1,020,761

Net realized and unrealized gain 733,426

Increase in net assets from operations $2,144,476

18SEE NOTES TO FINANCIAL STATEMENTS

STATEMENTS OF CHANGES IN NET ASSETS

Six months ended 11-30-14 Year ended 5-31-14

(unaudited)

Increase (decrease) in net assets

From operations

Net investment income $1,411,050 $3,519,493

Net realized loss (287,335 ) (4,072,230 )

Change in net unrealized appreciation (depreciation) 1,020,761 (1,572,170 )

Increase (decrease) in net assets resulting from operations 2,144,476 (2,124,907 )

Distributions to shareholders

From net investment income

Class A (1,245,493 ) (3,048,725 )

Class B (29,231 ) (75,533 )

Class C (185,349 ) (458,662 )

From net realized gain

Class A — (127,277 )

Class B — (3,898 )

Class C — (22,840 )

Total distributions (1,460,073 ) (3,736,935 )

From fund share transactions (14,612,176 ) (30,184,088 )

Total decrease (13,927,773 ) (36,045,930 )

Net assets

Beginning of period 90,137,194 126,183,124

End of period $76,209,421 $90,137,194

Undistributed net investment income $115,162 $164,185

SEE NOTES TO FINANCIAL STATEMENTS19

Financial highlights

Class A Shares Period ended 11-30-14 ¹ 5-31-14 5-31-13 5-31-12 5-31-11 5-31-10

Per share operating performance

Net asset value, beginning of period $12.46 $12.95 $13.13 $12.22 $12.53 $12.10

Net investment income² 0.22 0.45 0.44 0.49 0.50 0.49

Net realized and unrealized gain (loss) on investments 0.11 (0.46 ) (0.18 ) 0.91 (0.30 ) 0.46

Total from investment operations 0.33 (0.01 ) 0.26 1.40 0.20 0.95

Less distributions

From net investment income (0.22 ) (0.46 ) (0.44 ) (0.48 ) (0.49 ) (0.49 )

From net realized gain — (0.02 ) — ³ (0.01 ) (0.02 ) (0.03 )

Total distributions (0.22 ) (0.48 ) (0.44 ) (0.49 ) (0.51 ) (0.52 )

Net asset value, end of period $12.57 $12.46 $12.95 $13.13 $12.22 $12.53

Total return (%)^4,5 2.69 ⁶ 0.07 1.94 11.67 1.67 8.04

Ratios and supplemental data

Net assets, end of period (in millions) $62 $74 $103 $105 $92 $105

Ratios (as a percentage of average net assets):

Expenses before reductions 1.05 ⁷ 1.04 0.98 1.00 1.00 1.00

Expenses including reductions 0.89 ⁷ 0.88 0.83 0.87 0.95 1.00

Net investment income 3.46 ⁷ 3.70 3.31 3.82 4.04 4.00

Portfolio turnover (%) 0 10 16 11 17 10

1 Six months ended 11-30-14. Unaudited.

2 Based on average daily shares outstanding.

3 Less than $0.005 per share.

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 applicable periods.

6 Not annualized.

7 Annualized.

20SEE NOTES TO FINANCIAL STATEMENTS

Class B Shares Period ended 11-30-14 ¹ 5-31-14 5-31-13 5-31-12 5-31-11 5-31-10

Per share operating performance

Net asset value, beginning of period $12.46 $12.95 $13.13 $12.22 $12.53 $12.09

Net investment income² 0.17 0.36 0.34 0.39 0.41 0.41

Net realized and unrealized gain (loss) on investments 0.11 (0.47 ) (0.18 ) 0.92 (0.29 ) 0.46

Total from investment operations 0.28 (0.11 ) 0.16 1.31 0.12 0.87

Less distributions

From net investment income (0.18 ) (0.36 ) (0.34 ) (0.39 ) (0.41 ) (0.40 )

From net realized gain — (0.02 ) — ³ (0.01 ) (0.02 ) (0.03 )

Total distributions (0.18 ) (0.38 ) (0.34 ) (0.40 ) (0.43 ) (0.43 )

Net asset value, end of period $12.56 $12.46 $12.95 $13.13 $12.22 $12.53

Total return (%)^4,5 2.23 ⁶ (0.68 ) 1.18 10.85 0.96 7.37

Ratios and supplemental data

Net assets, end of period (in millions) $2 $2 $3 $3 $3 $5

Ratios (as a percentage of average net assets):

Expenses before reductions 1.75 ⁷ 1.74 1.68 1.70 1.70 1.70

Expenses including reductions 1.64 ⁷ 1.63 1.58 1.62 1.65 1.70

Net investment income 2.70 ⁷ 2.95 2.56 3.08 3.33 3.29

Portfolio turnover (%) 0 10 16 11 17 10

SEE NOTES TO FINANCIAL STATEMENTS21

Class C Shares Period ended 11-30-14 ¹ 5-31-14 5-31-13 5-31-12 5-31-11 5-31-10

Per share operating performance

Net asset value, beginning of period $12.46 $12.95 $13.13 $12.22 $12.53 $12.10

Net investment income² 0.17 0.36 0.34 0.39 0.41 0.41

Net realized and unrealized gain (loss) on investments 0.12 (0.47 ) (0.18 ) 0.92 (0.29 ) 0.45

Total from investment operations 0.29 (0.11 ) 0.16 1.31 0.12 0.86

Less distributions

From net investment income (0.18 ) (0.36 ) (0.34 ) (0.39 ) (0.41 ) (0.40 )

From net realized gain — (0.02 ) — ³ (0.01 ) (0.02 ) (0.03 )

Total distributions (0.18 ) (0.38 ) (0.34 ) (0.40 ) (0.43 ) (0.43 )

Net asset value, end of period $12.57 $12.46 $12.95 $13.13 $12.22 $12.53

Total return (%)^4,5 2.31 ⁶ (0.67 ) 1.18 10.85 0.96 7.29

Ratios and supplemental data

Net assets, end of period (in millions) $12 $14 $20 $19 $17 $19

Ratios (as a percentage of average net assets):

Expenses before reductions 1.75 ⁷ 1.74 1.68 1.70 1.70 1.70

Expenses including reductions 1.64 ⁷ 1.63 1.58 1.62 1.65 1.70

Net investment income 2.70 ⁷ 2.95 2.56 3.07 3.34 3.30

Portfolio turnover (%) 0 10 16 11 17 10

22SEE NOTES TO FINANCIAL STATEMENTS

Notes to financial statements (unaudited)

Note 1 — Organization

John Hancock Massachusetts Tax-Free Income Fund (the fund) is a 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.

On June 25, 2014, the Board of Trustees approved a proposal to merge the fund into John Hancock Tax-Free Bond Fund, a series of John Hancock Municipal Series Trust. Shareholders of the fund approved the merger at a shareholder meeting held on January 9, 2015, and it is expected to be complete on or about February 13, 2015. The fund will remain open to purchases and redemptions from existing shareholders until on or about February 13, 2015.

Note 2 — Significant accounting policies

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. 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 vendor or from broker-dealers. Independent pricing vendors utilize matrix pricing which takes 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, as well as broker supplied prices. Securities that trade only in the over-the-counter market are valued using bid prices. Certain short-term securities with maturities of 60 days or less at the time of purchase are valued at amortized cost. Other portfolio securities and assets, for which reliable 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. The frequency with which these fair valuation procedures are used cannot be predicted and fair value of securities may differ significantly from the value that would have been used had a ready market for such securities existed.

As of November 30, 2014, all investments are categorized as Level 2 under the hierarchy described above.

In addition, the fund and other affiliated funds have entered into an agreement with Citibank N.A. that enables them to participate in a $300 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. Commitment fees for the six months ended November 30, 2014 were $253. For the six months ended November 30, 2014, the fund had no borrowings under the line of credit.

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 assets of the class. Class-specific expenses, such as distribution and service fees, if any, and transfer agent fees, are calculated daily for each class, based on the net asset value of the class and the applicable specific expense rates.

Under the Regulated Investment Company Modernization Act of 2010, the fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

For federal income tax purposes, as of May 31, 2014, the fund has a short-term capital loss carryfoward of $2,450,485 and a long-term capital loss carryforward of $1,391,915 available to offset future net realized capital gains. These carryforwards as of May 31, 2014, do not expire.

Such distributions, on a tax basis, are determined in conformity with income tax regulations, which may differ from US GAAP.

Note 3 — Guarantees and indemnifications

Note 4 — Fees and transactions with affiliates

Management fee. The fund has an investment management agreement with the Advisor under which the fund pays a daily management fee to the Advisor equivalent, on an annual basis, to the sum of: (a) 0.500% of the first $250 million of the fund's average daily net assets; (b) 0.450% of the next $250 million of the fund's average daily net assets; (c) 0.425% of the next $500 million of the fund's average daily net assets; (d) 0.400% of the next $250 million of the fund's average daily net assets; and (e) 0.300% of the fund's average daily net assets in excess of $1.25 billion. The Advisor has a subadvisory agreement with John Hancock Asset Management a division of Manulife Asset Management (US) LLC, an indirectly owned subsidiary of MFC and an affiliate of the Advisor. The fund is not responsible for payment of the subadvisory fees.

The expense reductions described above amounted to $2,533, $75, and $478, for Class A, Class B, and Class C shares, respectively, for the six months ended November 30, 2014.

The investment management fees, including waivers described above, incurred for the six months ended November 30, 2014 were equivalent to a net annual effective rate of 0.49% of the fund's average daily net assets.

Class Rule 12b-1 fee

Class A 0.30%

Class B 1.00%

Class C 1.00%

The fund's Distributor has contractually agreed to waive 0.15%, 0.10%, and 0.10% of Rule 12b-1 fees for Class A, Class B, and Class C shares, respectively, until at least September 30, 2015, unless renewed by mutual agreement of the fund and the Distributor based upon a determination that this is appropriate under the circumstances at the time. Reimbursements related to this contractual waiver amounted to $52,319, $1,040, and $6,578 for Class A, Class B, and Class C shares, respectively, for the period ended November 30, 2014.

Sales charges. Class A shares are assessed up-front sales charges, which resulted in payments to the Distributor amounting to $17,582 for the six months ended November 30, 2014. Of this amount, $2,474 was retained and used for printing prospectuses, advertising, sales literature and other purposes, $14,489 was paid as sales commissions to broker-dealers and $619 was paid as sales commissions to sales personnel of Signator Investors, Inc., a broker-dealer affiliate of the Advisor. The up-front sales charges for Class A shares is 4.00%.

Class A, Class B, and Class C shares may be subject to contingent deferred sales charges (CDSCs). Certain Class A shares that are acquired through purchases of $1 million or more and are redeemed within one year of purchase are subject to a 1.00% sales charge. Class B shares that are redeemed within six years of purchase are subject to CDSCs, at declining rates, beginning at 5.00%. Class C shares that are redeemed within one year of purchase are subject to a 1.00% CDSC. CDSCs are applied to 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, 2014, CDSCs received by the Distributor amounted to $10,000, $2,513, and $816 for Class A, Class B, and Class C shares, respectively.

accounts. Signature Services Cost is calculated monthly and allocated, as applicable, to five categories of share classes: Retail Share and Institutional Share Classes of Non-Municipal Bond Funds, Class R6 Shares, Retirement Share Classes, and Municipal Bond 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.

Class level expenses. Class level expenses for the six months ended November 30, 2014 were:

Class Distribution and service fees Transfer agent fees

Class A $104,638 $19,975

Class B 10,398 594

Class C 65,782 3,751

Total $180,818 $24,320

Note 5 — Fund share transactions

Transactions in fund shares for the six months ended November 30, 2014 and for the year ended May 31, 2014 were as follows:

Six months ended 11-30-14 Year ended 5-31-14

Shares Amount Shares Amount

Class A shares

Sold 78,829 $982,523 707,713 $8,542,342

Distributions reinvested 84,435 1,055,425 222,241 2,678,125

Repurchased (1,177,671 ) (14,730,055 ) (2,948,225 ) (35,497,559 )

Net decrease (1,014,407 ) ($12,692,107 ) (2,018,271 ) ($24,277,092 )

Class B shares

Sold 14 $178 2,098 $25,737

Distributions reinvested 1,853 23,158 5,143 61,944

Repurchased (24,336 ) (304,158 ) (80,126 ) (966,571 )

Net decrease (22,469 ) ($280,822 ) (72,885 ) ($878,890 )

Class C shares

Sold 4,025 $50,201 55,389 $674,851

Distributions reinvested 12,063 150,805 33,391 402,349

Repurchased (147,147 ) (1,840,253 ) (506,536 ) (6,105,306 )

Net decrease (131,059 ) ($1,639,247 ) (417,756 ) ($5,028,106 )

Total net decrease (1,167,935 ) ($14,612,176 ) (2,508,912 ) ($30,184,088 )

Note 6 — Purchase and sale of securities

Purchases and sales of securities, other than short-term investments, amounted to $0 and $15,769,670, respectively, for the six months ended November 30, 2014.

CONTINUATION OF INVESTMENT ADVISORY AND SUBADVISORY AGREEMENTS

Evaluation of Advisory and Subadvisory Agreements by the Board of Trustees

This section describes the evaluation by the Board of Trustees (the Board) of John Hancock Tax-Exempt Series Fund (the Trust) of the Advisory Agreement (the Advisory Agreement) with John Hancock Advisers, LLC (the Advisor) and the Subadvisory Agreement (the Subadvisory Agreement) with John Hancock Asset Management a division of Manulife Asset Management (US) LLC (the Subadvisor) for John Hancock Massachusetts Tax-Free Income Fund (the fund). The Advisory Agreement and Subadvisory Agreement are collectively referred to as the Agreements. Prior to the June 23-25, 2014 meeting at which the Agreements were approved, the Board also discussed and considered information regarding the proposed continuation of the Agreements at an in-person meeting held on May 27-29, 2014.

Approval of Advisory and Subadvisory Agreements

Approval of Advisory Agreement

part on its consideration of the advisory and subadvisory arrangements in prior years and on the Board's ongoing regular review of fund performance and operations throughout the year.

In the course of their deliberations regarding the Advisory Agreement, the Board considered, among other things:

The Board concluded that the Advisor may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the fund.

The Board noted that the fund underperformed its benchmark index and peer group average for the one-, three- and five-year periods ended December 31, 2013. The Board took into account management's discussion of the fund's performance, including the differences between the investment strategies of the fund and those of its benchmark index and peer group, as well as the proposed reorganization of the fund.

(i) noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;

(j) noted that the subadvisory fee for the fund is paid by the Advisor; and

(k) considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the entrepreneurial risk that it assumes as Advisor.

Approval of Subadvisory Agreement

In making its determination with respect to approval of the Subadvisory Agreement, the Board reviewed:

overall resources, as well as received information relating to the Subadvisor's compensation program. The Board reviewed the Subadvisor's history and investment experience, as well as information regarding the qualifications, background, and responsibilities of the Subadvisor's investment and compliance personnel who provide services to the fund. The Board also considered, among other things, the Subadvisor's compliance program and any disciplinary history. The Board also considered the Subadvisor's risk assessment and monitoring process. The Board reviewed the Subadvisor's regulatory history, including whether it was involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate. The Board noted that the Advisor conducts regular, periodic reviews of the Subadvisor and its operations, including regarding investment processes and organizational and staffing matters. The Board also noted that the Trust's CCO and his staff conduct regular, periodic compliance reviews with the Subadvisor and present reports to the Independent Trustees regarding the same, which includes evaluating the regulatory compliance systems of the Subadvisor and procedures reasonably designed to assure compliance with the federal securities laws. The Board also took into account the financial condition of the Subadvisor.

The Board's decision to approve the Subadvisory Agreement was based on a number of determinations, including the following:

(4) subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.

* * *

More information

*Member of the Audit Committee
†Non-Independent Trustee

We make this information on your fund, as well as monthly portfolio holdings, and other fund details available on our website at jhinvestments.com or by calling 800-225-5291.

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Our unique approach to asset management has led to a diverse set of investments deeply rooted in investor needs, along with strong risk-adjusted returns across asset classes.

John Hancock Funds, LLC n Member FINRA, SIPC
601 Congress Street n Boston, MA 02210-2805
800-225-5291 n jhinvestments.com

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

MF209440 77SA 11/14
1/15

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/ Andrew Arnott
	Andrew Arnott
	President

Date: January 15, 2015

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/ Andrew Arnott
	Andrew Arnott
	President

Date: January 15, 2015

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

Date: January 15, 2015

Date of fiscal year end:	May 31

Date of reporting period:	November 30, 2014


Oneida County Industrial Development Agency, Hamilton College Project, Series A, zero coupon bond, 7-1-29	5.6
New York State Dormitory Authority, State University Educational Facilities, Series A, 5.500%, 5-15-19	4.5
Upper Mohawk Valley Regional Water Finance Authority, Water Revenue, zero coupon bond, 4-1-22	3.6
New York City Municipal Water Finance Authority, Water Revenue, Series D, zero coupon bond, 6-15-20	3.6
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Escrowed to Maturity, Series Y, 6.125%, 1-1-21	3.5
Long Island Power Authority, Electric, Power & Light Revenues, Series A, 5.750%, 4-1-39	3.3
New York State Dormitory Authority, Fordham University, 5.000%, 7-1-44	2.9
New York Local Assistance Corp., Sales Tax Revenue, Series C, 5.500%, 4-1-17	2.6
Brooklyn Arena Local Development Corp., Barclays Center Project, 6.375%, 7-15-43	2.3
Long Island Power Authority, Electric, Power & Light Revenues, Series A, 6.000%, 5-1-33	2.3
Total	34.2
As a percentage of net assets.
Cash and cash equivalents are not included.


Average annual total returns (%) with maximum sales charge				Cumulative total returns (%) with maximum sales charge			SEC 30-day yield (%) subsidized	SEC 30-day yield (%) unsubsidized¹	Tax- equivalent subsidized yield (%)²
	1-year	5-year	10-year	6-month	5-year	10-year	as of 11-30-14	as of 11-30-14	as of 11-30-14
Class A	4.36	3.76	3.71	-1.84	20.29	43.98	1.71	1.56	3.31
Class B	2.99	3.52	3.56	-3.06	18.91	41.89	1.03	0.93	2.00
Class C	6.99	3.87	3.41	0.94	20.92	39.80	1.03	0.93	2.00
Index 1^†	7.85	4.87	4.74	2.55	26.85	58.93	—	—	—
Index 2^†	8.23	5.12	4.81	2.45	28.39	59.99	—	—	—


	Start date	With maximum sales charge ($)	Without sales charge ($)	Index 1 ($)	Index 2 ($)
Class B³	11-30-04	14,189	14,189	15,893	15,999
Class C³	11-30-04	13,980	13,980	15,893	15,999


	Account value on 6-1-2014	Ending value on 11-30-2014	Expenses paid during period ended 11-30-2014¹	Annualized expense ratio
Class A	$1,000.00	$1,022.40	$5.73	1.13%
Class B	1,000.00	1,019.40	9.57	1.89%
Class C	1,000.00	1,019.40	9.52	1.88%


As of 11-30-14 (unaudited)
	Rate (%)	Maturity date	Par value	Value
Municipal bonds 96.2%				$49,457,982
(Cost $44,672,894)
New York 89.2%				45,895,422
Brooklyn Arena Local Development Corp. Barclays Center Project	6.375	07-15-43	1,000,000	1,177,549
Chautauqua Asset Securitization Corp. Tobacco Settlement	6.750	07-01-40	1,000,000	1,002,360
City of New York, Series D-1	5.000	10-01-36	1,000,000	1,128,990
City of New York, Series E-1	6.250	10-15-28	500,000	595,025
Hudson Yards Infrastructure Corp. Series A	5.750	02-15-47	1,000,000	1,149,750
Long Island Power Authority Electric, Power & Light Revenues, Series A	5.750	04-01-39	1,500,000	1,703,325
Long Island Power Authority Electric, Power & Light Revenues, Series A	6.000	05-01-33	1,000,000	1,170,440
Metropolitan Transportation Authority Transit Revenue, Series A	5.250	11-15-28	1,000,000	1,130,290
Metropolitan Transportation Authority Transit Revenue, Series B	5.000	11-15-34	1,000,000	1,126,220
Monroe County Industrial Development Corp., Series A	5.000	07-01-41	1,000,000	1,102,430
Monroe Newpower Corp. Electric, Power & Light Revenues	5.100	01-01-16	520,000	520,707
New York City Industrial Development Agency Polytechnic University Project (D)	5.250	11-01-27	1,000,000	1,111,740
New York City Industrial Development Agency Terminal One Group Association Project AMT (P)	5.500	01-01-21	1,000,000	1,050,300
New York City Municipal Water Finance Authority Water Revenue, Series A	5.750	06-15-40	1,000,000	1,146,480
New York City Municipal Water Finance Authority Water Revenue, Series D (Z)	1.458	06-15-20	2,000,000	1,843,660
New York City Municipal Water Finance Authority Water Revenue, Series FF-2	5.000	06-15-40	1,000,000	1,111,180
New York City Municipal Water Finance Authority Water Revenue, Series GG-1	5.000	06-15-39	1,000,000	1,117,100
New York City Transitional Finance Authority Government Fund/Grant Revenue, Series S-4	5.500	01-15-39	1,000,000	1,142,140
New York Liberty Development Corp. 7 World Trade Center, Class 2	5.000	09-15-43	1,000,000	1,110,770
New York Liberty Development Corp. Bank of America Tower, Class 2	5.625	07-15-47	1,000,000	1,136,660
New York Local Assistance Corp. Sales Tax Revenue, Series C	5.500	04-01-17	1,225,000	1,319,582
New York State Dormitory Authority Fordham University	5.000	07-01-44	1,350,000	1,514,916


New York State Dormitory Authority Mount Sinai School of Medicine	5.125	07-01-39	1,000,000	$1,108,230
New York State Dormitory Authority North Shore Long Island Jewish Group, Series A	5.000	05-01-41	1,000,000	1,092,230
New York State Dormitory Authority Orange Regional Medical Center	6.125	12-01-29	750,000	803,325
New York State Dormitory Authority Rockefeller University, Series A	5.000	07-01-41	1,000,000	1,136,130
New York State Dormitory Authority Series A	5.000	03-15-43	1,000,000	1,146,690
New York State Dormitory Authority State University Educational Facilities, Series A (D)	5.250	05-15-15	355,000	363,382
New York State Dormitory Authority State University Educational Facilities, Series A	5.500	05-15-19	2,000,000	2,301,760
New York State Dormitory Authority Unrefunded General Purpose, Series E	5.000	02-15-35	1,000,000	1,130,160
New York State Environmental Facilities Corp. Water Revenue, Series A	5.000	06-15-34	1,000,000	1,125,850
Niagara Area Development Corp. Covanta Energy Project, Series A AMT (S)	5.250	11-01-42	500,000	514,540
Oneida County Industrial Development Agency Hamilton College Project, Series A (D)(Z)	4.276	07-01-29	5,330,000	2,868,340
Onondaga Civic Development Corp.	5.125	07-01-31	1,000,000	1,054,020
Port Authority of New York & New Jersey 5th Installment Special Project AMT	6.750	10-01-19	990,000	986,901
Port Authority of New York & New Jersey JFK International Airport Terminal	6.000	12-01-36	1,000,000	1,163,220
Triborough Bridge & Tunnel Authority Highway Revenue Tolls, Escrowed to Maturity, Series Y	6.125	01-01-21	1,500,000	1,821,360
Upper Mohawk Valley Regional Water Finance Authority Water Revenue (D)(Z)	2.411	04-01-22	2,230,000	1,867,670
Puerto Rico 3.7%				1,869,185
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A (0.000% steps up to 6.750% on 8-1-16) (Z)	1.860	08-01-32	1,000,000	773,900
Puerto Rico Sales Tax Financing Corp., Series C	5.000	08-01-35	1,000,000	722,770
Puerto Rico Sales Tax Financing Corp., Series C	5.375	08-01-38	500,000	372,515
Virgin Islands 2.2%				1,141,140
Virgin Islands Public Finance Authority, Series A	6.750	10-01-37	1,000,000	1,141,140
Guam 1.1%				552,235
Guam Government, Series A	5.750	12-01-34	500,000	552,235


1	Redemption price per share 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.





	Six months ended 11-30-14		Year ended 5-31-14
	(unaudited)
Increase (decrease) in net assets
From operations
Net investment income	$881,000		$2,053,114
Net realized loss	(158,487	)	(962,310	)
Change in net unrealized appreciation (depreciation)	439,259		(1,552,635	)
Increase (decrease) in net assets resulting from operations	1,161,772		(461,831	)
Distributions to shareholders
From net investment income
Class A	(791,106	)	(1,769,144	)
Class B	(24,804	)	(60,420	)
Class C	(110,793	)	(245,143	)
Total distributions	(926,703	)	(2,074,707	)
From fund share transactions	(3,554,437	)	(7,651,568	)
Total decrease	(3,319,368	)	(10,188,106	)
Net assets
Beginning of period	54,759,336		64,947,442
End of period	$51,439,968		$54,759,336
Undistributed (accumulated distributions in excess of) net investment income	($8,650	)	$37,053





Class A Shares Period ended		11-30-14	¹	5-31-14		5-31-13		5-31-12		5-31-11		5-31-10
Per share operating performance
Net asset value, beginning of period		$12.28		$12.72		$12.82		$11.94		$12.20		$11.60
Net investment income²		0.21		0.46		0.46		0.48		0.52		0.51
Net realized and unrealized gain (loss) on investments		0.06		(0.44	)	(0.06	)	0.89		(0.28	)	0.60
Total from investment operations		0.27		0.02		0.40		1.37		0.24		1.11
Less distributions
From net investment income		(0.22	)	(0.46	)	(0.46	)	(0.48	)	(0.50	)	(0.51	)
From net realized gain		—		—		(0.04	)	(0.01	)	—		—
Total distributions		(0.22	)	(0.46	)	(0.50	)	(0.49	)	(0.50	)	(0.51	)
Net asset value, end of period		$12.33		$12.28		$12.72		$12.82		$11.94		$12.20
Total return (%)^3,4		2.24	⁵	0.34		3.11		11.71		2.04		9.71
Ratios and supplemental data
Net assets, end of period (in millions)		$42		$45		$53		$53		$50		$54
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.20	⁶	1.12		1.04		1.06		1.08		1.10
	Expenses including reductions	1.04	⁶	0.97		0.89		0.93		0.96		1.10
	Net investment income	3.45	⁶	3.82		3.53		3.92		4.31		4.27
Portfolio turnover (%)		2		7		8		16		9		7


1	Six months ended 11-30-14. Unaudited.
2	Based on average daily shares outstanding.
3	Does not reflect the effect of sales charges, if any.
4	Total returns would have been lower had certain expenses not been reduced during the applicable periods.
5	Not annualized.
6	Annualized.





Class B Shares Period ended		11-30-14	¹	5-31-14		5-31-13		5-31-12		5-31-11		5-31-10
Per share operating performance
Net asset value, beginning of period		$12.28		$12.72		$12.82		$11.94		$12.21		$11.60
Net investment income²		0.17		0.37		0.36		0.39		0.43		0.42
Net realized and unrealized gain (loss) on investments		0.07		(0.44	)	(0.06	)	0.89		(0.28	)	0.61
Total from investment operations		0.24		(0.07	)	0.30		1.28		0.15		1.03
Less distributions
From net investment income		(0.18	)	(0.37	)	(0.36	)	(0.39	)	(0.42	)	(0.42	)
From net realized gain		—		—		(0.04	)	(0.01	)	—		—
Total distributions		(0.18	)	(0.37	)	(0.40	)	(0.40	)	(0.42	)	(0.42	)
Net asset value, end of period		$12.34		$12.28		$12.72		$12.82		$11.94		$12.21
Total return (%)^3,4		1.94	⁵	(0.41	)	2.34		10.90		1.25		9.03
Ratios and supplemental data
Net assets, end of period (in millions)		$2		$2		$2		$2		$2		$3
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.90	⁶	1.82		1.74		1.76		1.77		1.80
	Expenses including reductions	1.79	⁶	1.72		1.64		1.66		1.66		1.80
	Net investment income	2.69	⁶	3.07		2.78		3.18		3.59		3.57
Portfolio turnover (%)		2		7		8		16		9		7





Class C Shares Period ended		11-30-14	¹	5-31-14		5-31-13		5-31-12		5-31-11		5-31-10
Per share operating performance
Net asset value, beginning of period		$12.28		$12.72		$12.82		$11.94		$12.21		$11.60
Net investment income²		0.17		0.37		0.36		0.39		0.43		0.43
Net realized and unrealized gain (loss) on investments		0.07		(0.44	)	(0.06	)	0.89		(0.28	)	0.60
Total from investment operations		0.24		(0.07	)	0.30		1.28		0.15		1.03
Less distributions
From net investment income		(0.18	)	(0.37	)	(0.36	)	(0.39	)	(0.42	)	(0.42	)
From net realized gain		—		—		(0.04	)	(0.01	)	—		—
Total distributions		(0.18	)	(0.37	)	(0.40	)	(0.40	)	(0.42	)	(0.42	)
Net asset value, end of period		$12.34		$12.28		$12.72		$12.82		$11.94		$12.21
Total return (%)^3,4		1.94	⁵	(0.41	)	2.34		10.90		1.25		9.04
Ratios and supplemental data
Net assets, end of period (in millions)		$8		$8		$10		$9		$8		$8
Ratios (as a percentage of average net assets):
	Expenses before reductions	1.90	⁶	1.82		1.74		1.76		1.78		1.80
	Expenses including reductions	1.79	⁶	1.72		1.64		1.66		1.66		1.80
	Net investment income	2.70	⁶	3.07		2.78		3.19		3.61		3.56
Portfolio turnover (%)		2		7		8		16		9		7


Class	Rule 12b-1 fee
Class A	0.30%
Class B	1.00%
Class C	1.00%


Class	Distribution and service fees	Transfer agent fees
Class A	$65,602	$12,476
Class B	8,659	494
Class C	38,635	2,204
Total	$112,896	$15,174



		Six months ended 11-30-14					Year ended 5-31-14
	Shares			Amount		Shares			Amount
Class A shares
Sold	72,531			$888,218		253,876			$3,051,902
Distributions reinvested	56,475			694,350		127,801			1,524,928
Repurchased	(378,629		)	(4,638,238	)	(870,121		)	(10,355,155	)
Net decrease	(249,623		)	($3,055,670	)	(488,444		)	($5,778,325	)
Class B shares
Sold	3,452			$42,403		1,012			$12,358
Distributions reinvested	1,469			18,059		3,728			44,485
Repurchased	(23,652		)	(290,476	)	(32,887		)	(390,910	)
Net decrease	(18,731		)	($230,014	)	(28,147		)	($334,067	)
Class C shares
Sold	20,018			$246,873		118,121			$1,418,674
Distributions reinvested	7,732			95,092		17,415			207,859
Repurchased	(49,743		)	(610,718	)	(264,517		)	(3,165,709	)
Net decrease	(21,993		)	($268,753	)	(128,981		)	($1,539,176	)
Total net decrease	(290,347		)	($3,554,437	)	(645,572		)	($7,651,568	)


	(a)	the skills and competency with which the Advisor has in the past managed the Trust's affairs and its subadvisory relationship, the Advisor's oversight and monitoring of the Subadvisor's investment performance and compliance programs, such as the Subadvisor's compliance with fund policies and objectives, review of brokerage matters, including with respect to trade allocation and best execution and the Advisor's timeliness in responding to performance issues;
	(b)	the background, qualifications and skills of the Advisor's personnel;
	(c)	the Advisor's compliance policies and procedures and its responsiveness to regulatory changes and mutual fund industry developments;
	(d)	the Advisor's administrative capabilities, including its ability to supervise the other service providers for the fund;
	(e)	the financial condition of the Advisor and whether it has the financial wherewithal to provide a high level and quality of services to the fund; and
	(f)	the Advisor's reputation and experience in serving as an investment advisor to the Trust and the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of investments.


	(a)	reviewed information prepared by management regarding the fund's performance;
	(b)	considered the comparative performance of an applicable benchmark index;
	(c)	considered the performance of comparable funds, if any, as included in the report prepared by an independent third-party provider of fund data; and
	(d)	took into account the Advisor's analysis of the fund's performance and its plans and recommendations regarding the Trust's subadvisory arrangements generally.


				(a)			reviewed financial information of the Advisor;
				(b)			reviewed and considered information presented by the Advisor regarding the net profitability to the Advisor and its affiliates with respect to the fund;
				(c)			received and reviewed profitability information with respect to the John Hancock fund complex as a whole;
				(d)			received information with respect to the Advisor's allocation methodologies used in preparing the profitability data;
				(e)			considered that the John Hancock insurance companies that are affiliates of the Advisor, as shareholders of the Trust directly or through their separate accounts, receive certain tax credits or deductions relating to foreign taxes paid and dividends received by certain funds of the Trust and noted that these tax benefits, which are not available to participants in qualified retirement plans under applicable income tax law, are reflected in the profitability analysis reviewed by the Board;
				(f)			considered that the Advisor also provides administrative services to the fund on a cost basis pursuant to an administrative services agreement;
				(g)			noted that affiliates of the Advisor provide transfer agency services and distribution services to the fund, and that the fund's distributor also receives Rule 12b-1 payments to support distribution of the fund;
				(h)			noted that the fund's Subadvisor is an affiliate of the Advisor;
				(i)			noted that the Advisor also derives reputational and other indirect benefits from providing advisory services to the fund;


				(j)			noted that the subadvisory fee for the fund is paid by the Advisor; and
				(k)			considered that the Advisor should be entitled to earn a reasonable level of profits in exchange for the level of services it provides to the fund and the entrepreneurial risk that it assumes as Advisor.


(a)	considered that the Advisor has agreed, effective July 1, 2014, to waive a portion of its management fee for the fund and each of the other John Hancock funds in the complex (except for those discussed below) (the Participating Portfolios) or otherwise reimburse the expenses of the Participating Portfolios as follows (the Reimbursement):
		The Reimbursement shall equal, on an annualized basis, 0.01% of that portion of the aggregate net assets of all the Participating Portfolios that exceed $75 billion but is less than or equal to $125 billion, 0.0125% of that portion of the aggregate net assets of all the Participating Portfolios that exceed $125 billion but is less than or equal to $150 billion and 0.015% of that portion of the aggregate net assets of all the Participating Portfolios that exceeds $150 billion. (The funds that are not Participating Portfolios are the funds of funds in the complex, which benefit from such overall management fee waiver through their investment in underlying portfolios that include Participating Portfolios, which are subject to the Reimbursement.)
(b)	reviewed the fund's advisory fee structure and concluded that: (i) the fund's fee structure contains breakpoints at the subadvisory fee level and that such breakpoints are reflected as breakpoints in the advisory fees for the fund; and (ii) although economies of scale cannot be measured with precision, these arrangements could permit shareholders of the fund to benefit from economies of scale if the fund were to grow. The Board also took into account management's discussion of the fund's advisory fee structure; and
(c)	the Board also considered the effect of the fund's growth in size on its performance and fees. The Board also noted that the fund is expected to be reorganized into Tax-Free Bond Fund, and considered the likelihood that economies of scale would not be achieved by the fund.


	(1)	information relating to the Subadvisor's business, including current subadvisory services to the Trust (and other funds in the John Hancock family of funds);
	(2)	the historical and current performance of the fund and comparative performance information relating to an applicable benchmark index and comparable funds; and
	(3)	the subadvisory fee for the fund, including any breakpoints, and to the extent available, comparable fee information prepared by an independent third party provider of fund data.


	(1)	the Subadvisor has extensive experience and demonstrated skills as a manager;
	(2)	the fund's performance is being monitored and reasonably addressed;
	(3)	the subadvisory fee is reasonable in relation to the level and quality of services being provided; and
	(4)	subadvisory fee breakpoints are reflected as breakpoints in the advisory fees for the fund in order to permit shareholders to benefit from economies of scale if the fund grows.
* * *


	John Hancock Funds, LLC n Member FINRA, SIPC 601 Congress Street n Boston, MA 02210-2805 800-225-5291 n jhinvestments.com
	This report is for the information of the shareholders of John Hancock New York Tax-Free Income Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by a prospectus.
	MF209441	76SA 11/14 1/15


Massachusetts State Department of Transportation, Highway Revenue Tolls, Series B, 5.000%, 1-1-37	4.3
Massachusetts Bay Transportation Authority, Transit Revenue, Series B, 5.250%, 7-1-33	4.2
Massachusetts Water Resources Authority, Water Revenue, Series B, 5.250%, 8-1-29	4.2
Massachusetts Development Finance Agency, New England Conservatory of Music, 5.250%, 7-1-38	3.0
Massachusetts Development Finance Agency, Draper Laboratory, 5.875%, 9-1-30	3.0
Massachusetts Port Authority, Series B, 5.000%, 7-1-32	3.0
Metropolitan Boston Transit Parking Corp., 5.000%, 7-1-41	2.9
Boston Housing Authority, Capital Program Revenue, 5.000%, 4-1-28	2.9
Massachusetts Health & Educational Facilities Authority, Springfield College, 5.625%, 10-15-40	2.8
Massachusetts Development Finance Agency, Dominion Energy Brayton Point AMT, 5.000%, 2-1-36	2.8
Total	33.1
As a percentage of net assets.
Cash and cash equivalents are not included.


Massachusetts Health & Educational Facilities Authority Lahey Clinic Medical Center, Series C (D)	5.000	08-15-23	1,000,000	$1,030,240
Massachusetts Health & Educational Facilities Authority Mass Eye & Ear Infirmary	5.375	07-01-35	2,000,000	2,137,520
Massachusetts Health & Educational Facilities Authority Partners HealthCare System	5.000	07-01-22	1,000,000	1,138,190
Massachusetts Health & Educational Facilities Authority Partners HealthCare, Series J1	5.000	07-01-34	1,000,000	1,130,050
Massachusetts Health & Educational Facilities Authority Springfield College	5.625	10-15-40	2,000,000	2,161,120
Massachusetts Health & Educational Facilities Authority Suffolk University, Series A	5.750	07-01-39	1,000,000	1,104,010
Massachusetts Health & Educational Facilities Authority Suffolk University, Series A	6.250	07-01-30	1,000,000	1,170,230
Massachusetts Health & Educational Facilities Authority Tufts University	5.375	08-15-38	350,000	397,793
Massachusetts Health & Educational Facilities Authority Woods Hole Oceanographic, Series B	5.375	06-01-30	1,000,000	1,113,450
Massachusetts Port Authority Boston Fuel Project AMT (D)	5.000	07-01-32	1,770,000	1,874,483
Massachusetts Port Authority Conrac Project, Series A	5.125	07-01-41	1,500,000	1,641,405
Massachusetts Port Authority Series B	5.000	07-01-32	2,000,000	2,269,720
Massachusetts State College Building Authority College & University Revenue, Series A	5.500	05-01-49	1,000,000	1,133,900
Massachusetts State College Building Authority College & University Revenue, Series B (D)(Z)	1.546	05-01-19	1,000,000	933,560
Massachusetts State Department of Transportation Highway Revenue Tolls, Series B	5.000	01-01-37	3,000,000	3,285,720
Massachusetts State Department of Transportation Highway Revenue Tolls, Series C (D)(Z)	1.614	01-01-20	1,000,000	920,670
Massachusetts Water Pollution Abatement Trust Series 9	5.250	08-01-18	60,000	62,026
Massachusetts Water Pollution Abatement Trust Unrefunded 2012 Pooled Loan Program, Series 7	5.125	02-01-31	105,000	105,381
Massachusetts Water Pollution Abatement Trust Water Revenue, Series 14	5.000	08-01-32	1,000,000	1,131,800
Massachusetts Water Resources Authority Water Revenue, Series A	5.000	08-01-40	1,600,000	1,804,864
Massachusetts Water Resources Authority Water Revenue, Series B	5.000	08-01-39	1,000,000	1,128,470
Massachusetts Water Resources Authority General Revenue, Series B (D)	5.250	08-01-29	2,500,000	3,194,550
Metropolitan Boston Transit Parking Corp.	5.000	07-01-41	2,000,000	2,237,500


Puerto Rico 8.0%					$6,061,933
Puerto Rico Highway & Transportation Authority Prerefunded, Series AA (D)	5.500	07-01-19	1,640,000		1,954,913
Puerto Rico Housing Finance Authority Subordinated Capital Fund Modernization (D)	5.125	12-01-27	1,000,000		1,069,160
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, Series A (0.000% steps up to 6.750% on 8-1-16) (Z)	1.525	08-01-32	2,000,000		1,547,800
Puerto Rico Sales Tax Financing Corp., Series C	5.375	08-01-38	2,000,000		1,490,060
Virgin Islands 2.2%					1,670,825
Virgin Islands Public Finance Authority, Series A	6.750	10-01-37	1,000,000		1,141,140
Virgin Islands Public Finance Authority, Series A-1	5.000	10-01-39	500,000		529,685
Guam 0.7%					552,235
Guam Government, Series A	5.750	12-01-34	500,000		552,235
				Par value	Value
Short-term investments 2.6%					$1,984,000
(Cost $1,984,000)
Repurchase agreement 2.6%					1,984,000
Barclays Tri-Party Repurchase Agreement dated 11-28-14 at 0.0600% to be repurchased at $1,984,010 on 12-1-14, collateralized by $1,861,500 U.S. Treasury Inflation Indexed Notes, 0.125% due 4-15-16 (valued at $2,023,784, including interest)				1,984,000	1,984,000
Total investments (Cost $68,173,230)† 98.7%					$75,240,340
Other assets and liabilities, net 1.3%					$969,081
Total net assets 100.0%					$76,209,421

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

Key to Security Abbreviations and Legend

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

Bond is insured by one or more of these companies: