John Hancock Managed Tax-Exempt Fund
Supplement to Prospectus dated March 1, 1996
On August 27, 1996, the Trustees of the John Hancock Managed Tax-Exempt Fund
(the "Fund") voted to recommend that the shareholders approve a tax-free
reorganization of the Fund, as described below.
Under the terms of the reorganization, subject to shareholder approval at a
shareholder meeting scheduled to be held on November 14, 1996, the Fund would
transfer all of its assets and liabilities to John Hancock Tax-Free Bond Fund
("Tax-Free Bond Fund") in a tax-free exchange for shares of equal value of
Tax-Free Bond Fund. Further information regarding the proposed reorganization
will be contained in a proxy statement and prospectus which is scheduled to be
mailed to shareholders during October, 1996.
Effective September 20, 1996, John Hancock Managed Tax-Exempt Fund will be
closed to new accounts (except for participants in existing Qualified Retirement
Plans).
August 27, 1996
700S 8/96
