MFS Series Trust XI
05/28/2026 | Press release | Distributed by Public on 05/28/2026 07:02
Prospectus by Investment Company (Form 497)
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
The date of this supplement is May 28, 2026.
For the MFS® Funds listed below:
|
MFS® BLENDED RESEARCH® CORE EQUITY FUND |
MFS® RESEARCH FUND |
|
MFS® INTERNATIONAL NEW DISCOVERY FUND |
MFS® TOTAL RETURN FUND |
|
MFS® MID CAP VALUE FUND |
Effective immediately, the sub-section entitled "Committees" under the main heading entitled "APPENDIX B - TRUSTEE COMPENSATION AND COMMITTEES" is restated in its entirety as follows:
Committees
As of January 1, 2026, the Board has established the following Committees:
|
Name of Committee |
Number of Meetings in Last Fiscal Year1 |
Functions |
Current Members |
|
AUDIT COMMITTEE |
9 |
Oversees the accounting and auditing procedures of the Fund and, among other duties, considers the selection of the independent accountants for the Fund and the scope of the audit, and considers the effect on the independence of those accountants of any non-audit services such accountants provide to the Fund and any audit or non-audit services such accountants provide to other MFS Funds, MFS and/or certain affiliates. The Committee is also responsible for establishing procedures for the receipt, retention, and treatment of complaints received by the Fund regarding accounting, internal accounting controls, or auditing matters and the confidential, anonymous submission of concerns regarding questionable fund accounting matters by officers of the Fund and employees of the Fund's investment adviser, administrator, principal underwriter, or any other provider of accounting-related services to the Fund. Reviews and evaluates the contractual arrangements of the Fund relating to custody and fund accounting services, and makes recommendations to the full Board on these matters. |
Buller*, Caroselli*, Jones*, Otis, Jr.*, and Smith* |
|
COMPLIANCE COMMITTEE |
4 |
Oversees the development and implementation of the Fund's regulatory and fiduciary compliance policies, procedures, and practices under the 1940 Act, and other applicable laws, as well as oversight of compliance policies of the Fund's investment adviser and certain other service providers as they relate to Fund activities. The Fund's Chief Compliance Officer assists the Committee in carrying out its responsibilities. |
Goldfarb*, Kilman, Jr.*, Roepke*, and Williams* |
|
CONTRACTS REVIEW COMMITTEE |
4 |
Requests, reviews, and considers the information deemed reasonably necessary to evaluate the terms of the investment advisory and principal underwriting agreements and the Plan of Distribution under Rule 12b-1 that each Fund proposes to renew or continue, and to make its recommendations to the full Board on these matters. |
All Independent Trustees of the Board (Buller, Caroselli, Goldfarb, Jones, Kavanaugh, Kilman, Jr., Otis, Jr., Roepke, Smith, and Williams) |
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|
Name of Committee |
Number of Meetings in Last Fiscal Year1 |
Functions |
Current Members |
|
NOMINATION AND COMPENSATION COMMITTEE |
2 |
Recommends qualified candidates to the Board in the event that a position is vacated or created. The Committee will consider recommendations by shareholders when a vacancy exists. Shareholders wishing to recommend candidates for Trustee for consideration by the Committee may do so by writing to the Fund's Secretary at the principal executive office of the Fund. Such recommendations must be accompanied by biographical and occupational data on the candidate (including whether the candidate would be an "interested person" of the Fund), a written consent by the candidate to be named as a nominee and to serve as Trustee if elected, record and ownership information for the recommending shareholder with respect to the Fund, and a description of any arrangements or understandings regarding recommendation of the candidate for consideration. The Committee is also responsible for making recommendations to the Board regarding any necessary standards or qualifications for service on the Board. The Committee also reviews and makes recommendations to the Board regarding compensation for the Independent Trustees. |
All Independent Trustees of the Board (Buller, Caroselli, Goldfarb, Jones, Kavanaugh, Kilman, Jr., Otis, Jr., Roepke, Smith, and Williams) |
|
PORTFOLIO TRADING AND MARKETING REVIEW COMMITTEE |
4 |
Oversees the policies, procedures, and practices of the Fund with respect to brokerage transactions involving portfolio securities as those policies, procedures, and practices are carried out by MFS and its affiliates. The Committee also oversees the lending of portfolio securities, the Trust's borrowing and lending policies, and the administration of the Fund's proxy voting policies and procedures by MFS. The Committee also oversees the policies, procedures, and practices of the Applicable Fund Service Providers with respect to the selection and oversight of the Fund's counterparties in derivatives, repurchase and reverse repurchase agreements, and similar investment-related transactions. The Committee is also responsible for oversight of the Fund's derivatives risk management program. In addition, the Committee receives reports from MFS regarding the policies, procedures, and practices of MFS and its affiliates in connection with their marketing and distribution of shares of the Fund. |
All Independent Trustees of the Board (Buller, Caroselli, Goldfarb, Jones, Kavanaugh, Kilman, Jr., Otis, Jr., Roepke, Smith, and Williams) |
|
PRICING COMMITTEE |
4 |
Oversees the determination of the value of the portfolio securities and other assets held by the Fund. The Committee delegates primary responsibility for carrying out these functions to MFS pursuant to the Fund's valuation policy and procedures approved by the Committee and adopted by the Board of Trustees. The Committee has designated MFS as the Fund's "valuation designee" whereby MFS is responsible for determining the fair values of portfolio securities and other assets held by the Fund for which market quotations are not readily available pursuant to MFS' fair valuation policy and procedures. MFS' fair valuation policy and procedures includes, among other things, methodologies and processes to be followed by MFS in determining the fair value of portfolio securities and other assets held by the Fund for which market quotations are not readily available. The Committee meets periodically with the members of MFS' internal valuation committee to review and assess MFS' fair valuation process and other pricing determinations made pursuant to the Fund's valuation policy and procedures and MFS' fair valuation policy and procedures, and to review the policies and procedures themselves. The Committee is also responsible for oversight of the Fund's liquidity risk management program. The Committee exercises the responsibilities of the Board under the Policy for Compliance with Rule 2a-7 approved by the Board on behalf of each Fund which holds itself out as a "money market fund" in accordance with Rule 2a-7 under the 1940 Act. |
Buller*, Goldfarb*, Kilman, Jr.*, and Smith* |
|
SERVICES CONTRACTS COMMITTEE |
4 |
Reviews and evaluates the contractual arrangements of the Fund relating to transfer agency, sub-transfer agency, administrative, and insurance services, and makes recommendations to the full Board on these matters. |
Caroselli*, Jones*, Otis, Jr.*, Roepke*, and Williams* |
1 For the fiscal year ended September 30, 2025.
* Independent Trustees. Although Mr. Kavanaugh is not a member of all Committees of the Board, he is invited to and attends many of the Committees' meetings in his capacity as Chair of the Board.
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Effective immediately, the sub-sections entitled "Compensation," "Ownership of Fund Shares," and "Other Accounts" under the main heading entitled "APPENDIX D - PORTFOLIO MANAGER(S)" are hereby restated, with respect to MFS Total Return Fund only, as follows:
Compensation
MFS' philosophy is to align portfolio manager compensation with the goal to provide shareholders with long-term value through a collaborative investment process. Therefore, MFS uses long-term investment performance as well as contribution to the overall investment process and collaborative culture as key factors in determining portfolio manager compensation. In addition, MFS seeks to maintain total compensation programs that are competitive in the asset management industry in each geographic market where it has employees. MFS uses competitive compensation data to ensure that compensation practices are aligned with its goals of attracting, retaining, and motivating the highest-quality professionals.
MFS reviews portfolio manager compensation annually. In determining portfolio manager compensation, MFS uses quantitative means and qualitative means to help ensure a durable investment process. As of December 31, 2025, portfolio manager total cash compensation is a combination of base salary and performance bonus:
Base Salary - Base salary generally represents a smaller percentage of portfolio manager total cash compensation than performance bonus.
Performance Bonus - Generally, the performance bonus represents more than a majority of portfolio manager total cash compensation.
With respect to each portfolio manager except Mr. Alexander Mackey, the performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is primarily based on the pre-tax performance of accounts managed by the portfolio manager over a range of fixed-length time periods, intended to provide the ability to assess performance over time periods consistent with a full market cycle and a strategy's investment horizon. The fixed-length time periods include the portfolio manager's full tenure on each Fund/strategy and, when available, 10-, 5-, and 3-year periods. For portfolio managers who have served for less than three years, shorter-term periods, including the one-year period, will also be considered, as will performance in previous roles, if any, held at the firm. Emphasis is generally placed on longer performance periods when multiple performance periods are available. Performance is evaluated across the full set of strategies and portfolios managed by a given portfolio manager, relative to appropriate peer group universes and/or representative indices ("benchmarks"). As of December 31, 2025, the following benchmarks were used to measure the following portfolio managers' performance for the following Fund and/or MFS Funds managed in a substantially similar strategy to the portion of the Fund managed by the portfolio managers, unless otherwise indicated:
|
Fund |
Portfolio Manager |
Benchmark(s) |
|
MFS Total Return Fund |
Philipp Burgener1 |
Bloomberg U.S. Aggregate Bond Index |
|
Steven Gorham |
Russell 1000® Value Index Standard & Poor's 500 Stock Index Lipper Large-Cap Value Funds Lipper Large-Cap Core Funds Morningstar US Large Value Morningstar US Large Blend |
|
|
Joshua Marston |
Bloomberg U.S. Aggregate Bond Index |
|
|
Johnathan Munko |
Russell 1000® Value Index Standard & Poor's 500 Stock Index Lipper Large-Cap Value Funds Lipper Large-Cap Core Funds Morningstar US Large Value Morningstar US Large Blend |
1 Became a portfolio manager of the Fund after the date referenced above; therefore, information is as of March 31, 2026.
Benchmarks may include versions and components of indices, custom indices, and linked indices that combine performance of different indices for different portions of the time period, where appropriate.
The qualitative portion is based on the results of an annual internal peer review process (where portfolio managers are evaluated by other portfolio managers, analysts, and traders) and management's assessment of overall portfolio manager contributions to the MFS investment process and the client experience (distinct from fund and other account performance).
The performance bonus may be in the form of cash and/or a deferred cash award, at the discretion of management. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.
With respect to Mr. Alexander Mackey, his compensation reflects his broader role within MFS as Co-Chief Investment Officer-Global Fixed Income in addition to being a portfolio manager. His performance bonus is based on a combination of quantitative and qualitative factors, generally with more weight given to the former and less weight given to the latter. The quantitative portion is based on overall group investment performance and business performance metrics. The qualitative portion is based on the results of an annual internal review process conducted by the Chief Investment Officer which takes into account his broad leadership responsibilities. This performance bonus is in the form of cash and/or a deferred cash award. A deferred cash award is issued for a cash value and becomes payable over a three-year vesting period if the portfolio manager remains in the continuous employ of MFS or its affiliates. During the vesting period, the value of the unfunded deferred cash award will
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fluctuate as though the portfolio manager had invested the cash value of the award in an MFS fund(s) selected by the portfolio manager. A selected fund may, but is not required to, be a fund that is managed by the portfolio manager.
MFS Equity Plan - Portfolio managers also typically benefit from the opportunity to participate in the MFS Equity Plan. Equity interests are awarded by management, on a discretionary basis, taking into account tenure at MFS, contribution to the investment process, and other factors.
Finally, portfolio managers also participate in benefit plans (including a defined contribution plan and health and other insurance plans) and programs available generally to other employees of MFS. The percentage such benefits represent of any portfolio manager's compensation depends upon the length of the individual's tenure at MFS and salary level, as well as other factors.
Ownership of Fund Shares
The following table shows the dollar range of equity securities of the Fund beneficially owned by the Fund's portfolio manager(s) (including the value of any deferred cash award which is based on the performance of the Fund) as of the Fund's fiscal year ended September 30, 2025, unless otherwise indicated. The following dollar ranges apply:
N. None
A. $1 - $10,000
B. $10,001 - $50,000
C. $50,001 - $100,000
D. $100,001 - $500,000
E. $500,001 - $1,000,000
F. Over $1,000,000
|
Fund |
Portfolio Manager |
Dollar Range of Equity Securities in the Fund |
|
MFS Total Return Fund |
Philipp Burgener1 |
N |
|
Steven Gorham |
F |
|
|
Alexander Mackey |
C |
|
|
Joshua Marston |
F |
|
|
Johnathan Munko |
D |
1 Became a portfolio manager of the Fund after the date referenced above; therefore, information is as of April 30, 2026.
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Other Accounts
In addition to the Fund, each portfolio manager of the Fund is named as a portfolio manager of certain other accounts managed or sub-advised by MFS or an affiliate. Wholly-owned subsidiaries of registered investment companies are not considered separate accounts for purposes of number of accounts and total assets managed. The number and assets of these accounts were as follows as of the Fund's fiscal year ended September 30, 2025, unless otherwise indicated:
|
Fund |
Portfolio Manager |
Category of Accounts Managed |
Number of Accounts |
Total Assets |
|
|
MFS Total Return Fund |
Philipp Burgener1 |
Registered Investment Companies2 |
14 |
$25.4 billion |
|
|
Other Pooled Investment Vehicles |
8 |
$2.6 billion |
|||
|
Other Accounts |
9 |
$1.8 billion |
|||
|
Alexander Mackey |
Registered Investment Companies2 |
19 |
$40.9 billion |
||
|
Other Pooled Investment Vehicles |
8 |
$3.4 billion |
|||
|
Other Accounts |
17 |
$2.1 billion |
|||
|
Johnathan Munko |
Registered Investment Companies2 |
6 |
$12.5 billion |
||
|
Other Pooled Investment Vehicles |
5 |
$2.5 billion |
|||
|
Other Accounts |
17 |
$13.9 billion |
|||
|
Joshua Marston |
Registered Investment Companies2 |
12 |
$29.5 billion |
||
|
Other Pooled Investment Vehicles |
10 |
$4.2 billion |
|||
|
Other Accounts |
18 |
$2.7 billion |
|||
|
Steven Gorham |
Registered Investment Companies2 |
7 |
$19.9 billion |
||
|
Other Pooled Investment Vehicles |
6 |
$2.5 billion |
|||
|
Other Accounts |
19 |
$13.9 billion |
|||
|
1 |
Became a portfolio manager of the Fund after the date referenced above; therefore, information is as of April 30, 2026. |
||||
|
2 |
Includes the Fund. |
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Advisory fees were not based upon performance of any of the accounts identified in the table above.
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MFS Series Trust XI published this content on May 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on May 28, 2026 at 13:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]