MFS® Lifetime® 2025 Fund

Multi Asset | LTTAX
$ 13.22
$0.02 As of 12/13/17
$270M
As of 11/30/17

MFS® Lifetime® 2025 Fund

Multi Asset
LTTAX
$0.02 As of 12/13/17
As of 11/30/17
Multi Asset | LTTAX
$ 13.22
$0.02 As of 12/13/17
$270M
As of 11/30/17
INVESTMENT OBJECTIVE

Seeks a high level of total return consistent with its asset allocation until the approximate retirement year in the fund's name; thereafter, the fund will seek total return through a combination of current income and capital appreciation. The asset allocation of the fund will change over time.

INVESTMENT FOCUS

Asset allocation changes over time and becomes more conservative as the target date approaches

Employs a capital markets approach to glide path design

Fund Information

Fund Commencement
11/02/12
Net Assets ($ M)
As of 11/30/17
$270.18
Fiscal Year End
APRIL
Benchmark

Standard & Poor's 500 Stock Index measures the broad U.S. stock market.

Standard & Poor's 500 Stock Index

Top 10 Holdings

As of 11/30/17
  • FNMA 30YR 4.0
  • US Treasury Note 1.625% JUN 30 19
  • FNMA 30YR 3.5
  • US Treasury Note 1% NOV 30 18
  • US Treasury Note 2.5% AUG 15 23
  • FNMA 30YR 4.5
  • FHLMC GOLD 30YR 3.5
  • US Treasury Note 1% JUN 30 19
  • Facebook Inc
  • Ust 10yr Ultra Bond Future Mar 20 18*

Important Risk Considerations

The fund may not achieve its objective and/or you could lose money on your investment in the fund. You may experience losses near, at, or after the target date. There is no guarantee of the fund's principal value, including at the target date, or that the fund will provide adequate income at and through your retirement.

Stock markets and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions.

Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.

Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.

MFS' strategy of investing in underlying funds exposes the fund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategies and may not achieve its objective.

Please see the prospectus for further information on these and other risk considerations.

Performance

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Average Annual Total Returns %

Average Annual Total Returns %

These results represent the percent change in net asset value.
Monthly | Quarterly As of 09/30/17 (*YTD Updated Daily, As of 12/13/17 , subject to revision and not annualized.)

    Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value fluctuate so your shares, when sold, may be worth more or less than the original cost; current performance may be lower or higher than quoted.

    MORNINGSTAR RATING
    Morningstar Overall Rating As of Class A Shares

    Morningstar

    Morningstar ratings are based on risk adjusted performance.

    OVERALL
    Out Of Funds
    NA
    OVERALL MORNINGSTAR RATING
    Morningstar Overall Rating As of Class A Shares

    Morningstar

    Morningstar ratings are based on risk adjusted performance.

    NA
    THREE YEAR
    Out Of Funds
    NA
    FIVE YEAR
    Out Of Funds
    NA
    TEN YEAR
    Out Of Funds
    NA

    Important Performance Information

    Performance results reflect any applicable expense subsidies and waivers in effect during the periods shown. Without such subsidies and waivers the fund's performance results would be less favorable. All results are historical and assume the reinvestment of dividends and capital gains.

    Sales Charges

    Class A shares ("A") results include the maximum sales charge.

    Annual Rate of Return %
    Pricing & Distributions

    Portfolio & Holdings Information

    Portfolio characteristic data are based on unaudited net assets.

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    Sector, Holding & Characterstics

    Sectors, Holdings & Characteristics

    Largest Sector Weights of Equity Assets

    As of 11/30/17
    Map represents sectors greater than 5%.

    Holding Characteristics

    Average Coupon: Average Coupon is the equivalent exposure weighted coupon of all interest bearing instruments as a percent of the total equivalent exposure of all fixed income holdings, including short term and interest rate derivatives which have coupons. Coupons are netted for securities with a payable and receivable leg. Non-accruing securities are treated as having a coupon equal to zero.

    Average Effective Duration: Average Effective Duration is a measure of how much a bond’s price is likely to fluctuate with general changes in interest rates, e.g., if rates rise 1.00%, a bond with a 5-year duration is likely to lose about 5.00% of its value.

    Weighted Average IBES Long Term EPS Growth: The weighted average forecast, by sell side analysts of how much a company’s net income has grown over the long-term (typically 3-5 years).  The forecast is derived from all polled analysts' estimates. Source: Ibbotson 

    Average Effective Maturity: Average effective maturity is a weighted average of maturity of the bonds held in a portfolio, taking into account any prepayments, puts, and adjustable coupons which may shorten the maturity. Longer-maturity funds are generally considered more interest-rate sensitive than shorter maturity funds.

    Yield to Worst: The weighted average yield-to-worst of all portfolio holdings. The yield-to-worst is computed by using the lower of either yield-to-maturity or the yield-to-call on every possible call date. Essentially the yield-to-worst is a bond's yield-to-maturity under the least desirable bond repayment pattern under the assumption that bond market yields are unchanged.

    Weighted Average Price/Earnings (next 12 months): Price/earnings ratio (P/E) is the price of a stock divided by its earnings per share.

    Weighted Average Price-to-cash-flow is the ratio of a stock's price to its per-share cash earnings.

    Weighted Average Price/Sales: Price/Sales Ratio (P/S) is the ratio of a stock's price to its per-share sales.

    Weighted Average Price/Book: Price/book ratio (P/B) is the ratio of a stock's price to its book value per share.

    Weighted Average IBES Long Term EPS Growth is the weighted average forecast, by sell side analysts of how much a company’s net income has grown over the long-term (typically 3-5 years).  The forecast is derived from all polled analysts' estimates. Source: Ibbotson

    Weighted Median Market Cap is the Market Capitalization of the firm defined by the median dollar within the distribution of the market capitalization of all companies in the index or portfolio. It is calculated from a running total of market capitalizations from smallest company to largest. The Market Capitalization of the firm that sorts the total dollar value of all market capitalizations into two equal portions defines the value.

    Holding Based Portfolio - Equity Level Data
    As of 11/30/17
    Weighted Average Price/Earnings (next 12 months) 18.01x
    Weighted Average Price/Cash Flow 14.34x
    Weighted Average Price/Sales 1.76x
    Weighted Average Price/Book 2.56x
    Weighted Average IBES Long Term EPS Growth 13.22%
    Weighted Average Market Cap $92.6b
    Weighted Median Market Cap $29.3b
    # of Stock Holdings 1209
    % in Stocks 105.29%
    % Cash & Cash Equivalents -5.29%
    % in Top Ten 8.63%
    Holding Based Portfolio - Fixed Income Level Data
    As of 11/30/17
    # of Bond Holdings 1855
    Average Coupon 3.37
    Average Effective Duration 5.29 yrs
    Average Effective Maturity 7.55 yrs
    Yield To Worst 3.02%
    Represents the fixed income exposure generated by the underlying bond funds and MFS Commodity Strategy Fund.

    Performance Statistics

    Alpha: Alpha is a measure of the portfolio's risk-adjusted performance. When compared to the portfolio's beta, a positive alpha indicates better-than-expected portfolio performance and a negative alpha worse-than-expected portfolio performance.

    Beta: Beta is a measure of the volatility of a portfolio relative to the overall market. A beta less than 1.0 indicates lower risk than the market; a beta greater than 1.0 indicates higher risk than the market. It is most reliable as a risk measure when the return fluctuations of the portfolio are highly correlated with the return fluctuations of the index chosen to represent the market.

    Information Ratio: Information ratio is a measure of consistency in excess return. The annualized excess return over a benchmark divided by the annualized standard deviation of excess return.

    R-squared: R2 represents the percentage of the portfolio's movements that can be explained by the general movements of the market. Index portfolios will tend to have values very close to 100.

    Sharpe Ratio: The Sharpe Ratio is a risk-adjusted measure calculated to determine reward per unit of risk. It uses a standard deviation and excess return. The higher the Sharpe Ratio, the better the portfolio's historical risk-adjusted performance.

    Standard Deviation: Standard deviation is an indicator of the portfolio's total return volatility, which is based on a minimum of 36 monthly returns. The larger the portfolio's standard deviation, the greater the portfolio's volatility.

    Tracking Error: Tracking error is the active risk of the portfolio that measures the dispersion of the portfolio's return minus the benchmark's annualized return.

    Treynor Ratio is a risk adjusted measure of performance. It is the ratio of the annualized excess return of the portfolio over the risk free rate for a given period divided by the Beta of the portfolio versus its benchmark for the same period. It measures the amount of excess return over the risk free rate earned per unit of systematic risk (beta) assumed.

    Upside / Downside Capture %: The upside and downside capture is a measure of how well a manager was able to replicate or improve on phases of positive benchmark returns, and how badly the manager was affected by phases of negative benchmark returns. To calculate the up capture, we first form new series from the manager and benchmark series by dropping all time periods where the benchmark return is zero or negative. The up capture is then the quotient of the annualized return of the resulting manager series, divided by the annualized return of the resulting benchmark series. The down capture is calculated analogously.

    Updated Monthly As of 11/30/17
    3 Yr. 5 Yr. 10 Yr.
    Alpha -0.18 -0.94 n/a
    Beta 0.54 0.59 n/a
    R-squared 85.72 84.05 n/a
    Standard Deviation % 5.91 6.12 n/a
    Sharpe Ratio 0.91 1.29 n/a
    Tracking Error 5.13 4.59 n/a
    Information Ratio -1.02 -1.66 n/a
    Upside Capture % 56.96 58.67 n/a
    Downside Capture % 62.29 71.00 n/a
    Treynor Ratio 9.93 13.39 n/a
    Performance-based characteristics are only calculated for Class A shares at NAV.

    Top 10 Holdings

    As of 11/30/17
    • FNMA 30YR 4.0
    • US Treasury Note 1.625% JUN 30 19
    • FNMA 30YR 3.5
    • US Treasury Note 1% NOV 30 18
    • US Treasury Note 2.5% AUG 15 23
    • FNMA 30YR 4.5
    • FHLMC GOLD 30YR 3.5
    • US Treasury Note 1% JUN 30 19
    • Facebook Inc
    • Ust 10yr Ultra Bond Future Mar 20 18*

    Top 10 Equity Holdings

    As of 11/30/17
    • Facebook Inc
    • Apple Inc
    • Amazon.com Inc
    • JPMorgan Chase & Co
    • Microsoft Corp
    • Johnson & Johnson
    • MFS Commodity Strategy Portfolio
    • Alphabet Inc Class A
    • Citigroup Inc
    • Comcast Corp

    Top 10 Fixed Income Holdings

    As of 11/30/17
    • FNMA 30YR 4.0
    • US Treasury Note 1.625% JUN 30 19
    • FNMA 30YR 3.5
    • US Treasury Note 1% NOV 30 18
    • US Treasury Note 2.5% AUG 15 23
    • FNMA 30YR 4.5
    • FHLMC GOLD 30YR 3.5
    • US Treasury Note 1% JUN 30 19
    • US Treasury Bond 2.5% FEB 15 45
    • Ust 10yr Ultra Bond Future Mar 20 18*

    Sector Weights %

    As of 11/30/17
    •  % of Equity Assets
    • Financial Services
      22.46
    • Technology
      13.27
    • Health Care
      10.91
    • Industrial Goods & Services
      8.11
    • Consumer Staples
      7.51
    • Special Products & Services
      5.96
    • Leisure
      5.70
    • Utilities & Communications
      5.67
    • Retailing
      5.28
    • Basic Materials
      4.64
    • Energy
      4.11
    • Autos & Housing
      3.53
    • Transportation
      2.04
    • Mutual Funds
      0.81
    Exposures
    Region & Country
    Important Characteristics Information

    Current holdings may be different.

    Portfolio characteristics are based on equivalent exposure, which measures how a portfolio's value would change due to price changes in an asset held either directly or, in the case of a derivative contract, indirectly. The market value of the holding may differ.

    *Short positions, unlike long positions, lose value if the underlying asset gains value.

    Fees

    • 0.84 % Net Expense Ratio

      Net Expense Ratio: The Net Expense Ratio reflects the reduction of expenses from fee waivers and reimbursements. Elimination of these reductions will result in higher expenses and lower performance.


      These reductions will continue until at least 08/31/18

    • 1.16 % Gross Expense Ratio

      Gross Expense Ratio: The Gross Expense Ratio is the fund's total operating expense ratio from the fund's most recent prospectus.

    • 5.75 % Maximum Sales Charge
      Class A shares ("A") results include the maximum sales charge.

    Resources

    Facts & Overview

    News & Announcements

    Insightful Investing

    • November 3, 2017

      Updated As of October 9, 2017

    • No such thing as a representative participant.

      Updated As of August 28, 2017

    • One of the "Best Mutual Fund Families"

      Updated As of February 12, 2017

    MORNINGSTAR RATINGS

    The fund's overall Morningstar Rating measures are based on risk-adjusted returns as of 10/31/17.

    The Morningstar Rating for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

    Morningstar rankings may vary among share classes and are based on historical total returns, which are not indicative of future results. Class A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load.

    This website is a general communication and is provided for informational and/or educational purposes only. None of the content should be viewed as a suggestion that you take or refrain from taking any action nor as a recommendation for any specific investment product, strategy, plan feature or other such purpose. Your use of this website indicates that you agree with the intended purpose. Prior to making any investment or financial decision, you should seek individualized advice from a personal financial, tax, and other professionals who are able to provide advice in the context of your particular financial situation.

    This publication is authorized for distribution only when preceded or accompanied by a prospectus, or summary prospectus, for the portfolio being offered. Consider the fund's investment objectives, risks, charges and expenses. Contact MFS or view online. Read it carefully.

    • Overview
      INVESTMENT OBJECTIVE

      Seeks a high level of total return consistent with its asset allocation until the approximate retirement year in the fund's name; thereafter, the fund will seek total return through a combination of current income and capital appreciation. The asset allocation of the fund will change over time.

      INVESTMENT FOCUS

      Asset allocation changes over time and becomes more conservative as the target date approaches

      Employs a capital markets approach to glide path design

      Fund Information

      Fund Commencement
      11/02/12
      Net Assets ($ M)
      As of 11/30/17
      $270.18
      Fiscal Year End
      APRIL
      Benchmark

      Standard & Poor's 500 Stock Index measures the broad U.S. stock market.

      Standard & Poor's 500 Stock Index

      Top 10 Holdings

      As of 11/30/17
      • FNMA 30YR 4.0
      • US Treasury Note 1.625% JUN 30 19
      • FNMA 30YR 3.5
      • US Treasury Note 1% NOV 30 18
      • US Treasury Note 2.5% AUG 15 23
      • FNMA 30YR 4.5
      • FHLMC GOLD 30YR 3.5
      • US Treasury Note 1% JUN 30 19
      • Facebook Inc
      • Ust 10yr Ultra Bond Future Mar 20 18*

      Important Risk Considerations

      The fund may not achieve its objective and/or you could lose money on your investment in the fund. You may experience losses near, at, or after the target date. There is no guarantee of the fund's principal value, including at the target date, or that the fund will provide adequate income at and through your retirement.

      Stock markets and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions.

      Investments in debt instruments may decline in value as the result of declines in the credit quality of the issuer, borrower, counterparty, or other entity responsible for payment, underlying collateral, or changes in economic, political, issuer-specific, or other conditions. Certain types of debt instruments can be more sensitive to these factors and therefore more volatile. In addition, debt instruments entail interest rate risk (as interest rates rise, prices usually fall). Therefore the Fund's share price may decline during rising rates. Funds that consist of debt instruments with longer durations are generally more sensitive to a rise in interest rates than those with shorter durations. At times, and particularly during periods of market turmoil, all or a large portion of segments of the market may not have an active trading market. As a result, it may be difficult to value these investments and it may not be possible to sell a particular investment or type of investment at any particular time or at an acceptable price. The price of an instrument trading at a negative interest rate responds to interest rate changes like other debt instruments; however, an instrument purchased at a negative interest rate is expected to produce a negative return if held to maturity.

      Investments in foreign markets can involve greater risk and volatility than U.S. investments because of adverse market, currency, economic, industry, political, regulatory, geopolitical, or other conditions.

      MFS' strategy of investing in underlying funds exposes the fund to the risks of the underlying funds. Each underlying fund pursues its own objective and strategies and may not achieve its objective.

      Please see the prospectus for further information on these and other risk considerations.