MFS has added to its Lifetime target date mutual fund series with a new entry: the MFS Lifetime 2050 Fund (MFFSX).This is the sixth in the Lifetime series of target date funds, and also carries the latest in a series of enhancements to the series.

In a statement about the new MFS fund, James Jessee, president of MFS Fund Distributors, Inc., said: “MFS is responding to the increasing popularity of target date funds with the addition of MFS Lifetime 2050 Fund.”

Managed by Joseph Flaherty, the fund is available in multiple share classes for purchase through financial intermediaries. It is also a qualified default investment alternative (QDIA) for employer-sponsored plans such as 401(k)s and 403(b)s.

In 2009 MFS reduced the Lifetime funds’ collective exposure to cash and replaced exposure in money market funds with more exposure in fixed income. MFS also earlier this year launched a global bond fund and a commodity strategy fund; these both became part of the group of underlying funds for the Lifetime series of funds.

In this way, MFS hopes to reduce the funds’ long-term volatility and enhance returns for shareholders through broader diversification within fixed-income securities and commodities.

“We believe adding greater exposure to non-correlated asset classes should benefit shareholders of our Lifetime funds over the long term,” Jessee said. “In 2009 MFS added greater exposure to non-U.S. equities and fixed-income securities, as well as to the global real estate sector, to its Lifetime funds, and continues to look for solutions that further enhance the risk-reward potential of the funds while lowering their overall volatility.”