Scotia Securities Inc. today introduced two new innovative mutual fund solutions. They include eight Scotia Vision Funds and the Scotia Diversified Monthly Income Fund.

The Vision funds are a series of eight lifecycle funds-of-funds with specific target dates ranging from 2010 to 2030, with each fund available in an aggressive and conservative format.

The asset allocation strategy of each Vision fund will automatically become more conservative over time to provide greater stability as a fund approaches its target date.

“The Scotia Vision Funds are well suited to the long-term investor who has a defined financial goal and certain time horizon in which to achieve that goal,” said Karen Fisher, president and CEO, Scotia Securities Inc. “The strategy of the Scotia Vision Funds is straight forward — an asset allocation strategy should change over the life of a portfolio in order to keep you on track to reaching your financial goals.”

Each Vision fund will invest mainly in a portfolio of Scotia Mutual Funds that is diversified by asset class, investment style, geography, market capitalization and portfolio advisor. The asset mix of each of the Vision funds will take advantage of the growth potential of investments like equities during the early years then gradually shift as the target date approaches, decreasing equity investments and increasing fixed income and cash equivalent investments.

The Vision funds are managed by the experienced team at Scotia Capital Inc., portfolio advisor to Scotia Partners Portfolios and Scotia Selected Funds. Ibbotson Associates, Inc. will act as a special consultant to fund’s portfolio advisor. An asset allocation expert for more than 25 years, Ibbotson ill provide ongoing asset allocation and fund selection guidance as well as performance monitoring to help ensure the funds their objectives.

The funds require a minimum investment of $5,000 and $50 for subsequent investments. They have available for registered and non-registered accounts.

Separately; the Scotia Diversified Monthly Income Fund’s objective is to provide regular monthly income and some capital appreciation by investing primarily in a diversified portfolio of income-generating securities. Income-oriented investment strategies will be used to drive the fund;s total return and monthly distributions can provide investors with a source of regular monthly income. The portfolio advisor to the Scotia Diversified Monthly Income Fund is Scotia Cassels Investment Counsel Ltd.

“The Scotia Diversified Monthly Income Fund is a great option for investors seeking regular monthly income or looking to further diversify an existing portfolio,” said Fisher.