BMO Financial Group Tuesday announced the launch of a new series of shares of six of its existing LifeStage Class Funds, a suite of mutual fund portfolios managed by BMO Investments Inc.

Each fund annually shifts its asset mix from an emphasis on equity funds to an emphasis on fixed income and cash equivalent funds as it approaches its target end date. The funds are intended to provide growth in the early stages and to become progressively more conservative over time as they near their respective target end date.

Investors may choose from six portfolios with different target end dates that match their individual financial goals. The target end dates range from 2017 to 2040.

Each fund’s asset allocation strategy automatically adjusts the fund’s asset mix with a view to reducing risk as its target end date approaches by shifting assets from equity funds to more conservative fixed income and cash equivalent funds at a pre-determined rate.

Each fund’s assets are diversified by asset class, geographic region, sector and market capitalization.

Each fund may invest in BMO exchange traded funds and/or other mutual funds.

Each Fund is a class of shares of BMO Global Tax Advantage Funds Inc. and offers investors the flexibility to switch their investment into another class or series of shares of without triggering a disposition for income tax purposes.

The funds each have lower fees compared to many other managed portfolios of mutual funds, BMO says.