A diversified mix of investments following an asset allocation appropriate for the length of time until the money will be needed to pay for the projected goal. Common examples are retirement target date funds and education target date funds. The asset allocation changes over time as the "target date" gets closer. Often, these funds take advantage of larger growth opportunities in the earlier years, favoring riskier investments like stocks and real estate, while the goal is still many years away. As the goal, or "target date," approaches, the asset allocation tends to shift towards less risky investments like cash and bonds.