Abstract: An invention for managing assets in one or more investment funds over a specified time. A fund comprises a plurality of assets (e.g., stocks bonds, currencies, gold, silver, oil, gas). A time horizon H.sub.t representing the expected date at which cash will be withdrawn from the fund is associated with each fund. A time L.sub.H represents the length of time remaining between the present time and the horizon time H.sub.t. A risk tolerance, R.sub.I, changes as a function of the decreasing time to horizon L.sub.H. Typically, the risk tolerance decreases as the fund approaches the time horizon H.sub.t (e.g., investments become more conservative toward the end of the life of the fund). A strategic investment mix of assets in the fund is periodically determined as a function of the changing risk, R.sub.I. Investment modifications are accordingly made in the mix of assets in the fund. In one embodiment, a fund also includes a tactical investment strategy component (e.g.