Please click below to find general overviews of Thrift Saving Plan Funds.
| Fund Comparison Chart |
| Summary of Returns |
| TSP – L Fund |
| TSP – I Fund |
| TSP – S Fund |
| TSP – C Fund |
| TSP – F Fund |
| TSP – G Fund |
Fund Comparison Chart
The chart below provides a comparison of the available TSP funds.
You can learn more information about each fund by clicking on the funds above.
Fund Comparison Matrix
The chart below provides a comparison of the available TSP funds.
You can learn more information about each fund by clicking on the fund name.
| G Fund | F Fund* | C Fund* | S Fund* | I Fund* | L Funds** | |
|---|---|---|---|---|---|---|
| Description of Investments | Government securities (specially issued to the TSP) | Government, corporate, and mortgage-backed bonds | Stocks of large and medium-sized U.S. companies | Stocks of small to medium-sized U.S. companies (not included in the C Fund) | International stocks of 21 developed countries | Invested in the G, F, C, S, and I Funds |
| Objective of Fund | Interest income without risk of loss of principal | To match the performance of the Barclays Capital U.S. Aggregate Bond Index | To match the performance of the Standard & Poor’s 500 (S&P 500) Index | To match the performance of the Dow Jones U.S. Completion TSM Index | To match the performance of the Morgan Stanley Capital International EAFE (Europe, Australasia, Far East) Index | To provide professionally diversified portfolios based on various time horizons, using the G, F, C, S, and I Funds |
| Risk | Inflation risk | Market risk, Credit risk, Prepayment risk, Inflation risk | Market risk, Inflation risk | Market risk, Inflation risk | Market risk, Currency risk, Inflation risk | Exposed to all of the types of risk to which the individual TSP funds are exposed – but total risk is reduced through diversification among the five individual funds |
| Volatility | Low | Low to moderate | Moderate | Moderate to high — historically more volatile than C Fund | Moderate to high — historically more volatile than C Fund | Asset allocation shifts as time horizon approaches to reduce volatility |
| Types of Earnings*** | Interest | Change in market pricesInterest | Change in market pricesDividends | Change in market pricesDividends | Change in market pricesChange in relative value of currencyDividends | Composite of earnings in the underlying funds |
| 2011 Administrative Expenses**** | 0.025% | 0.024% | 0.025% | 0.024% | 0.025% | 0.025% |
| Inception Date | 04/01/87 | 01/29/88 | 01/29/88 | 05/01/01 | 05/01/01 | 08/01/05 |
* The F, C, S, and I Funds also have earnings from securities lending income and from temporary investments in G Fund securities. These amounts represent a very small portion of total earnings.
** Each of the L Funds is invested in the individual TSP funds (G, F, C, S, and I). The proportion of your L Fund balance invested in each of the individual TSP funds depends on the L Fund you choose.
*** Income from interest and dividends is included in the share price calculation. It is not paid directly to participants’ accounts.
**** Expenses are offset by the forfeitures of Agency Automatic (1%) contributions of FERS employees who leave Federal Service before they are vested, other forfeitures, and loan fees.
* the F, C, S, and I Funds also have earnings from securities lending income and from temporary investments in G Fund securities. these amounts represent a very small portion of total earnings.
** Each of the L Funds is invested in the individual TSP funds (G, F, C, S, and I). the proportion of your L Fund balance invested in each of the individual TSP funds depends on the L Fund you choose.
*** Income from interest and dividends is included in the share price calculation. It is not paid directly to participants’ accounts.
Summary of Returns
Individual Funds Annual Returns (10 Yr Summary)
| Year | G Fund | F Fund | C Fund | S Fund | I Fund |
|---|---|---|---|---|---|
| 2014 | 2.31% | 6.73% | 13.78% | 7.80% | (5.27%) |
| 2015 | 2.04% | 0.91% | 1.46% | (2.92%) | (0.51%) |
| 2016 | 1.82% | 2.91% | 12.01% | 16.35% | 2.10% |
| 2017 | 2.33% | 3.82% | 21.82% | 18.22% | 25.42% |
| 2018 | 2.91% | 0.15% | (4.41%) | (9.26%) | (13.43%) |
| 2019 | 2.24% | 8.86% | 31.45% | 27.97% | 22.47% |
| 2020 | 0.97% | 7.50% | 18.31% | 31.85% | 8.17% |
| 2021 | 1.38% | (1.46%) | 28.68% | 12.45% | 11.45% |
| 2022 | 2.98% | (12.83%) | (18.13%) | (26.26%) | (13.94%) |
| 2023 | 4.22% | 5.58% | 26.25% | 25.30% | 18.38% |
| 10 Yr Compound | 2.32% | 2.02% | 12.03% | 8.64% | 4.63% |
Percentages in ( ) are negative.
Combined Individual/L Funds Monthly Returns (Past 12 Months)
| Month | L 2025 | L 2035 | L 2045 | L 2055 | G Fund | F Fund | C Fund | S Fund | I Fund | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | ||||||||||
| Aug | ||||||||||
| Jul | 1.16% | 1.89% | 2.14% | 2.46% | 0.39% | 2.33% | 1.21% | 6.23% | 2.86% | |
| Jun | 0.71% | 1.00% | 1.10% | 1.25% | 0.38% | 0.94% | 3.58% | (0.10%) | (1.62%) | |
| May | 1.89% | 3.33% | 3.80% | 4.67% | 0.41% | 1.69% | 4.96% | 3.36% | 4.86% | |
| Apr | (1.27%) | (2.76%) | (3.27%) | (4.06%) | 0.35% | (2.47%) | (4.08%) | (6.46%) | (3.17%) | |
| Mar | 1.39% | 2.33% | 2.65% | 3.26% | 0.38% | 0.87% | 3.22% | 3.33% | 3.36% | |
| Feb | 1.63% | 2.96% | 3.41% | 4.48% | 0.33% | (1.41%) | 5.34% | 6.03% | 2.74% | |
| Jan | 0.37% | 0.41% | 0.40% | 0.45% | 0.34% | (0.19%) | 1.68% | (2.41%) | (0.22%) | |
| 2023 | ||||||||||
| Dec | 2.39% | 4.05% | 4.66% | 5.61% | 0.39% | 3.72% | 4.54% | 10.45% | 5.39% | |
| Nov | 3.67% | 6.44% | 7.44% | 9.14% | 0.41% | 4.51% | 9.12% | 11.19% | 8.54% | |
| Oct | (0.90%) | (1.99%) | (2.39%) | (3.04%) | 0.40% | (1.58%) | (2.10%) | (6.26%) | (3.22%) | |
| Sep | (1.53%) | (2.96%) | (3.48%) | (4.31%) | 0.35% | (2.54%) | (4.77%) | (4.90%) | (3.51%) | |
| Last 12 mo | 6.00% | 9.39% | 10.50% | 12.90% | 2.61% | 1.69% | 16.67% | 9.71% | 8.87% | |
TSP – L Funds
Fund Objective
the L Funds, or “Lifecycle” funds, use professionally determined investment mixes that are tailored to meet investment objectives based on various time horizons. the objective is to strike an optimal balance between the expected risk and return associated with each fund.
Investment Strategy
The L Funds’ strategy is to invest in an appropriate mix of the G, F, C, S, and I Funds for a particular time horizon, or target retirement date. the investment mix of each L Fund becomes more conservative as its target date approaches.
The strategy assumes that:
- The greater the number of years you have until retirement, the more willing and able you are to tolerate risk (fluctuation) in your TSP account value to pursue higher rates of return.
- For a given risk level and time horizon, there is an optimal mix of the G, F, C, S, and I Funds that provides the highest expected return.
Fund Composition
Each of the L Funds has a target asset allocation. In other words, each is made up of the combination of the five individual TSP funds (G, F, C, S, and I) that maintains an optimal balance of investment risks and rewards for a particular time horizon.
Each quarter, the L Funds’ target asset allocations change, moving towards a less risky mix of investments as the target date approaches. So if you are invested in one of the L Funds, you will notice that as you get closer to your target date, your allocation to the riskier TSP funds will get smaller while your allocation to the more conservative G Fund gets larger.
the rate of change in the target asset allocation is small when the L Fund target dates are distant. the rate increases as the funds approach their target dates. For a visual representation of how the asset allocations change over time, click the individual L Fund tabs at the top of this page.
Fund Operation
When an L Fund has reached its target date, it will be rolled into the L Income Fund.
the L Income Fund:
- Is the most conservative of the L Funds.
- Focuses on capital preservation while providing a small exposure to the TSP’s riskier assets (C, S, and I Funds) in order to reduce inflation’s effect on your purchasing power.
- Is designed to produce current income for participants who plan to start withdrawing from their TSP accounts in the near future and for those who are already receiving monthly payments from their accounts.
- Has a set asset allocation that does not change over time.
the progression from a target date L Fund to the L Income Fund is automatic – you don’t have to do anything.
New Lifecycle funds will be added for distant target dates as they are needed.
Risks
When you invest in the L Funds:
- You are subject to the investment risks associated with the G, F, C, S, and I funds.
- Your account is not guaranteed against loss. the L Funds can have periods of gain and loss, just as the individual TSP funds do.
Rewards
the L Funds simplify fund selection. You choose the fund that is closest to your target date (or, if your target date falls between the target dates that are offered, you can split your account between the two target date funds closest to your time horizon).
When you invest in the L Funds:
- You can be sure that your TSP account is broadly diversified.
- You don’t have to remember to adjust your investment mix as your target date approaches – it’s done for you.
- You don’t have to monitor your account to be sure you are not straying from your investment strategy — the L Funds keep you on course.
How Can I Use the L Funds in my TSP Account?
Use the L Funds if you are looking for a simple, low maintenance way of investing money in your TSP account. the L Funds make the investing process easy for you because you do not have to figure out how to diversify your account or how and when to rebalance.
the L Funds are designed so that 100% of your TSP account can be invested in the single L Fund that most closely matches your time horizon (or in the two L Funds closest to your time horizon). Any other use of the L Funds may result in a greater amount of risk in your portfolio than is necessary in order to achieve the same expected rate of return.
How to Invest in the L Funds
Determine the date when, after leaving Federal service, you will need the money that is in your TSP account. then identify the L Fund that matches your target date:
| Choose | If your target date is: |
| L 2040 | 2039 or later |
| L 2035 | 2035 through 2039 |
| L 2030 | 2030 through 2034 |
| L 2025 | Now through 2025 |
| L Income | If you are already withdrawing your account in monthly payments. |
To invest in the L Fund of your choice:
- Use your TSP account number or User ID and your TSP Personal Identification Number (PIN) to access the My Account section of this website. You can also call the Thrift Line or ask your agency or service for an Investment Allocation form (TSP-50, or, if you are a member of the uniformed services, TSP-U-50).
- Request a contribution allocation to direct new money coming into your account (from payroll contributions, agency contributions if you are a FERS employee, transfers into the TSP, or loan payments) to be invested in an L Fund. Be aware that a contribution allocation will not change how the money that already exists in your account is distributed.
- Request an interfund transfer to move money that already exists in your TSP account into one of the L Funds. It is a one-time transaction that affects your existing balance. Interfund transfers have no effect on new money coming into your account.
TSP – I Funds
Fund Objective
the I Fund’s investment objective is to match the performance of the Morgan Stanley Capital International EAFE (Europe, Australasia, Far East) Index.
Investment Strategy
the I Fund invests in a stock index fund that fully replicates the Morgan Stanley Capital International EAFE (Europe, Australasia, Far East) Index. the earnings consist of gains (or losses) in the price of stocks, dividend income, and change in the relative value of currencies.
the I Fund uses an indexing approach to investing. In other words, it is a passively managed fund that remains invested according to its investment strategy regardless of stock market movements or general economic conditions.
Risks
Your investment in the I Fund is subject to market risk because the Morgan Stanley Capital International EAFE Index returns will move up and down in response to overall economic conditions.
Because of its exposure to currency risk, the EAFE Index (and the I Fund returns) will rise or fall as the value of the U.S. dollar decreases or increases relative to the value of the currencies of the countries represented in the EAFE index.
By investing in the I Fund, you are also exposed to inflation risk, meaning your I Fund investment may not grow enough to offset the reduction in purchasing power that results from inflation.
Rewards
While investment in the I Fund carries risk, it also offers the opportunity to experience gains from equity ownership of non-U.S. companies. Because it represents the stocks of companies in many developed countries (excluding the U.S.), it is an excellent way to diversify the stock portion of your TSP allocation.
How can I use the I Fund in my TSP account?
the I Fund can be useful in a portfolio that also contains stock funds that track other indexes such as the C Fund (which tracks an index of large U.S. company stocks) and the S Fund (which tracks an index of small U.S. company stocks). the C, S, and I Funds track different segments of the overall stock market without overlapping. this is important because the prices of stocks in each market segment don’t always move in the same direction or by the same amount at the same time. By investing in all segments of the stock market (as opposed to just one), you reduce your exposure to market risk.
the I Fund can also be useful in a portfolio that contains bonds. Again, it is because the prices of stocks and bonds don’t always move in the same direction or by the same amount at the same time. So a retirement portfolio that contains a bond fund like the F Fund, along with other stock funds, like the C and S Funds, will tend to be less volatile than one that contains stock funds alone.
TSP – S Funds
Fund Objective
the S Fund’s investment objective is to match the performance of the Dow Jones U.S. Completion Total Stock Market Index, a broad market index made up of stocks of U.S. companies not included in the S&P 500 Index.
Investment Strategy
the S Fund invests in a stock index fund that tracks the Dow Jones U.S. Completion Total Stock Market Index. the earnings consist of dividend income and gains (or losses) in the price of stocks.
the S Fund uses an indexing approach to investing. In other words, it is a passively managed fund that remains invested according to its investment strategy regardless of conditions in the bond market or the economy.
Risks
Your investment in the S Fund is subject to market risk because the Dow Jones U.S. Completion Total Stock Market Index returns will move up and down in response to overall economic conditions.
By investing in the S Fund, you are also exposed to inflation risk, meaning your S Fund investment may not grow enough to offset the reduction in purchasing power that results from inflation.
Rewards
While investment in the S Fund carries risk, it also offers the opportunity to experience gains from equity ownership of small to mid-sized U.S. companies. It provides an excellent means of further diversifying your domestic equity holdings.
How can I use the S Fund in my TSP account?
the S Fund can be useful in a portfolio that also contains stock funds that track other indexes such as the C Fund (which tracks an index of large U.S. company stocks) and the I Fund (which tracks an index of international stocks). the C, S, and I Funds track different segments of the overall stock market without overlapping. this is important because the prices of stocks in each market segment don’t always move in the same direction or by the same amount at the same time. By investing in all segments of the stock market (as opposed to just one), you reduce your exposure to market risk.
the S Fund can also be useful in a portfolio that contains bonds. Again, it is because the prices of stocks and bonds don’t always move in the same direction or by the same amount at the same time. So a retirement portfolio that contains a bond fund like the F Fund, along with other stock funds, like the C and I Funds, will tend to be less volatile than one that contains stock funds alone.
TSP – C Funds
Fund Objective
the C Fund’s investment objective is to match the performance of the Standard and Poor’s 500 (S&P 500) Index, a broad market index made up of stocks of 500 large to medium-sized U.S. companies.
Investment Strategy
the C Fund invests in a stock index fund that fully replicates the Standard and Poor’s 500 (S&P 500) Index. the earnings consist primarily of dividend income and gains (or losses) in the price of stocks.
the C Fund is a passively managed fund that remains invested according to its indexed investment strategy regardless of stock market movements or general economic conditions.
Risks
Your investment in the C Fund is subject to market risk because the prices of the stocks in the S&P 500 Index rise and fall.
By investing in the C Fund, you are also exposed to inflation risk, meaning your C Fund investment may not grow enough to offset inflation.
Rewards
While investment in the C Fund carries risk, it also offers the opportunity to experience gains from equity ownership of large and mid-sized U.S. company stocks.
How can I use the C Fund in my TSP account?
the C Fund can be useful in a portfolio that also contains stock funds that track other indexes such as the S Fund (which tracks an index of small U.S. company stocks) and the I Fund (which tracks an index of international stocks). the C, S, and I Funds track different segments of the overall stock market without overlapping. this is important because the prices of stocks in each market segment don’t always move in the same direction or by the same amount at the same time. By investing in all segments of the stock market (as opposed to just one), you reduce your exposure to market risk.
the C Fund can also be useful in a portfolio that contains bonds. Again, it is because the prices of stocks and bonds don’t always move in the same direction or by the same amount at the same time. So a retirement portfolio that contains a bond fund like the F Fund, along with other stock funds, like the S and I Funds, will tend to be less volatile than one that contains stock funds alone.
TSP – F Funds
Fund Objective
the F Fund’s investment objective is to match the performance of the Barclays Capital U.S. Aggregate Bond Index, a broad index representing the U.S. bond market.
Investment Strategy
the F Fund invests in a bond index fund that tracks the Barclays Capital U.S. Aggregate Bond Index. this broad index includes U.S. Government, mortgage-backed, corporate, and foreign government (issued in the U.S.) sectors of the U.S. bond market. the earnings consist of interest income on the securities and gains (or losses) in the value of the securities.
the F Fund uses an indexing approach to investing. In other words, it is a passively managed fund that remains invested according to its investment strategy regardless of conditions in the bond market or the economy.
Risks
Because the F Fund returns move up and down with the returns in the bond market, your F Fund investment is subject to market risk. For example, when interest rates rise, bond prices (and thus, the returns of the index and the F Fund) fall. Conversely, in an environment of falling interest rates, bond prices, as well as the index and F Fund returns, rise.
As an F Fund investor, you are also exposed to credit (default) risk, or the possibility that principal and interest payments on the bonds that comprise the index will not be paid.
The F Fund is subject to inflation risk, meaning your F Fund investment may not grow enough to offset the reduction in purchasing power that results from inflation.
Your F Fund investment is also exposed to prepayment risk, which is the probability that if interest rates fall, bonds that are represented in the index will be paid back early thus forcing lenders to reinvest at lower rates.
Rewards
Although there are several types of risks associated with the F Fund, the overall risk is relatively low in comparison to certain other fixed income investments in the market because the F Fund includes only investment-grade securities. As a result, F Fund investors are rewarded with the opportunity to earn higher rates of return over the long term than they would from investments in short-term securities such as the G Fund.
TSP – G Funds
Fund Objective
the G Fund’s investment objective is to produce a rate of return that is higher than inflation while avoiding exposure to credit (default) risk and market price fluctuations.
Investment Strategy
the G Fund invests exclusively in a nonmarketable short-term U.S. Treasury security that is specially issued to the TSP. the earnings consist entirely of interest income on the security.
Risks
the G Fund is subject to inflation risk, or the possibility that your G Fund investment will not grow enough to offset the reduction in purchasing power that results from inflation.
Rewards
the payment of G Fund principal and interest is guaranteed by the U.S. Government. this means that the U.S. Government will always make the required payments. In other words, your G Fund investment is not subject to credit (default) risk.
the G Fund interest rate calculation is based on the weighted average yield of all outstanding Treasury notes and bonds with 4 or more years to maturity. As a result, participants who invest in the G Fund are rewarded with a long-term rate on what is essentially a short-term security. Generally, long-term interest rates are higher than short-term rates.
How can I use the G Fund in my TSP account?
Consider investing in the G Fund if you would like to have all or a portion of your TSP account completely protected from loss. If you choose to invest in the G Fund, you are placing a higher priority on the stability and preservation of your money than on the opportunity to potentially achieve greater long-term growth in your account through investment in the other TSP funds.