TSP I Fund

$62.8099 share price on October 23, 2026-2.80% since the September 30, 2026 close

Index tracked

MSCI ACWI IMI ex USA ex China ex Hong Kong Index

Asset managers

BlackRock Institutional Trust Company, N.A.; State Street Global Advisors Trust Company

Inception date

May 1, 2001

Risk (TSP rating)

High

Total expense ratio (as of December 31, 2025)

0.048%

Assets (as of December 31, 2025)

$123.6 billion

Prices are TSP’s published share prices (the first row is the latest trading day in our data; the others are month-end closes). For every fund and every date, see TSP share price history.

I Fund (International Stock Index Investment Fund). The I Fund’s investment objective is to match the performance of the MSCI ACWI IMI ex USA ex China ex Hong Kong Index.

By law the I Fund must track an index of stocks representing international stock markets outside the United States. On December 31, 2025 the index included over 5,000 stocks in 44 countries (21 developed markets and 23 emerging markets). The fund holds most of the large and medium-sized companies and a mathematical sample of the smaller ones.

Index tracked: MSCI ACWI IMI ex USA ex China ex Hong Kong Index. Managed by BlackRock Institutional Trust Company, N.A. and State Street Global Advisors Trust Company, who select and manage the fund’s assets on behalf of the FRTIB’s Executive Director; the fund is judged on how closely its returns match the index.

In 2024 TSP changed the I Fund’s benchmark from the MSCI EAFE Index, about 800 large- and medium-capitalization companies, to the MSCI ACWI IMI ex USA ex China ex Hong Kong Index. The FRTIB Board approved the change on November 14, 2023, and TSP announced on October 30, 2024 that the transition was complete; returns before the change reflect the previous index, so the longer-period averages below include the fund’s MSCI EAFE years.

TSP rates the I Fund’s risk (potential for short-term loss) as High. Market risk: I Fund returns move with the MSCI ACWI IMI ex USA ex China ex Hong Kong Index. Currency risk: the index and the fund rise or fall as the U.S. dollar weakens or strengthens against the currencies of the countries in the index. Inflation risk: returns may not outpace inflation.

The I Fund’s total expense ratio was 0.048% as of December 31, 2025: a net administrative expense ratio of 0.033% plus an investment expense ratio of 0.015%. That is $0.48 a year for every $1,000 invested. TSP publishes expense ratios once a year.

Through September 2026, TSP’s published average annual returns for the I Fund are 23.06% over 1 year, 21.20% over 3 years, 10.96% over 5 years, 10.06% over 10 years, 6.46% since its May 1, 2001 inception; the year-to-date return is 16.45%. Its best calendar year in TSP’s data is 2003 (37.94%) and its worst is 2008 (-42.43%).

On the 10-year average annual return, the I Fund shows 10.06% against the C Fund’s 15.30% (higher) and the G Fund’s 2.97% (lower). Past returns do not predict future results.

I Fund composition by country (as of December 31, 2025)

The ten largest of the index’s 44 country weights. Due to rounding, weights may not add up exactly.

Top ten holdings (as of December 31, 2025, in TSP’s order)

Company names as listed by TSP, with obvious typos corrected, in the order TSP publishes them.

1. Taiwan Semiconductor Manufacturing (TSM)
2. ASML Holding NV (ASML)
3. Samsung Electronics Ltd (SSNLF)
4. Roche Holding Par AG (RHHBF)
5. AstraZeneca PLC (AZN)
6. HSBC Holdings Plc (HSBC)
7. Novartis AG (NVS)
8. Nestle SA (NSRGY)
9. SAP (SAP)
10. SK Hynix (HXSCL)

Averages are TSP’s annualized returns ending September 2026, net of fund expenses; the September 2026 column is that month’s return. Since inception counts from May 1, 2001.

Best calendar year: 2003 (37.94%). Worst: 2008 (-42.43%).

Full history for every fund, with monthly returns, is on TSP rates of return.

Average annual returns through September 2026, as published by TSP. Funds that started on different dates cover different periods, and a blank means the fund has not existed that long.