TSP L 2045 Fund

$20.6751 share price on October 23, 2026-0.78% since the September 30, 2026 close

Index tracked

None: invests in the G, F, C, S and I Funds

Inception date

July 1, 2020

Risk (TSP rating)

Medium-high

Total expense ratio (as of December 31, 2025)

0.039%

Assets (as shown on TSP’s fund page, read October 24, 2026)

$11.1 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.

L 2045 Fund. The L 2045 Fund’s investment objective is to achieve a high level of growth with a low emphasis on preservation of assets. The Fund's allocation in the G, F, C, S, and I Funds is adjusted quarterly. The L 2045 Fund will roll into the L Income Fund automatically in July 2045 when its allocation becomes the same as the allocation of the L Income Fund.

TSP says the L 2045 Fund suits participants born between 1980 and 1984 or who will withdraw their money beginning 2043 through 2047. TSP also says you are not required to invest in any specific L Fund.

TSP’s target allocation for the L 2045 Fund for the October 2026 quarter is G 16.34%, F 6.91%, C 39.91%, S 9.98%, I 26.86%. That puts 76.75% in the stock funds (C, S and I) and 23.25% in the G and F Funds. In TSP’s published glide path, each L Fund reaches the L Income mix for July 2028 (G 64.75%, F 5.25%, C 15.60%, S 3.90%, I 10.50%; 30.00% in stock funds) in July of its target year, when it rolls into L Income. TSP says L Income generally keeps the same target allocation after that.

The L 2045 Fund holds 76.75% in stock funds until July 2030; its stock share first falls in October 2030, to 76.53%.

At five-year marks along the glide path, the L 2045 Fund holds 74.84% in October 2031, 66.36% in October 2036, 52.50% in October 2041, and 30.00% when it rolls into L Income in July 2045.

Each L Fund is a mix of the five individual funds (G, F, C, S and I). TSP rebalances it at the end of every trading day to keep the target mix and resets target allocations each quarter (January, April, July and October). The L 2045 Fund rolls into the L Income Fund automatically in July 2045, when its allocation becomes the same as the allocation of the L Income Fund; money in it then becomes part of L Income.

TSP rates the L 2045 Fund’s risk (potential for short-term loss) as Medium-high.

The L 2045 Fund’s total expense ratio was 0.039% as of December 31, 2025: a net administrative expense ratio of 0.033% plus an investment expense ratio of 0.006%. That is $0.39 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 L 2045 Fund are 14.29% over 1 year, 17.80% over 3 years, 9.87% over 5 years, 12.47% since its July 1, 2020 inception; the year-to-date return is 11.09%. Its best calendar year in TSP’s data is 2023 (19.03%) and its worst is 2022 (-14.03%).

On the average annual return since each fund’s inception, the L 2045 Fund shows 12.47% against the C Fund’s 11.45% (lower) and the G Fund’s 4.64% (lower). The funds started on different dates, so those periods are not the same length. Past returns do not predict future results.

L 2045 Fund glide path to its target July

Target allocations from TSP’s published L Fund glide path for the October 2026 quarter onward (read from tsp.gov October 24, 2026), showing the January quarters (every fifth year when the path is long). The last row is the L Income mix at the L 2045 Fund’s target July, when the fund rolls into L Income. TSP rebalances daily between quarterly resets. Check tsp.gov for the latest quarter.

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 July 1, 2020.

Best calendar year: 2023 (19.03%). Worst: 2022 (-14.03%).

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.