TSP L Income Fund

$31.0035 share price on October 23, 2026-0.02% since the September 30, 2026 close

Index tracked

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

Inception date

August 1, 2005

Risk (TSP rating)

Low

Total expense ratio (as of December 31, 2025)

0.035%

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

$39.3 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 Income Fund. The L Income Fund’s investment objective is to achieve a low level of growth with a high emphasis on preservation of assets. Like the other L Funds, it is rebalanced daily to maintain its target investment mix.

TSP says the L Income Fund suits participants born before 1965, who are already withdrawing from their TSP accounts, or who plan to begin withdrawing before 2028. TSP also says you are not required to invest in any specific L Fund.

TSP’s target allocation for the L Income Fund for the October 2026 quarter is G 66.37%, F 5.38%, C 14.69%, S 3.67%, I 9.89%. That puts 28.25% in the stock funds (C, S and I) and 71.75% in the G and F Funds. TSP says L Income generally keeps the same target allocation, but its published data still shifts a little each quarter through July 2028: the stock funds go from 28.25% to 30.00% and the G Fund from 66.37% to 64.75%. The mix for July 2028 is G 64.75%, F 5.25%, C 15.60%, S 3.90%, I 10.50%.

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). Each L Fund’s money moves into the L Income Fund at that fund’s target date.

TSP rates the L Income Fund’s risk (potential for short-term loss) as Low.

The L Income Fund’s total expense ratio was 0.035% as of December 31, 2025: a net administrative expense ratio of 0.033% plus an investment expense ratio of 0.002%. That is $0.35 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 Income Fund are 7.88% over 1 year, 9.05% over 3 years, 6.10% over 5 years, 5.43% over 10 years, 4.75% since its August 1, 2005 inception; the year-to-date return is 6.04%. Its best calendar year in TSP’s data is 2025 (9.36%) and its worst is 2008 (-5.09%).

On the 10-year average annual return, the L Income Fund shows 5.43% against the C Fund’s 15.30% (higher) and the G Fund’s 2.97% (lower). Past returns do not predict future results.

L Income glide path to its long-run mix

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 long-run L Income mix, which every other L Fund reaches in July of its target year. 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 August 1, 2005.

Best calendar year: 2025 (9.36%). Worst: 2008 (-5.09%).

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.