Lifecycle (L) funds consist of 10 funds that are made up from the five core funds listed above. This lets TSP fund recipients customize their return expectations, risk tolerance, and time horizon by redistributing the investments. It’s like a target date fund and can be viewed as another type of FOF (or fund of fund, a hedge fund replica).
As L funds near their target dates, they automatically adjust risk lower. Regardless of market behavior, L funds maintain their allocations for the full quarter.
View more information: https://marketrealist.com/p/tsp-funds-explained/