total expenses, and therefore the balance is taken from investment earnings. Investment options Fund selection The TSP offers investors 15 funds in which to invest, in both traditional and Roth versions (however, all agency automatic and matching contributions are placed in the traditional version of the fund(s) selected). Five are individual funds (one dealing with government bonds and the other four tracking specific market indices) while the other ten are target date funds (referred to as "Lifecycle" or "L" Funds) designed to professionally change the allocation mix of investments among the individual funds during various stages of the employee's federal service and are composed of various percentages of the individual funds. All TSP funds are trust funds that are regulated by the Office of the Comptroller of the Currency and not the Securities and Exchange Commission; thus, there is no ticker symbol to track actual performance (though with the individual funds except the G Fund, the comparable index is easily tracked). Employees may choose from any or all of the individual or Lifecycle funds in which to invest (any allocation must be expressed as a whole percentage) and may change their allocation for future pay periods at any time (if the request is received before noon Eastern time it is usually effective as of the close of business that day; otherwise, it is effective the following business day). If no selection is made, the default is 100 percent allocation into an "age-appropriate" L Fund (except for uniformed services whose default is the G Fund). As all funds except the G Fund have a potential risk of loss of principal, an employee is required to acknowledge this risk before investing into those funds. Participants may also choose to change the allocation percentage of their existing fund balances (referred to as "Interfund Transfers"). Participants may choose to allocate existing balances differently than new contributions, but are limited to two unrestricted transfers per calendar month, all subsequent transfers must be into the G Fund only. Websites such as TSPTALK discuss whether participants should move contributions and balances regularly between funds. Beginning in mid-2022 TSP will offer a "mutual fund window" which will allow participants to invest part (but not all) of their balances in private-sector mutual funds. Individual funds G Fund – Government Securities fund. These are unique government securities specifically issued to the TSP (thus, not available to the general public) and