OP, you may not be aware of this but there is no need for any liquidity. You cannot touch this for almost 30 years. Second, I think you are overcomplicating things. I would arrive at your desired allocation and do it in a 3 fund portfolio of TBM, TSM and TISM or a 2-fund portfolio of TBM and TSM or use a target retirement or life strategy fund as you have done. You don't need to deal with so many funds.