Final answer:
The Tensor Fascia Latae (TFL) is located along the lateral aspect of the thigh, functioning in flexing and abducting the thigh and stabilizing the knee.
Step-by-step explanation:
The Tensor Fascia Latae (TFL) lies along the lateral aspect of the thigh. This muscle is a thick, squarish muscle found in the superior aspect of the lateral thigh, playing a role as a synergist in flexing and abducting the thigh. Its function is closely associated with that of the gluteus medius and iliopsoas muscles, and it contributes to stabilizing the knee by tightening the iliotibial tract. Given the location options provided in the question, the TFL does not reside deep within the posterior thigh compartment, beneath the gluteus maximus muscle, nor in the anterior compartment of the thigh. Instead, it is appropriately positioned on the lateral side of the thigh.