Principal LifeTime 2065 Fund Class R-5 is a target-date mutual fund designed to help investors save for retirement with an intended investment horizon around the year 2065. This fund primarily serves individuals planning for long-term retirement goals, automatically adjusting its asset allocation to become more conservative as it approaches and passes the target year. Structured as a fund of funds, it diversifies investments across domestic and international equities, fixed-income securities, and real asset funds by investing in a range of underlying Principal Exchange-Traded Funds and Principal Funds, Inc. products. This broad diversification aims to balance growth and risk during the accumulation years and gradually shift toward capital preservation closer to retirement. Managed by an experienced team, the fund regularly rebalances its holdings to align with its strategic glide path, ensuring the investment mix evolves to reflect the changing risk tolerance of investors over time. The Principal LifeTime 2065 Fund Class R-5 plays a pivotal role in employer-sponsored retirement plans and is a typical option for participants seeking a hands-off, all-in-one retirement investment solution tailored to a specific future date.