[MUSIC PLAYING] One of the things that was lacking that the target dates provided was many plan sponsors started to auto-enroll. But they didn't want to auto-enroll into a stable value or a money market. Those weren't providing an ample opportunity, and no one would put someone in a stable value for 40 years. The target date was a perfect opportunity that became vastly popular. That in itself created the opportunity for people to have a well-diversified portfolio, managed professionally, appropriate for when they need their money at retirement. [MUSIC PLAYING] Actually, I think they're more effective today than ever before. Market conditions that create volatility create angst in investors. That's why the target date is a perfect solution for those investors. They can feel comfortable that they've identified the date that they're going to retire And they can feel confident that there's an investment team that's managing that portfolio not only for the long term but for the short term. We at Principal have taken the opportunity to take a look at the asset classes. As an example, you think about COVID. In COVID, the market was in dislocation, but shortly thereafter you started to see risk assets reprice. At that time at Principal, we re-risked our portfolio, added back to US equities when in fact overweight US equities, specifically large caps at that time. Today, we're still doing those type of techniques, but right now, as an example, we're overweight midcaps. So making those short 9 to 12 months convictions in the portfolio can certainly enhance the returns to give a better outcome for the investor. [MUSIC PLAYING] Savings rates have been historically low. We've seen those tick up, but they're still below where they need to have an opportunity for a successful retirement. The other thing we are seeing is people are living longer. And our target date takes advantage of that. Obviously, 65 is a normal retirement date, and many people maybe retire at 65. But if they don't retire at 65, our glide path continues to manage that actively 10 years past normal retirement. And we make appropriate adjustments in relationship to that. [MUSIC PLAYING] We have a long time horizon. We've got people that are about 40 years to retirement. So you basically we have a neutral position, but it's those short-term market dislocations like we see today. You've got Fed raising rates. You have inflation. You have volatility in the marketplace. As the target date provider, we can provide positioning along the glide path to take advantage of that dislocation. Principal has had an overweight to real assets. Real assets are an inflationary hedge. We've also had a tilt towards mid-cap. It's that type of asset allocation that could add small incremental value over the short term, which would add up big over the long term for the investors. [MUSIC PLAYING] For people that have more than 25 years to retirement, what we are seeing today on inflation is really noise on their long-term objectives. Absolutely, today there's an impact on their pocketbook, whether it be their groceries, their rent, or gasoline. But if you think about a retiree that's got five years to retirement, now all of a sudden, inflation could be impacting their target date savings. And that's where we come in for him. We basically have used niche asset classes such as commodities, public infrastructure, natural resource stocks. All these structures have a positive correlation to inflation. Therefore, if we include them in the portfolio, it can help mitigate some of the inflationary pressures that retirees are seeing as they're coming into retirement. [MUSIC PLAYING]