"Principal's LifeTime target-date funds, as with most in the industry, are structured as funds of funds, meaning that each target-date fund holds various underlying funds.... However, Principal differs from many by farming out the management of the underlying funds to outside parties. Principal retains control at the top level of each target-date fund, determining the fund's asset allocation. It then hires managers to subadvise the underlying funds. For this service, Principal charges almost nothing.... Of course, that is not what really happens."  MORE >>