You will not necessarily find an answer that fully satisfies within the manual.
There has long been a debate over whether JT65 really consitiutes a mode. Unlike JT6m and FSK441, both of which rely completely on the actual tones detected, the JT65 decoder contains algorythms which process the data received and depending upon the user settings, will make 'best guesses' or compare to a list of calls contained in the call3.txt file.
There is a valid argument which I will not reproduce here, which questions how, when using the deep search mode, it is possible to obtain two calls and a report in just 14 bits of data! Of course, it isn't!
The more scrupulous users of JT65, most of whom are EME enthusiasts, will delete the call3.txt file and not enable the aggressive or deep search modes and rely only on the tones received. This is closer to the spirit of the old days of EME with a tape recorder!!
So Ken, if you go to the Decode menu > JT65 > select "No Deep Search" and then go the wsjt installation directory and delete call3.txt or rename it and try decoding the beacon again, see what results you get....
Don't get me wrong, I am not against the mode, I am after all one of JT6m's biggest fans, and I also concede that JT65 is the most sensitive of digital modes ever to be released into the public arena, but it should come with a warning, as with the wrong settings, novices could be easily duped.
73 es GL