Investing in mutual funds for retirement is never too late. And the Zacks Mutual Fund Rank can be an excellent tool for investors looking to invest in the best funds.

The best way to shortlist great mutual funds is to ensure solid performance, diversification, and low fees. Some are better than others, but utilizing the Zacks Mutual Fund Rank, we have identified three mutual funds that could be solid additions to one's retirement portfolio.

Let's take a look at some of our top-ranked mutual funds with the lowest fees.

MFS Blended Research Growth Eq R6 (BRWVX Quick QuoteBRWVX - Free Report) : 0.42% expense ratio and 0.4% management fee. BRWVX is a Large Cap Growth option; these mutual funds purchase stakes in numerous large U.S. companies that are expected to develop and grow at a faster rate than other large-cap stocks. With annual returns of 10.11% over the last five years, this fund is a winner.

Arrow Managed Futures Strategy I (MFTNX Quick QuoteMFTNX - Free Report) : 1.18% expense ratio and 0.85% management fee. MFTNX is an Allocation Balanced mutual fund. Allocation Balanced funds look to invest across asset types, like stocks, bonds, and cash, and including precious metals or commodities is not unusual; these funds are mostly categorized by their respective asset allocation. With yearly returns of 10.24% over the last five years, MFTNX is an effectively diversified fund with a long reputation of solidly positive performance.

Davenport Small Cap Focus Fund (DSCPX Quick QuoteDSCPX - Free Report) . Expense ratio: 0.89%. Management fee: 0.75%. Five year annual return: 10.57%. DSCPX is a Small Cap Blend mutual fund, allowing investors a way to diversify their funds among various types of small-cap stocks.

We hope that your investment advisor (if you use one) has you invested in one or all of the top-ranked mutual funds we've reviewed. But if that isn't the case, it might be time to have a conversation or reconsider this vitally important relationship.