MMZHX — MassMutual RetireSMART by JPMorgan 2065 Fund

MMZHX Fund Overview

MMZHX — MassMutual RetireSMART by JPMorgan 2065 Fund is a US mutual fund managed by Massmutual Select Funds, categorised as Target Date / Glide Path Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Massmutual Select Funds
• Category: Target Date / Glide Path Allocation
• Assets under management: $1.23M
• 1-year return: 10.8%
• Ticker: MMZHX
• SEC CIK: 0000916053
• SEC series ID: S000079614
• Share class ID: C000240776

MMZHX Investment Objective and Strategy

MassMutual RetireSMART by JPMorgan 2065 Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Massmutual Select Funds.

Investment objective

The Fund seeks total return through its asset allocation, which is designed to become more conservative over time. As the Fund approaches and passes the target retirement date, the Funds objective will shift to seeking current income and some capital appreciation.

Principal investment strategy

Principal Investment Strategies The Fund is a fund of funds that seeks to achieve its investment objective by investing in a combination of U.S. domestic and international mutual funds (Underlying Funds) using an asset allocation strategy designed for investors who plan to retire around the year 2065 (the target retirement year) and then withdraw their investment in the Fund over time throughout retirement. The Fund is advised by MML Investment Advisers, LLC (MML Advisers) and subadvised by J.P. Morgan Investment Management Inc. (J.P. Morgan). J.P. Morgan has responsibility for determining the Funds strategic asset allocation (its glide path) and tactical asset allocation (adjusting the Funds specific exposures in response to changes in market conditions). MML Advisers has overall responsibility for the Fund and for implementing those allocations through the selection of, and allocations to, Underlying Funds.

The Fund seeks to help investors save for retirement and then, after reaching the target retirement year, withdraw a portion of their investment in the Fund each year until December 31, 2100, the target maturity year. The Fund assumes a person will be at or around age 65 at the target retirement year. Underlying Funds will include a combination of MassMutual Funds advised by MML Advisers and J.P. Morgan Funds advised by J.P. Morgan or its affiliates, and may also include other, non-affiliated mutual funds. Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. Underlying Funds may also invest some or all of their assets in commodities or commodities-related investments. The Fund will typically invest 80% or more of its assets in mutual funds advised by MML Advisers, J.P.

Morgan, or affiliates of J.P. Morgan, including typically a 15% to 35% allocation to mutual funds advised or subadvised by J.P. Morgan or its affiliates. Non-affiliated Underlying Funds in which the Fund may invest are typically passively managed funds that seek to track the performance of a particular market index, which may be broad-based or relate to a particular sector, market, region, or industry. The Funds asset allocation strategy is designed with two main goals in mind: promoting asset accumulation prior to retirement, during the Funds Savings Phase, and supporting investors withdrawing their investments in the Fund throughout retirement, during the Funds Spending Phase. As a result, the Funds asset allocation strategy will change over time, generally becoming more conservative as it approaches the target retirement year and then remaining relatively stable afterwards.

The asset allocation strategy during the Savings Phase will generally start with a greater emphasis on equity investments and gradually shift to more emphasis on fixed income investments. During the Spending Phase, the Fund will generally have a greater emphasis on fixed income investments. Because the Fund is a number of years from the beginning of its Spending Phase, its portfolio reflects a greater emphasis on equity investments and less emphasis on fixed income investments than a similar fund whose Spending Phase will begin sooner. The anticipated strategic target allocations between asset classes over the life of the Fund are displayed in the glide path below. In addition, the Funds strategic target allocations based on its position along the glide path as of February 1, 2024 are included in the table following the glide path.

? Strategic Target Allocations (1) ? ? ? ? ? ? Equity ? ? ? ? ? 92.00 % ? ? ? U.S. Large Cap Equity ? ? ? ? ? 48.65 % ? ? ? U.S. Mid Cap Equity ? ? ? ? 6.45 % ? ? ? U.S. Small Cap Equity ? ? ? ? ? 3.50 % ? ? ? REITs ? ? ? ? ? 1.85 % ? ? ? International Equity ? ? ? ? ? 23.05 % ? ? ? Emerging Markets Equity ? ? ? ? ? 8.50 % ? ? ? Fixed Income ? ? ? ? ? 8.00 % ? ? ? U.S. Fixed Income ? ? ? ? 6.85 % ? ? ? Inflation Managed ? ? ? ? ? 0.00 % ? ? ? High Yield Fixed Income ? ? ? ? ? 0.90 % ? ? ? Emerging Markets Debt ? ? ? ? ? 0.25 % ? ? ? Money Market/Cash and Cash Equivalents ? ? ? ? ? 0.00 % ? ? ? Money Market/Cash and Cash Equivalents ? ? ? ? ? 0.00 % ? ? ? The Fund utilizes Underlying Funds to implement its strategic target allocations. ? Note: Above allocations may not sum up to 100% due to rounding.

The Funds actual allocations at any time will likely differ from those shown in the glide path and table above due to a number of factors, including, among others, changes made by J.P. Morgan to those strategic target allocations or changes arising from tactical allocations of the Funds investments, cash flows into and out of the Fund, and appreciation/depreciation of the Funds investments in different asset classes. J.P. Morgan will periodically assess the strategic target allocations shown above, and may make adjustments to them, taking into account various factors, such as current market conditions, assumptions regarding future market performance, time horizon, and data on the savings and spending behavior of investors. Based on J.P. Morgans assessment, these adjustments may include modifying the existing allocations among asset classes or, among other things, adding or removing asset classes or maintaining asset allocations for longer or shorter periods of time.

As a result of J.P. Morgans ability to make these modifications, as well as the Fund moving along its glide path each year, the Funds actual allocations may differ from the strategic target allocations shown above by as much as +/- 15%. In addition, as J.P. Morgan monitors the risk profile of the Fund in various market environments, it may determine that conditions are not favorable and that deviations beyond +/- 15% are necessary to substantially reduce risk in order to preserve capital. During the Spending Phase, J.P. Morgan will seek to achieve certain long-term risk and return targets that allow investors to withdraw a portion of their investment in the Fund each year until the target maturity year. In connection with this, J.P. Morgan will produce at the beginning of each year an annual sample withdrawal amount.

The sample withdrawal amount is a generic hypothetical example that seeks to estimate a percentage of an investors investment in the Fund as of the beginning of the year that theoretically could be redeemed by an investor during that year while still allowing for redemptions in future years through the target maturity year. It attempts to balance income needs in the current year against the need for income in the future. Investors may use the sample withdrawal amount as a consideration in determining how much of their investment to withdraw each year during the Spending Phase. The sample withdrawal amount will be made available in January of each year at https:// ? www.massmutual.com/funds, and by calling 888-309-3539. As investors withdraw their investments in the Fund over time during the Spending Phase, the Funds assets are expected to decline over time and approach zero in the target maturity year.

As assets decline and approach zero, there may be a point before the target maturity year where MML Advisers can no longer manage the Fund in line with its investment goal. In such a case, it is expected that the Fund would be liquidated or merged into the MassMutual RetireSMART by JPMorgan In Retirement Fund at the discretion of the Funds Board of Trustees (Trustees), without shareholder approval, at or prior to the target maturity year. J.P. Morgan anticipates that the sample withdrawal amount will increase as a percentage of an investors investment over time prior to the target maturity year and that the sample withdrawal amount will be 100% of an investors investment in the year 2100. As a result, the Fund and the sample withdrawal amount will be less useful for those who invest closer to the target maturity year.

The sample withdrawal amount is not expected to be level from year to year and instead will likely vary each year. If investors choose in a year to withdraw from the Fund an amount equal to the sample withdrawal amount for that year (or any other amount), they will be redeeming shares and their investment in the Fund will be reduced. Calculation of the sample withdrawal amount assumes the reinvestment of all distributions in additional shares of the Fund. If distributions are not reinvested and an investor nonetheless withdraws annually an amount equal to the sample withdrawal amount without adjusting for distributions not reinvested, there will be an increased likelihood that the investor will (i) have insufficient shares for redemption in future years and (ii) exhaust their assets in the Fund prior to the maturity year.

In addition, the sample withdrawal amount is not designed to comply with any required minimum distribution rules applicable to tax deferred retirement accounts nor does it take into account any tax considerations to investors (including, for example, any early withdrawal penalties that may be imposed on investors in tax-deferred retirement accounts). Investors investing through a tax-deferred retirement account subject to a required minimum distribution who redeem shares of the Fund from such account will need to include such redemption amount, as appropriate, in the computation of any annual required minimum distribution. Many of the assumptions and factors underlying the sample withdrawal amount will be based on estimates and judgments by J.P. Morgan. If those estimates or judgments are inaccurate or incomplete, the withdrawal amount may not accurately reflect the amount that an investor could redeem during the year while still allowing for redemptions in future years.

Investors should not consider the Fund a complete solution for their investment or retirement income needs or as a guarantee of income through the target maturity year or over any other period. In making a decision about their investments in the Fund in their individual situations, or in assessing the adequacy of estimated distributions that they may receive at any particular time, investors should consider all of their other assets, income, and investments in addition to their investment in the Fund, and should consult their retirement and tax advisers. The provision of a sample withdrawal amount is for the purpose of outlining a possible theoretical course of action. The sample withdrawal amount is a generic hypothetical example as of a specific calculation date that does not consider, nor is it based upon, the Fund specifically, including the Underlying Funds in which the Fund invests, or an investors specific circumstances including their age, financial needs, risk tolerance, required minimum distribution amount under the Internal Revenue Code of 1986, as amended (the Code), with respect to any year, if any, other assets, and overall investment objectives.

The provision of a sample withdrawal amount is not a recommendation or suggestion that any particular redemption amount is advisable for any investor or in any investors best interest, nor is it a recommendation regarding any particular course of conduct in any particular situation or with respect to any particular investor. Instead, it will be presented merely for educational purposes so as to give an indication as to the kinds of approaches that may be possible, and each investor should make an independent decision regarding how to proceed based on their own independent analysis, taking into account whatever independent advice from the investors professional adviser, tax adviser, or other third parties that the investor may regard as necessary or appropriate to obtain.

MMZHX Holdings

Top 10 holdings of MassMutual RetireSMART by JPMorgan 2065 Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all MMZHX holdings

MMZHX Portfolio Allocation

Asset-class allocation of MassMutual RetireSMART by JPMorgan 2065 Fund by percentage of net assets, from the latest SEC N-PORT filing.

MMZHX Performance

Total returns for MMZHX (as of 2026-10-01), from SEC filings.

MMZHX Risk Information

Risk metrics for MMZHX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 9.2%

MMZHX Costs and Fees

MMZHX costs about $122 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.22%
• Gross expense ratio: 14.92%
• Portfolio turnover: 29%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

MMZHX Cashflows

Over the 12 months to 2024-12, MassMutual RetireSMART by JPMorgan 2065 Fund had net inflows of $289.15K, from monthly SEC N-PORT filings.

MMZHX Debt Constituents

No individual debt constituents are reported in MassMutual RetireSMART by JPMorgan 2065 Fund's latest SEC N-PORT filing.

MMZHX Prospectus and SEC Filings

Official MassMutual RetireSMART by JPMorgan 2065 Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2024-02-02
• Prospectus (485BPOS) — filed 2023-01-31
• Portfolio holdings (N-PORT) — filed 2025-02-28
• Portfolio holdings (N-PORT) — filed 2024-11-27
• Portfolio holdings (N-PORT) — filed 2024-08-29
• Annual census (N-CEN) — filed 2024-12-13
• Annual census (N-CEN) — filed 2023-12-13

Related Funds

Other Target Date / Glide Path Allocation funds tracked on ABC INVEST:

• Vanguard Target Retirement 2035 Fund (VTTHX)
• Vanguard Target Retirement 2045 Fund (VTIVX)
• Vanguard Target Retirement 2040 Fund (VFORX)
• Vanguard Target Retirement 2030 Fund (VTHRX)
• Vanguard Target Retirement 2050 Fund (VFIFX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.