# EDGAR Filing Document

**Accession Number:** 0000723258
**File Stem:** 0000000000-23-003064
**Filing Date:** 2023-3
**Character Count:** 10293
**Document Hash:** d9cfffff6c7f7e9949290f83ed60b493
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-23-003064.hdr.sgml**: 20230626

**ACCESSION NUMBER**: 0000000000-23-003064

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230328

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MASSMUTUAL ASCEND LIFE INSURANCE CO
- **CENTRAL INDEX KEY:** 0000723258
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **IRS NUMBER:** 131935920
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD

**BUSINESS ADDRESS:**
- **STREET 1:** 191 ROSA PARKS STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202
- **BUSINESS PHONE:** 513-361-9462

**MAIL ADDRESS:**
- **STREET 1:** 191 ROSA PARKS STREET
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREAT AMERICAN LIFE INSURANCE CO
- **DATE OF NAME CHANGE:** 19830712

## Text-Extract

```

                                                     July 2, 2021

VIA E-mail

Yana Dobkin Guss, Esq.
ROPES & GRAY, LLP
PRUDENTIAL TOWER
800 BOYLSTON STREET
BOSTON, MA 02199-3600
(617) 951-7109

          Re: MassMutual Advantage Funds
              File Nos. 333-256698, 811-23703

Dear Ms. Guss:

          On June 2, 2021, you filed a registration statement on Form N-1A on
behalf of
MassMutual Advantage Funds. We have reviewed the registration statement and
have provided
our comments below. Where a comment is made with regard to disclosure in one
location, it is
applicable to all similar disclosure appearing elsewhere in the registration
statement. All
capitalized terms not otherwise defined herein have the meaning given to them
in the registration
statement.

General
    1.   Please confirm that the registrant will not use this prospectus before
the pending
         reorganization with the Barings funds has been consummated and,
accordingly, please
         ensure that the disclosure in the prospectus speaks as if the
reorganization has already
         occurred (explicitly noting this assumption).

    2.   We note that material portions of the filing are incomplete at this
time (e.g., fee table,
         expense example, trustees, officers, auditor information, exhibits,
etc.). Please complete
         or update all information that is currently in brackets or missing in
the registration
         statement, including exhibits, or tell us why you are unable to do so
and when you
         expect to have this information. We may have additional comments on
such portions
         when you complete them in pre-effective amendments, on disclosures
made in response
         to this letter, on information supplied supplementally, or on exhibits
added in any pre-
         effective amendment.
 Yana D. Guss
MassMutual Advantage Funds
Page 2

Prospectus

MassMutual Global Floating Rate Fund

Fees and Expenses of the Fund, pages 2-3

    3. Can fees and expenses that exceed the cap later be recouped by the
advisor? If so,
       please disclose the relevant terms and conditions. We may have further
comments based
       on your response. Please apply this comment to each of the Funds
included in this
       prospectus.

    4. Please ensure that the example discloses that expenses reflect the cap
through the
       expiration date of the agreement with MML Advisers, and the total
expenses thereafter.
       Please apply this comment to each of the Funds included in this
prospectus.

Principal Investment Strategies, pages 4-5

       The Fund discloses that under normal market conditions, the Fund may
allocate less than
       40% of its net assets in securities of non-U.S. issuers. Specifically,
it may invest    at least
       the percentage of net assets that is 10 percentage points less than the
percentage of the
       Fund   s benchmark, which is the market weighted average of the Credit
Suisse Leveraged
       Loan Index and the Credit Suisse Western European Leveraged Loan Index
(collectively,
       the    Benchmark   ), represented by non-U.S. issuers, as determined by
the provider of the
       Benchmark).

             x   Please supplementally explain how an allocation of assets in
securities of non-
                 U.S. issuers that is both (i) less than 40% and (ii) 10% less
than the Fund   s
                 benchmark indices gives the Fund sufficient economic ties with
non-U.S.
                 securities as to be consistent with the Fund   s    global
investment strategy; and

             x   Please supplementally provide (i) how much of the Fund   s
benchmark, Credit
                 Suisse Global Leveraged Loan Index (which LV the market
weighted average of
                 the Credit Suisse Leveraged Loan Index and the Credit Suisse
Western European
                 Leveraged Loan Index), is allocated to non-U.S. issuers, and
(ii) the index
                 methodology.

       Please apply this comment to the MassMutual Global Credit Income
Opportunities Fund
       as well.

    6. Please describe the specific strategies that the Fund expects to be the
most important
       means of hedging its exposure to non-U.S. currencies and that it
anticipates will have a
       significant effect on its performance. Please apply this comment to each
of the Funds
       included in this prospectus.
 Yana D. Guss
MassMutual Advantage Funds
Page 3

    7. Please provide a brief explanation of the terms    assignments    and
participations    the
       first time they are used in the prospectus.

    8. Please be advised that disclosure for any principal investment related
to derivatives
       should be tailored specifically to how a fund expects to be managed.
(See Commission
       letter to Investment Company Institute, dated July 30, 2010, regarding
derivatives-
       related disclosures by investment companies). Accordingly, please
disclose, to the
       extent practicable, if the Fund expects that its use of certain kinds of
derivatives will be
       more important than others for the purposes of achieving its objectives
and will have a
       relatively more significant effect on its performance. Please apply this
comment to each
       of the Funds included in this prospectus.

Principal Risks, page 5

    9. Please consider, instead of the    fixed income securities risk
discussion as the first
       principal risk disclosed, whether a    floating rate securities risk
or something similar is
       more appropriate in light of the Fund   s principal investment strategy.

Principal Risks, Derivatives Risk, page 6

    10. Disclosure should not be generic. To the extent practicable, please
disclose significant
        risks associated with the predominant derivative types the Fund intends
to utilize. (See
        Commission letter to Investment Company Institute). Please apply this
comment to
        each of the Funds included in this prospectus.

MassMutual Emerging Markets Debt Blended Total Return Fund

Principal Risks, pages 22-26

    11. Please disclose portfolio turnover risk as a principal risk of the Fund
or tell us why it
        need not be included.

MassMutual Global Emerging Markets Equity Fund

Principal Investment Strategies, page 29

    12. Please revise to explain what the term    equity-related securities
means.

    13. You disclose that    [i]n general, countries may be considered emerging
markets if they
        are included in any one of the MSCI emerging markets indexes.    Please
revise the
        disclosure to clarify for purposes of its 80% policy how the Fund
defines    emerging
        market countries.
 Yana D. Guss
MassMutual Advantage Funds
Page 4

Statement of Additional Information

General Information, page 3

    14. Please update this discussion to include the fund history related to
the reorganization
        pursuant to which the Barings Funds will have been reorganized with and
into the
        corresponding MassMutual acquiring funds.

Investment Restrictions of the Funds, page 50

    15. Please update    (7) concentrate its investments in any one industry
to refer to    industry
        or group of industries    to be consistent with section 8(b)(1) of the
Investment Company
        Act.

                                ACCOUNTING COMMENTS

    16. Please be advised that our review of the required financial statements
and related
        information cannot be completed until you have included all such
required information
        in the registration statement by pre-effective amendment. We may have
accounting and
        related comments on such disclosure once it has been provided.

Closing

         Please respond to this letter in writing via EDGAR correspondence
submitted with a pre-
effective amendment filed pursuant to Rule 472 under the Securities Act. In an
accompanying
supplemental response letter, address each comment noted above and, where
appropriate,
specifically identify the location of new or revised disclosure in the amended
filing. If the pre-
effective amendment reflects no change in response to a comment, indicate this
in your response
letter and briefly provide the basis for your position. The staff may have
further comments based
on your answers and any new, revised, or missing pre-effective amendment
disclosures or
exhibits.

        You should review and comply with all applicable requirements of the
federal securities
laws in connection with the preparation and distribution of a preliminary
prospectus. We remind
you that the company and its management are responsible for the accuracy and
adequacy of their
disclosures, notwithstanding any review, comments, action, or absence of action
by the staff.
 Yana D. Guss
MassMutual Advantage Funds
Page 5

      Should you have any questions regarding this letter, please contact me at
(202) 551-3623.

                                                  Sincerely,

                                                  /s/ Daniel S. Greenspan

                                                  Daniel S. Greenspan
                                                  Staff Attorney

cc:   John Lee, Branch Chief
      Christian Sandoe, Assistant Director

```

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