MASON STREET ADVISORS, LLC
▇▇▇▇▇ STREET ADVISORS, LLC
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Milwaukee, WI 53202
February 26, 2026
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, President
Northwestern Mutual Series Fund, Inc.
▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Milwaukee, Wisconsin 53202
| Re: | Agreement to Waive ▇▇▇▇▇ Street Advisors, LLC Investment Advisory Fees Relating to Certain Portfolios of Northwestern Mutual Series Fund, Inc. |
Dear ▇▇. ▇▇▇▇▇▇▇▇:
This letter constitutes an agreement between ▇▇▇▇▇ Street Advisors, LLC (“MSA”) and Northwestern Mutual Series Fund, Inc. (“Series Fund”) regarding the investment advisory fee for each of the Series Fund portfolios set forth below (each, a “Portfolio”). MSA agrees to waive, from May 1, 2026 through April 30, 2027 (unless renewed by the parties hereto), its investment advisory fee applicable to each Portfolio such that the investment advisory fee is as follows:
Growth Stock Portfolio
| Assets |
Fee |
|||
| Up to $50 million |
0.60% | |||
| $50 million - $100 million |
0.50% | |||
| $100 million - $1 billion |
0.40% | |||
| Excess over $1 billion |
0.38% |
Focused Appreciation Portfolio
| Assets |
Fee |
|||
| Up to $100 million |
0.62% | |||
| $100 million - $1 billion |
0.57% | |||
| Excess over $1 billion |
0.54% |
Large Cap Core Stock Portfolio
| Assets |
Fee |
|||
| Up to $50 million |
0.60% | |||
| $50 million - $100 million |
0.50% | |||
| $100 million - $500 million |
0.40% | |||
| Excess over $500 million |
0.37% |
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Large Cap Blend Portfolio
| Assets |
Fee |
|||
| Up to $150 million |
0.65% | |||
| $150 million - $300 million |
0.55% | |||
| $300 million - $500 million |
0.55% | |||
| Excess over $500 million |
0.52% |
Index 500 Stock Portfolio
| Assets |
Fee |
|||
| Up to $2 billion |
0.20% | |||
| Excess over $2 billion |
0.18% |
Large Company Value Portfolio
| Assets |
Fee |
|||
| Up to $100 million |
0.67% | |||
| $100 million - $250 million |
0.62% | |||
| $250 million - $500 million |
0.59% | |||
| Excess over $500 million |
0.57% |
Domestic Equity Portfolio
| Assets |
Fee |
|||
| Up to $100 million |
0.65% | |||
| $100 million - $250 million |
0.55% | |||
| $250 million - $500 million |
0.50% | |||
| $500 million - $1 billion |
0.43% | |||
| Excess over $1 billion |
0.41% |
Equity Income Portfolio
| Assets |
Fee |
|||
| Up to $500 million |
0.56% | |||
| $500 million - $1.5 billion |
0.53% | |||
| Excess over $1.5 billion |
0.52% |
Mid Cap Growth Stock Portfolio
| Assets |
Fee |
|||
| Up to $50 million |
0.80% | |||
| $50 million - $100 million |
0.65% | |||
| $100 million - $1 billion |
0.50% | |||
| Excess over $1 billion |
0.49% |
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Index 400 Stock Portfolio
| Assets |
Fee |
|||
| Up to $500 million |
0.25% | |||
| Excess over $500 million |
0.20% |
Mid Cap Value Portfolio
| Assets |
Fee |
|||
| Up to $150 million |
0.78% | |||
| $150 million - $500 million |
0.66% | |||
| Excess over $500 million |
0.63% |
Small Cap Value Portfolio
| Assets |
Fee |
|||
| Up to $500 million |
0.85% | |||
| Excess over $500 million |
0.80% |
International Growth
| Assets |
Fee |
|||
| Up to $100 million |
0.75% | |||
| $100 million - $250 million |
0.65% | |||
| $250 million - $1 billion |
0.55% | |||
| Excess over $1 billion |
0.54% |
Research International Core
| Assets |
Fee |
|||
| Up to $1.5 billion |
0.54% | |||
| Excess over $1.5 billion |
0.52% |
International Equity Portfolio
| Assets |
Fee |
|||
| Up to $50 million |
0.85% | |||
| $50 million - $2 billion |
0.65% | |||
| Excess over $2 billion |
0.63% |
Emerging Markets Equity Portfolio
| Assets |
Fee |
|||
| Up to $250 million |
0.84% | |||
| $250 million - $500 million |
0.76% | |||
| Excess over $500 million |
0.68% |
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Government Money Market Portfolio
| Assets |
Fee |
|||
| Up to $500 million |
0.30% | |||
| $500 million - $1 billion |
0.29% | |||
| Excess over $1 billion |
0.28% |
Short-Term Bond Portfolio
| Assets |
Fee |
|||
| Up to $100 million |
0.35% | |||
| $100 million - $250 million |
0.33% | |||
| $250 million - $500 million |
0.30% | |||
| Excess over $500 million |
0.28% |
Select Bond Portfolio
| Assets |
Fee |
|||
| Up to $2 billion |
0.30% | |||
| Excess over $2 billion |
0.28% |
Long-Term U.S. Government Bond Portfolio
| Assets |
Fee |
|||
| Up to $100 million |
0.555% | |||
| $100 million - $250 million |
0.515% | |||
| $250 million - $500 million |
0.495% | |||
| Excess over $500 million |
0.445% |
Inflation Managed Portfolio
| Assets |
Fee |
|||
| Up to $100 million |
0.42% | |||
| $100 million - $250 million |
0.40% | |||
| Excess over $250 million |
0.38% |
High Yield Bond Portfolio
| Assets |
Fee |
|||
| Up to $50 million |
0.60% | |||
| $50 million - $100 million |
0.50% | |||
| $100 million - $1.0 billion |
0.40% | |||
| Excess over $1.0 billion |
0.30% |
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Multi-Sector Bond Portfolio
| Assets |
Fee |
|||
| Up to $100 million |
0.73% | |||
| $100 million - $250 million |
0.72% | |||
| $250 million - $500 million |
0.69% | |||
| Excess over $500 million |
0.64% |
Active/Passive Balanced Portfolio (“Balanced Portfolio” until 6/30/2025)
|
| ||||
| All assets |
0.10% |
Active/Passive Moderate Portfolio (“Asset Allocation Portfolio” until 6/30/2025)
|
| ||||
| All assets |
0.10% |
Active/Passive Conservative Portfolio
|
| ||||
| All assets |
0.10% |
Active/Passive Aggressive Portfolio
|
| ||||
| All assets |
0.10% |
Active/Passive Very Aggressive Portfolio
|
| ||||
| All assets |
0.10% |
This letter supplants and supersedes any prior agreements between the parties relating to the same investment advisory fee matters addressed herein.
| Very truly yours, | ||
| ▇▇▇▇▇ STREET ADVISORS, LLC | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| Name: | ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| Title: | Vice President, Chief Investment Officer |
Agreed to and accepted:
NORTHWESTERN MUTUAL SERIES FUND, INC.
| By: |
/s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ |
| Name: |
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ | |
| Title: |
President |
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