# EDGAR Filing Document

**Accession Number:** 0000742212
**File Stem:** 0001193125-25-218442
**Filing Date:** 2025-9
**Character Count:** 337774
**Document Hash:** e09dfc1c64e84d9555c831607e95b9c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-218442.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001193125-25-218442

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250926

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHWESTERN MUTUAL SERIES FUND INC
- **CENTRAL INDEX KEY:** 0000742212

**ORGANIZATION NAME:**
- **EIN:** 391603401
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03990
- **FILM NUMBER:** 251345357

**BUSINESS ADDRESS:**
- **STREET 1:** 720 E WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142992508

**MAIL ADDRESS:**
- **STREET 1:** 720 EAST WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWESTERN MUTUAL VARIABLE LIFE SERIES FUND INC
- **DATE OF NAME CHANGE:** 19940830
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHWESTERN MUTUAL SERIES FUND INC
- **CENTRAL INDEX KEY:** 0000742212

**ORGANIZATION NAME:**
- **EIN:** 391603401
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-89971
- **FILM NUMBER:** 251345356

**BUSINESS ADDRESS:**
- **STREET 1:** 720 E WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 4142992508

**MAIL ADDRESS:**
- **STREET 1:** 720 EAST WISCONSIN AVE
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWESTERN MUTUAL VARIABLE LIFE SERIES FUND INC
- **DATE OF NAME CHANGE:** 19940830

## Series and Classes Contracts Data

### Small Cap Growth Stock Portfolio (Series ID: S000000039)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000000074 | Small Cap Growth Stock Portfolio |  |

### Large Cap Core Stock Portfolio (Series ID: S000000040)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000075 | Large Cap Core Stock Portfolio |  |

### Domestic Equity Portfolio (Series ID: S000000041)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000076 | Domestic Equity Portfolio |  |

### Equity Income Portfolio (Series ID: S000000042)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000000077 | Equity Income Portfolio |  |

### Index 500 Stock Portfolio (Series ID: S000000043)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000078 | Index 500 Stock Portfolio |  |

### Active/Passive Moderate Portfolio (Series ID: S000000044)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000000079 | Active/Passive Moderate Portfolio |  |

### Active/Passive Balanced Portfolio (Series ID: S000000045)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000000080 | Active/Passive Balanced Portfolio |  |

### High Yield Bond Portfolio (Series ID: S000000046)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000081 | High Yield Bond Portfolio |  |

### Select Bond Portfolio (Series ID: S000000047)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000000082 | Select Bond Portfolio |  |

### Government Money Market Portfolio (Series ID: S000000048)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000000083 | Government Money Market Portfolio |  |

### Small Cap Value Portfolio (Series ID: S000000049)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000084 | Small Cap Value Portfolio |  |

### Mid Cap Growth Stock Portfolio (Series ID: S000000050)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000085 | Mid Cap Growth Stock Portfolio |  |

### International Growth Portfolio (Series ID: S000000051)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000086 | International Growth Portfolio |  |

### International Equity Portfolio (Series ID: S000000052)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000087 | International Equity Portfolio |  |

### Mid Cap Value Portfolio (Series ID: S000000053)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000000088 | Mid Cap Value Portfolio |  |

### Index 400 Stock Portfolio (Series ID: S000000054)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000000089 | Index 400 Stock Portfolio |  |

### Focused Appreciation Portfolio (Series ID: S000000055)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000000090 | Focused Appreciation Portfolio |  |

### Growth Stock Portfolio (Series ID: S000000056)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000000091 | Growth Stock Portfolio |  |

### Large Company Value Portfolio (Series ID: S000018227)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000050275 | Large Company Value Portfolio |  |

### Inflation Managed Portfolio (Series ID: S000018228)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000050276 | Inflation Managed Portfolio |  |

### Large Cap Blend Portfolio (Series ID: S000018229)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000050277 | Large Cap Blend Portfolio |  |

### Research International Core Portfolio (Series ID: S000018230)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000050278 | Research International Core Portfolio |  |

### Index 600 Stock Portfolio (Series ID: S000018231)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000050279 | Index 600 Stock Portfolio |  |

### Emerging Markets Equity Portfolio (Series ID: S000018232)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000050280 | Emerging Markets Equity Portfolio |  |

### Short-Term Bond Portfolio (Series ID: S000018233)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000050281 | Short-Term Bond Portfolio |  |

### Long-Term US Government Bond Portfolio (Series ID: S000018234)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000050282 | Long-Term US Government Bond Portfolio |  |

### Multi-Sector Bond Portfolio (Series ID: S000018235)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000050283 | Multi-Sector Bond Portfolio |  |

### Active/Passive Conservative Portfolio (Series ID: S000091982)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000259888 | Active/Passive Conservative Portfolio |  |

### Active/Passive Aggressive Portfolio (Series ID: S000091983)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000259889 | Active/Passive Aggressive Portfolio |  |

### Active/Passive Very Aggressive Portfolio (Series ID: S000091984)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000259890 | Active/Passive Very Aggressive Portfolio |  |

REGISTRATION NOs. 2-89971 <br> 811-3990

------

UNITED STATES OF AMERICA <br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549

FORM N-1A

---

| | |
|:---|:---|
| REGISTRATION STATEMENT UNDER THE SECURITIES<br> ACT OF 1933<br>| / X / |
| Pre-Effective Amendment No.  | / / |
| Post-Effective Amendment No. 94 | / X / |
| and/or |  |
| REGISTRATION STATEMENT UNDER THE INVESTMENT<br> COMPANY ACT OF 1940<br>| / X / |
| Amendment No. 95 | / X / |

---

NORTHWESTERN MUTUAL SERIES FUND, INC. <br>(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) <br>720 EAST WISCONSIN AVENUE <br>MILWAUKEE, WISCONSIN 53202 <br>(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) <br>(414) 271-1444<br>(REGISTRANT'S TELEPHONE NUMBER)

DAVID KENNEDY, SECRETARY <br>720 EAST WISCONSIN AVENUE <br>MILWAUKEE, WISCONSIN 53202<br>(NAME AND ADDRESS OF AGENT FOR SERVICE)

IT IS PROPOSED THAT THIS FILING WILL BECOME EFFECTIVE (CHECK APPROPRIATE BOX)

---

| | |
|:---|:---|
| [X ] | IMMEDIATELY UPON FILING PURSUANT TO PARAGRAPH (b) |
| [ ] | ON (DATE) PURSUANT TO PARAGRAPH (b)(1) |
| [ ] | 60 DAYS AFTER FILING PURSUANT TO PARAGRAPH (a)(1) |
| [ ] | ON (DATE) PURSUANT TO PARAGRAPH (a)(1) |
| [ ] | 75 DAYS AFTER FILING PURSUANT TO PARAGRAPH (a)(2) |
| [ ] | ON (DATE) PURSUANT TO PARAGRAPH (a)(2) OF RULE 485 |
| [ ] | &nbsp;&nbsp;&nbsp; THIS POST-EFFECTIVE AMENDMENT DESIGNATES A NEW EFFECTIVE DATE FOR A PREVIOUSLY <br> FILED POST-EFFECTIVE AMENDMENT.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

EXPLANATORY NOTE

This Post-Effective Amendment No. 94 to the Registrant's Registration Statement on Form N-1A (File No. 2-89971) incorporates by reference [Parts A and B of the Registrant's Post-Effective Amendment No. 93 to its Registration Statement](https://www.sec.gov/ix?doc=/Archives/edgar/data/742212/000119312525095855/d904324d485bpos.htm), filed on April 25, 2025. The sole purpose of this Post-Effective Amendment No. 94 is to file exhibits. Accordingly, this Post-Effective Amendment No. 94 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-1A.

------

PART C

OTHER INFORMATION

Item 28.

<u>Exhibits</u> 

---

| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (a)1(a) | Articles of Incorporation of Northwestern Mutual Series Fund, Inc. filed <br> with the State of Maryland on December 22, 1983<br>| [<u>EX-99.B1 to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/0000950124-96-001802.txt)<br> [<u>Effective Amendment No. 13 for</u>](http://www.sec.gov/Archives/edgar/data/742212/0000950124-96-001802.txt)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/0000950124-96-001802.txt)<br> [<u>Inc. filed on April 26, 1996</u>](http://www.sec.gov/Archives/edgar/data/742212/0000950124-96-001802.txt)<br>|
| (a)1(b) | Articles of Amendment of Northwestern Mutual Series Fund, Inc. filed with <br> the State of Maryland on May 3, 1993<br>| [<u>EX-99.B1(a) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/0000950124-96-001802.txt)<br> [<u>Effective Amendment No. 13 for</u>](http://www.sec.gov/Archives/edgar/data/742212/0000950124-96-001802.txt)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/0000950124-96-001802.txt)<br> [<u>Inc. filed on April 26, 1996</u>](http://www.sec.gov/Archives/edgar/data/742212/0000950124-96-001802.txt)<br>|
| (a)1(c) | Resolutions to Amend the Articles of Incorporation of Northwestern Mutual <br> Series Fund, Inc. adopted by the Directors on February 4, 1999 and filed <br> with the State of Maryland on February 11, 1999<br>| [<u>Exhibit A(1) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/0001047469-99-007284.txt)<br> [<u>Effective Amendment No. 16 for</u>](http://www.sec.gov/Archives/edgar/data/742212/0001047469-99-007284.txt)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/0001047469-99-007284.txt)<br> [<u>Inc. filed on February 25, 1999</u>](http://www.sec.gov/Archives/edgar/data/742212/0001047469-99-007284.txt)<br>|
| (a)1(d) | Resolutions to Amend the Articles of Incorporation of Northwestern Mutual <br> Series Fund, Inc. adopted by the Directors on May 3, 2001 and filed with <br> the State of Maryland on May 4, 2001<br>| [<u>Exhibit A(1) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000095012401501328/c62569ex99-a1.txt)<br> [<u>Effective Amendment No. 20 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000095012401501328/c62569ex99-a1.txt)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000095012401501328/c62569ex99-a1.txt)<br> [<u>Inc. filed on May 17, 2001</u>](http://www.sec.gov/Archives/edgar/data/742212/000095012401501328/c62569ex99-a1.txt)<br>|
| (a)1(e) | Resolutions to Amend the Articles of Incorporation of Northwestern Mutual <br> Series Fund, Inc. adopted by the Directors on November 7, 2002 and filed <br> with the State of Maryland on January 31, 2003<br>| [<u>Exhibit A(1) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000095013103000696/dex99a1.txt)<br> [<u>Effective Amendment No. 23 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000095013103000696/dex99a1.txt)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000095013103000696/dex99a1.txt)<br> [<u>Inc. filed on February 14, 2003</u>](http://www.sec.gov/Archives/edgar/data/742212/000095013103000696/dex99a1.txt)<br>|
| (a)1(f) | Resolutions to Amend the Articles of Incorporation of Northwestern Mutual <br> Series Fund, Inc. adopted by the Directors on February 6, 2003 and filed <br> with the State of Maryland on February 7, 2003<br>| [<u>Exhibit A(2) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000095013103000696/dex99a2.txt)<br> [<u>Effective Amendment No. 23 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000095013103000696/dex99a2.txt)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000095013103000696/dex99a2.txt)<br> [<u>Inc. filed on February 14, 2003</u>](http://www.sec.gov/Archives/edgar/data/742212/000095013103000696/dex99a2.txt)<br>|
| (a)1(g) | Resolutions to Amend the Articles of Incorporation of Northwestern Mutual <br> Series Fund, Inc. adopted by the Directors on August 3, 2006 and filed with <br> the State of Maryland on February 2, 2007<br>| [<u>Exhibit (a)1(g) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038246/dex99a1g.htm)<br> [<u>Effective Amendment No. 29 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038246/dex99a1g.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038246/dex99a1g.htm)<br> [<u>Inc. filed on February 23, 2007</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038246/dex99a1g.htm)<br>|
| (a)1(h) | Resolutions to Amend the Articles of Incorporation of Northwestern Mutual <br> Series Fund, Inc. adopted by the Directors on February 21, 2007 and filed <br> with the State of Maryland on February 22, 2007<br>| [<u>Exhibit (a)1(h) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038260/dex99a1h.htm)<br> [<u>Effective Amendment No. 30 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038260/dex99a1h.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038260/dex99a1h.htm)<br> [<u>Inc. filed on February 23, 2007</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038260/dex99a1h.htm)<br>|
| (a)1(i) | Articles of Amendment of Northwestern Mutual Series Fund, Inc. filed with <br> the State of Maryland on April 25, 2007<br>| [<u>Exhibit (a)1(i) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507093213/dex99a1i.htm)<br> [<u>Effective Amendment No. 31 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507093213/dex99a1i.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507093213/dex99a1i.htm)<br> [<u>Inc. filed on April 27, 2007</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507093213/dex99a1i.htm)<br>|
| (a)1(j) | Articles of Amendment of Northwestern Mutual Series Fund, Inc. filed with <br> the State of Maryland on April 7, 2008<br>| [<u>Exhibit (a)1(j) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312508088080/dex99a1j.htm)<br> [<u>Effective Amendment No. 34 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312508088080/dex99a1j.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312508088080/dex99a1j.htm)<br> [<u>Inc. filed on April 23, 2008</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312508088080/dex99a1j.htm)<br>|
| (a)1(k) | Articles Supplementary of Northwestern Mutual Series Fund, Inc. filed <br> with the State of Maryland on December 22, 2010<br>| [<u>Exhibit (a)1(k) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312511032690/dex99a1k.htm)<br> [<u>Effective Amendment No. 40 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312511032690/dex99a1k.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312511032690/dex99a1k.htm)<br> [<u>Inc. filed on February 11, 2011</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312511032690/dex99a1k.htm)<br>|

---

------

---

| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (a)1(l) | Articles Supplementary of Northwestern Mutual Series Fund, Inc. filed <br> with the State of Maryland on May 15, 2013<br>| [<u>Exhibit (a)1(1) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99a1l.htm)<br> [<u>Effective Amendment No. 52 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99a1l.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99a1l.htm)<br> [<u>Inc. filed on December 16, 2013</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99a1l.htm)<br>|
| (a)1(m) | Articles Supplementary of Northwestern Mutual Series Fund, Inc. filed <br> with the State of Maryland on December 5, 2013<br>| [<u>Exhibit (a)1(m) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99a1m.htm)<br> [<u>Effective Amendment No. 52 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99a1m.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99a1m.htm)<br> [<u>Inc. filed on December 16, 2013</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99a1m.htm)<br>|
| (a)1(n) | Articles Supplementary of Northwestern Mutual Series Fund, Inc. filed <br> with the State of Maryland on March 10, 2015<br>| [<u>Exhibit (a)1(n) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515161560/d883327dex99a1n.htm)<br> [<u>Effective Amendment No. 58 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515161560/d883327dex99a1n.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515161560/d883327dex99a1n.htm)<br> [<u>Inc. filed on April 30, 2015</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515161560/d883327dex99a1n.htm)<br>|
| (a)1(o) | Articles of Amendment of Northwestern Mutual Series Fund, Inc. filed with <br> the State of Maryland on April 1, 2016<br>| [<u>Exhibit (a)1(o) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516568894/d151906dex99a1o.htm)<br> [<u>Effective Amendment No. 62 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516568894/d151906dex99a1o.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516568894/d151906dex99a1o.htm)<br> [<u>Inc. filed on April 29, 2016</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516568894/d151906dex99a1o.htm)<br>|
| (a)1(p) | Certificate of Correction filed with the State of Maryland on July 27, 2015 | [<u>Exhibit (a)1(o) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515270728/d50616dex99a1o.htm)<br> [<u>Effective Amendment No. 60 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515270728/d50616dex99a1o.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515270728/d50616dex99a1o.htm)<br> [<u>Inc. filed on July 30, 2015</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515270728/d50616dex99a1o.htm)<br>|
| (a)1(q) | Articles Supplementary of Northwestern Mutual Series Fund, Inc. filed <br> with the State of Maryland on December 26, 2024<br>| [<u>Exhibit (a)1(q) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99a1q.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99a1q.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99a1q.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99a1q.htm)<br>|
| (a)1(r) | Articles of Amendment of Northwestern Mutual Series Fund, Inc. filed with <br> the State of Maryland on June 9, 2025<br>| [<u>Filed herewith</u>](d59440dex99a1r.htm) |
| (a)1(s) | Articles of Amendment of Northwestern Mutual Series Fund, Inc. filed with <br> the State of Maryland on August 19, 2025<br>| [<u>Filed herewith</u>](d59440dex99a1s.htm) |
| (b)1(a) | Amended and Restated By-Laws of Northwestern Mutual Series Fund, Inc. <br> adopted on August 5, 2004<br>| [<u>Exhibit (b)1(j) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312505032996/dex99b1j.htm)<br> [<u>Effective Amendment No. 26 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312505032996/dex99b1j.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312505032996/dex99b1j.htm)<br> [<u>Inc. filed on February 18, 2005</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312505032996/dex99b1j.htm)<br>|
| (b)1(b) | Amendment to By-Laws of Northwestern Mutual Series Fund, Inc. dated <br> May 4, 2006<br>| [<u>Exhibit (b)1(k) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038246/dex99b1k.htm)<br> [<u>Effective Amendment No. 29 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038246/dex99b1k.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038246/dex99b1k.htm)<br> [<u>Inc. filed on February 23, 2007</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507038246/dex99b1k.htm)<br>|
| (b)1(c) | Amendment to By-Laws of Northwestern Mutual Series Fund, Inc. dated <br> August 6, 2008<br>| [<u>Exhibit (b)1(l) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312509033956/dex99b11.htm)<br> [<u>Effective Amendment No. 36 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312509033956/dex99b11.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312509033956/dex99b11.htm)<br> [<u>Inc. filed on February 20, 2009</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312509033956/dex99b11.htm)<br>|
| (b)1(d) | Amendment to By-Laws of Northwestern Mutual Series Fund, Inc. dated <br> November 16, 2011<br>| [<u>Exhibit (b)1(m) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312512191099/d309279dex99b1m.htm)<br> [<u>Effective Amendment No. 46 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312512191099/d309279dex99b1m.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312512191099/d309279dex99b1m.htm)<br> [<u>Inc. filed on April 27, 2012</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312512191099/d309279dex99b1m.htm)<br>|
| (b)1(e) | Amendment to By-Laws of Northwestern Mutual Series Fund, Inc. dated <br> December 31, 2014<br>| [<u>Exhibit (b)1(e) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515056321/d852921dex99b1e.htm)<br> [<u>Effective Amendment No. 57 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515056321/d852921dex99b1e.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515056321/d852921dex99b1e.htm)<br> [<u>Inc. filed on February 20, 2015</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515056321/d852921dex99b1e.htm)<br>|

---

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (b)1(f) | Amendment to By-Laws of Northwestern Mutual Series Fund, Inc. dated <br> November 19, 2015<br>| [<u>Exhibit (b)1(f) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516469981/d131644dex99b1f.htm)<br> [<u>Effective Amendment No. 61 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516469981/d131644dex99b1f.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516469981/d131644dex99b1f.htm)<br> [<u>Inc. filed on February 19, 2016</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516469981/d131644dex99b1f.htm)<br>|
| (b)1(g) | Amendment to By-Laws of Northwestern Mutual Series Fund, Inc. dated <br> August 16, 2016<br>| [<u>Exhibit (b)1(g) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516801479/d283225dex99b1g.htm)<br> [<u>Effective Amendment No. 64 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516801479/d283225dex99b1g.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516801479/d283225dex99b1g.htm)<br> [<u>Inc. filed on December 22, 2016</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312516801479/d283225dex99b1g.htm)<br>|
| (b)1(h) | Amendment to By-Laws of Northwestern Mutual Series Fund, Inc. dated <br> November 28, 2018<br>| [<u>Exhibit (b)1(h) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312519009572/d688362dex99b1h.htm)<br> [<u>Effective Amendment No. 73 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312519009572/d688362dex99b1h.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312519009572/d688362dex99b1h.htm)<br> [<u>Inc. filed on January 15, 2019</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312519009572/d688362dex99b1h.htm)<br>|
| (b)1(i) | Amendment to By-Laws of Northwestern Mutual Series Fund, Inc. dated <br> June 5, 2019<br>| [<u>Exhibit (b)1(i) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312520019461/d881385dex99b1i.htm)<br> [<u>Effective Amendment No. 76 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312520019461/d881385dex99b1i.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312520019461/d881385dex99b1i.htm)<br> [<u>Inc. filed on January 30, 2020</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312520019461/d881385dex99b1i.htm)<br>|
| (d)1(a) | Amended and Restated Advisory Agreement between Northwestern Mutual <br> Series Fund, Inc. and Mason Street Advisors, LLC dated April 30, 2012<br>| [<u>Exhibit (d)1(i) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312512504637/d452526dex99d1i.htm)<br> [<u>Effective Amendment No. 48 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312512504637/d452526dex99d1i.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312512504637/d452526dex99d1i.htm)<br> [<u>Inc. filed on December 17, 2012</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312512504637/d452526dex99d1i.htm)<br>|
| (d)1(b) | Amended Exhibit A to the Amended and Restated Advisory Agreement <br> between Northwestern Mutual Series Fund, Inc. and Mason Street Advisors, <br> LLC dated April 30, 2012, as amended May 1, 2025<br>| [<u>Exhibit (d)1(b) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d1b.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d1b.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d1b.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d1b.htm)<br>|
| (d)2(a) | Investment Sub-Advisory Agreement between Mason Street Advisors, LLC <br> and Putnam Investment Management, LLC (on behalf of the Domestic <br> Equity Portfolio) dated June 5, 2025<br>| [<u>Filed herewith</u>](d59440dex99d2a.htm) |
| (d)2(b) | Investment Sub-Advisory Agreement between Mason Street Advisors, LLC <br> and J.P. Morgan Investment Management, Inc. (on behalf of the Mid Cap <br> Growth Stock Portfolio) dated October 28, 2024<br>| [<u>Exhibit (d)2(a) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2a.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2a.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2a.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2a.htm)<br>|
| (d)2(c)(1) | Investment Sub-Advisory Agreement between Mason Street Advisors, LLC <br> and J.P. Morgan Investment Management, Inc. (on behalf of the Large Cap <br> Blend Portfolio) dated July 31, 2023<br>| [<u>Exhibit (d)2(a) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2a.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2a.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2a.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2a.htm)<br>|
| (d)2(c)(2) | Amendment to Investment Sub-Advisory Agreement between Mason Street <br> Advisors, LLC and J.P. Morgan Investment Management, Inc. (on behalf of <br> the Large Cap Blend Portfolio) dated August 29, 2024<br>| [<u>Exhibit (d)2(b)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2b2.htm)<br> [<u>Post-Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2b2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2b2.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2b2.htm)<br>|
| (d)2(d)(1) | Sixth Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and T. Rowe Price Associates, Inc. (on behalf <br> of the Short-Term Bond, Equity Income, and Growth Stock Portfolios) <br> dated November 30, 2022<br>| [<u>Exhibit (d)2(c)(1) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2c1.htm)<br> [<u>Post-Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2c1.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2c1.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2c1.htm)<br>|
| (d)2(d)(2) | Amendment to Sixth Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and T. Rowe Price <br> Associates, Inc. (on behalf of the Growth Stock Portfolio) dated <br> February 28, 2023<br>| [<u>Exhibit (d)2(c)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2c2.htm)<br> [<u>Post-Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2c2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2c2.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2c2.htm)<br>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (d)2(e)(1) | Fourth Amended and Restated Investment Sub-Advisory Agreement <br> between Mason Street Advisors, LLC and Pacific Investment Management <br> Company LLC (on behalf of the Long-Term U.S. Government Bond and <br> Multi-Sector Bond Portfolios) dated November 30, 2022<br>| [<u>Exhibit (d)2(d) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2d.htm)<br> [<u>Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2d.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2d.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2d.htm)<br>|
| (d)2(e)(2) | Amendment to Fourth Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and Pacific Investment <br> Management Company LLC (on behalf of the Multi-Sector Bond Portfolio) <br> dated January 1, 2024<br>| [<u>Exhibit (d)2(d)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2d2.htm)<br> [<u>Post-Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2d2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2d2.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2d2.htm)<br>|
| (d)2(f) | Third Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and Loomis, Sayles & Company, L.P. (on <br> behalf of the Focused Appreciation Portfolio) dated September 7, 2023<br>| [<u>Exhibit (d)2(e) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2e.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2e.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2e.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2e.htm)<br>|
| (d)2(g)(1) | Third Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and FIAM LLC (on behalf of the International <br> Growth Portfolio) dated May 31, 2023<br>| [<u>Exhibit (d)2(f) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2f.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2f.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2f.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2f.htm)<br>|
| (d)2(g)(2) | Amendment to Third Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and FIAM LLC (on <br> behalf of the International Growth Portfolio) dated June 6, 2024<br>| [<u>Exhibit (d)2(g)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2g2.htm)<br> [<u>Post-Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2g2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2g2.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2g2.htm)<br>|
| (d)2(h)(1) | Fourth Amended and Restated Investment Sub-Advisory Agreement <br> between Mason Street Advisors, LLC and Massachusetts Financial Services <br> Company (on behalf of the Research International Core Portfolio) dated <br> May 31, 2023<br>| [<u>Exhibit (d)2(g) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2g.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2g.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2g.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2g.htm)<br>|
| (d)2(h)(2) | Amendment to Fourth Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and Massachusetts <br> Financial Services Company (on behalf of the Research International Core <br> Portfolio) dated August 29, 2024<br>| [<u>Exhibit (d)2(h)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2h2.htm)<br> [<u>Post-Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2h2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2h2.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2h2.htm)<br>|
| (d)2(i) | Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and Dodge & Cox (on behalf of International <br> Equity Portfolio) dated May 31, 2023<br>| [<u>Exhibit (d)2(h) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2h.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2h.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2h.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2h.htm)<br>|
| (d)2(j)(1) | Third Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and Wellington Management Company LLP <br> (on behalf of the Small Cap Growth Stock, Large Cap Core Stock and Mid <br> Cap Growth Stock Portfolios) dated February 28, 2023<br>| [<u>Exhibit (d)2(i) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2i1.htm)<br> [<u>Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2i1.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2i1.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2i1.htm)<br>|
| (d)2(j)(2) | Amendment to the Third Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and Wellington <br> Management Company LLP (on behalf of the Small Cap Growth Stock and <br> Large Cap Core Stock Portfolios) dated February 29, 2024<br>| [<u>Exhibit (d)2(i)(2) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2i2.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2i2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2i2.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2i2.htm)<br>|
| (d)2(k) | Fourth Amended and Restated Investment Sub-Advisory Agreement <br> between Mason Street Advisors, LLC and American Century Investment <br> Management, Inc. (on behalf of the Large Company Value, Mid Cap Value <br> and Inflation Protection Portfolios) dated September 7, 2023<br>| [<u>Exhibit (d)2(j) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2j.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2j.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2j.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2j.htm)<br>|
| (d)2(l)(1) | Third Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and BlackRock Advisors, LLC (on behalf of <br> the Government Money Market Portfolio) dated November 30, 2022<br>| [<u>Exhibit (d)2(k)(1) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2k1.htm)<br> [<u>Post-Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2k1.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2k1.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2k1.htm)<br>|

---

------

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (d)2(l)(2) | Amendment to the Third Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and BlackRock Advisors, <br> LLC (on behalf of the Government Money Market Portfolio) dated <br> November 30, 2023<br>| [<u>Exhibit (d)2(k)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2k2.htm)<br> [<u>Post-Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2k2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2k2.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2k2.htm)<br>|
| (d)2(l)(3) | Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and BlackRock Advisors, LLC (on behalf of <br> the Index 500 Stock Portfolio) dated November 30, 2022<br>| [<u>Exhibit (d)2(k)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2k2.htm)<br> [<u>Post-Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2k2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2k2.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2k2.htm)<br>|
| (d)2(m)(1) | Amended and Restated Sub-Advisory Agreement between Mason Street <br> Advisors, LLC and Allspring Global Investments, LLC (on behalf of the <br> Select Bond Portfolio) dated November 30, 2022<br>| [<u>Exhibit (d)2(l) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2l.htm)<br> [<u>Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2l.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2l.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2l.htm)<br>|
| (d)2(m)(2) | Amendment to the Amended and Restated Sub-Advisory Agreement <br> between Mason Street Advisors, LLC and Allspring Global Investments, <br> LLC (on behalf of the Select Bond Portfolio) dated November 30, 2023<br>| [<u>Exhibit (d)2(l)(2) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d212.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d212.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d212.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d212.htm)<br>|
| (d)2(n)(1) | Second Amended and Restated Investment Sub-Advisory Agreement <br> between Mason Street Advisors, LLC and abrdn Investments Limited (on <br> behalf of the Emerging Markets Equity Portfolio) dated May 31, 2023<br>| [<u>Exhibit (d)2(m) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2m.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2m.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2m.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2m.htm)<br>|
| (d)2(n)(2) | Amendment to the Second Amended and Restated Investment Sub-<br> Advisory Agreement between Mason Street Advisors, LLC and abrdn <br> Investments Limited (on behalf of the Emerging Markets Equity Portfolio) <br> dated June 5, 2025<br>| [<u>Filed herewith</u>](d59440dex99d2n2.htm) |
| (d)2(o)(1) | Third Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and Federated Investment Management <br> Company (on behalf of the High Yield Bond Portfolio) dated <br> September 7, 2023<br>| [<u>Exhibit (d)2(n) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2n.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2n.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2n.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2n.htm)<br>|
| (d)2(o)(2) | Amendment to the Third Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and Federated Investment <br> Management Company (on behalf of the High Yield Bond Portfolio) dated <br> August 28, 2025<br>| [<u>Filed herewith</u>](d59440dex99d2o2.htm) |
| (d)2(p)(1) | Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and Northern Trust Investments, Inc. (on <br> behalf of the Index 400 Stock Portfolio) dated February 28, 2023<br>| [<u>Exhibit (d)2(o)(1) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2o1.htm)<br> [<u>Post-Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2o1.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2o1.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2o1.htm)<br>|
| (d)2(p)(2) | Amendment to the Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and Northern Trust <br> Investments, Inc. (on behalf of the Index 400 Stock Portfolio) dated <br> February 29, 2024<br>| [<u>Exhibit (d)2(o)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2o2.htm)<br> [<u>Post-Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2o2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2o2.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2o2.htm)<br>|
| (d)2(p)(3) | Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and Northern Trust Investments, Inc. (on <br> behalf of the Index 600 Stock Portfolio) dated February 28, 2023<br>| [<u>Exhibit (d)2(o)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2o2.htm)<br> [<u>Post-Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2o2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2o2.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2o2.htm)<br>|
| (d)2(p)(4) | Amendment to the Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and Northern Trust <br> Investments, Inc. (on behalf of the Index 600 Stock Portfolio) dated <br> February 29, 2024<br>| [<u>Exhibit (d)2(o)(4) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2o4.htm)<br> [<u>Post-Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2o4.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2o4.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99d2o4.htm)<br>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (d)2(q)(1) | Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and T. Rowe Price Investment Management, <br> Inc. (on behalf of the Small Cap Value Portfolio) dated November 30, 2022<br>| [<u>Exhibit (d)2(p) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2p.htm)<br> [<u>Effective Amendment No. 87 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2p.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2p.htm)<br> [<u>Inc. filed on April 27, 2023</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312523121456/d461943dex99d2p.htm)<br>|
| (d)2(q)(2) | Amendment to the Amended and Restated Investment Sub-Advisory <br> Agreement between Mason Street Advisors, LLC and T. Rowe Price <br> Investment Management, Inc. (on behalf of the Small Cap Value Portfolio) <br> dated December 12, 2024<br>| [<u>Exhibit (d)2(q)(2) to Form N-1A</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2q2.htm)<br> [<u>Post-Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2q2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2q2.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99d2q2.htm)<br>|
| (g)1 | Custodian Agreement between Northwestern Mutual Series Fund, Inc. and <br> State Street Bank and Trust Company dated August 14, 2017<br>| [<u>Exhibit (g)1 to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312518014570/d474016dex99g1.htm)<br> [<u>Effective Amendment No. 68 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312518014570/d474016dex99g1.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312518014570/d474016dex99g1.htm)<br> [<u>Inc. filed on January 19, 2018</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312518014570/d474016dex99g1.htm)<br>|
| (g)2 | Amendment to the Custodian Agreement between Northwestern Mutual <br> Series Fund, Inc. and State Street Bank and Trust Company dated <br> January 18, 2024<br>| [<u>Exhibit (g)2 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99g2.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99g2.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99g2.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99g2.htm)<br>|
| (g)3 | Amendment to the Custodian Agreement between Northwestern Mutual <br> Series Fund, Inc. and the State Street Bank and Trust Company <br> dated April 17, 2025<br>| [<u>Exhibit (g)3 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99g3.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99g3.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99g3.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99g3.htm)<br>|
| (h)1(a) | License Agreement between Standard & Poor's Corporation and <br> Northwestern Mutual Series Fund, Inc. (on behalf of the Index 400 Stock <br> Portfolio), dated February 19, 1999<br>| [<u>Exhibit H(9) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/0001047469-99-007284.txt)<br> [<u>Effective Amendment No. 16 for</u>](http://www.sec.gov/Archives/edgar/data/742212/0001047469-99-007284.txt)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/0001047469-99-007284.txt)<br> [<u>Inc. filed on February 25, 1999</u>](http://www.sec.gov/Archives/edgar/data/742212/0001047469-99-007284.txt)<br>|
| (h)1(b) | Form of License Agreement between Standard & Poor's, a division of The <br> McGraw-Hill Companies, Inc. and Northwestern Mutual Series Fund, Inc. <br> (on behalf of the Index 600 Stock Portfolio), dated April 27, 2007<br>| [<u>Exhibit (h)1(b) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507093213/dex99h1b.htm)<br> [<u>Effective Amendment No. 31 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507093213/dex99h1b.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507093213/dex99h1b.htm)<br> [<u>Inc. filed on April 27, 2007</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312507093213/dex99h1b.htm)<br>|
| (h)2(a)(1) | Agreement to Waive Mason Street Advisors, LLC Investment Advisory <br> Fees Relating to Certain Portfolios of Northwestern Mutual Series Fund, <br> Inc. dated February 28, 2025<br>| [<u>Exhibit (h)2(a) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99h2a.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99h2a.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99h2a.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99h2a.htm)<br>|
| (h)2(a)(2) | Amendment to the Agreement to Waive Mason Street Advisors, LLC <br> Investment Advisory Fees Relating to Certain Portfolios of Northwestern <br> Mutual Series Fund, Inc. dated July 28, 2025<br>| [<u>Filed herewith</u>](d59440dex99h2a2.htm) |
| (h)2(b) | Agreement to Pay or Reimburse Certain Expenses between Mason Street <br> Advisors, LLC and Northwestern Mutual Series Fund, Inc. dated <br> February 28, 2025<br>| [<u>Exhibit (h)2(b) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99h2b.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99h2b.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99h2b.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99h2b.htm)<br>|
| (h)3 | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and BlackRock ETF Trust, BlackRock ETF Trust II, iShares <br> Trust, iShares, Inc., and iShares U.S. ETF Trust dated January 19, 2022, as <br> amended July 1, 2025<br>| [<u>Filed herewith</u>](d59440dex99h3.htm) |
| (h)4(a) | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and J.P. Morgan Exchange-Traded Fund Trust dated <br> January 19, 2022<br>| [<u>Exhibit (h)4 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h4.htm)<br> [<u>Effective Amendment No. 83 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h4.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h4.htm)<br> [<u>Inc. filed on February 11, 2022</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h4.htm)<br>|
| (h)4(b) | Amendment to Fund of Funds Investment Agreement between <br> Northwestern Mutual Series Fund, Inc. and J.P. Morgan Exchange-Traded <br> Fund Trust dated June 20, 2025<br>| [<u>Filed herewith</u>](d59440dex99h4b.htm) |

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (h)5(a) | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and PIMCO ETF Trust and PIMCO Equity Series dated <br> January 19, 2022<br>| [<u>Exhibit (h)5 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h5.htm)<br> [<u>Effective Amendment No. 83 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h5.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h5.htm)<br> [<u>Inc. filed on February 11, 2022</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h5.htm)<br>|
| (h)5(b) | Amendment to Fund of Funds Investment Agreement between <br> Northwestern Mutual Series Fund, Inc. and PIMCO ETF Trust and PIMCO <br> Equity Series dated June 23, 2025<br>| [<u>Filed herewith</u>](d59440dex99h5b.htm) |
| (h)6(a) | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and State Street Global Advisors Trust Company (SPDR S&P <br> 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust) dated <br> January 19, 2022<br>| [<u>Exhibit (h)6 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h6.htm)<br> [<u>Effective Amendment No. 83 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h6.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h6.htm)<br> [<u>Inc. filed on February 11, 2022</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h6.htm)<br>|
| (h)6(b) | Amendment to Fund of Funds Investment Agreement between <br> Northwestern Mutual Series Fund, Inc. and State Street Global Advisors <br> Trust Company (SPDR S&P 500 ETF Trust and SPDR Dow Jones <br> Industrial Average ETF Trust) dated June 9, 2025<br>| [<u>Filed herewith</u>](d59440dex99h6b.htm) |
| (h)7(a) | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and The Select Sector SPDR Trust dated January 19, 2022<br>| [<u>Exhibit (h)7 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h7.htm)<br> [<u>Effective Amendment No. 83 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h7.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h7.htm)<br> [<u>Inc. filed on February 11, 2022</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h7.htm)<br>|
| (h)7(b) | Amendment to Fund of Funds Investment Agreement between <br> Northwestern Mutual Series Fund, Inc. and The Select Sector SPDR Trust <br> dated June 9, 2025<br>| [<u>Filed herewith</u>](d59440dex99h7b.htm) |
| (h)8(a) | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and SPDR Series Trust, SPDR Index Shares Funds, and SSGA <br> Active Trust dated January 19, 2022<br>| [<u>Exhibit (h)8 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h8.htm)<br> [<u>Effective Amendment No. 83 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h8.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h8.htm)<br> [<u>Inc. filed on February 11, 2022</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h8.htm)<br>|
| (h)8(b) | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and SPDR Series Trust, SPDR Index Shares Funds, and SSGA <br> Active Trust dated June 9, 2025<br>| [<u>Filed herewith</u>](d59440dex99h8b.htm) |
| (h)9 | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and Vanguard Funds dated January 19, 2022<br>| [<u>Exhibit (h)9 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h9.htm)<br> [<u>Effective Amendment No. 83 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h9.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h9.htm)<br> [<u>Inc. filed on February 11, 2022</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522036384/d305761dex99h9.htm)<br>|
| (h)10(a) | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and Schwab Strategic Trust dated April 17, 2024<br>| [<u>Exhibit (h)10 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99h10.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99h10.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99h10.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99h10.htm)<br>|
| (h)10(b) | Amendment to Fund of Funds Investment Agreement between <br> Northwestern Mutual Series Fund, Inc. and Schwab Strategic Trust dated <br> July 1, 2025<br>| [<u>Filed herewith</u>](d59440dex99h10b.htm) |
| (h)11 | Amended and Restated Fund of Funds Investment Agreement between <br> Northwestern Mutual Series Fund, Inc. and abrdn ETFs dated June 20, 2025<br>| [<u>Filed herewith</u>](d59440dex99h11.htm) |
| (h)12(a) | Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and Invesco Exchange-Traded Fund Trust, Invesco Exchange-<br> Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco <br> Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed <br> Exchange-Traded Commodity Fund Trust, and Invesco Actively Managed <br> Exchange-Traded Self-Indexed Fund Trust dated February 5, 2025<br>| [<u>Filed herewith</u>](d59440dex99h12a.htm) |

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (h)12(b) | Amendment to Fund of Funds Investment Agreement between <br> Northwestern Mutual Series Fund, Inc. and Invesco Exchange-Traded Fund <br> Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-<br> Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund <br> Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, <br> and Invesco Actively Managed Exchange-Traded Self-Indexed Fund Trust <br> dated June 26, 2025<br>| [<u>Filed herewith</u>](d59440dex99h12b.htm) |
| (i) | Opinion and Consent of Counsel | [<u>Exhibit (i) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525095855/d904324dex99i.htm)<br> [<u>Effective Amendment No. 93 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525095855/d904324dex99i.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525095855/d904324dex99i.htm)<br> [<u>Inc. filed on April 25, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525095855/d904324dex99i.htm)<br>|
| (j) | Consent of Independent Registered Public Accounting Firm  | [<u>Exhibit (j) to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525095855/d904324dex99j.htm)<br> [<u>Effective Amendment No. 93 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525095855/d904324dex99j.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525095855/d904324dex99j.htm)<br> [<u>Inc. filed on April 25, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525095855/d904324dex99j.htm)<br>|
| (p)1 | Personal Trading Policy Adopted by Mason Street Advisors, LLC, <br> Northwestern Mutual Series Fund, Inc. and Northwestern Mutual <br> Investment Management Company, LLC dated June 5, 2023<br>| [<u>Exhibit (p)1 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p1.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p1.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p1.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p1.htm)<br>|
| (p)2 | T. Rowe Price Group, Inc. and Its Affiliates Code of Ethics and Conduct, <br> effective June 3, 2013 (applicable to T. Rowe Price Associates, Inc.) <br>| [<u>Exhibit (p)1(h) to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99p1h.htm)<br> [<u>Effective Amendment No. 52 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99p1h.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99p1h.htm)<br> [<u>Inc. filed on December 16, 2013</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312513474225/d608992dex99p1h.htm)<br>|
| (p)3 | American Century Investments Code of Ethics revised in January 1, 2025 | [<u>Exhibit (p)3 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p3.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p3.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p3.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p3.htm)<br>|
| (p)4 | MFS (Massachusetts Financial Services Company) Code of Ethics Policy <br> effective December 29, 2023<br>| [<u>Exhibit (p)4 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p4.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p4.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p4.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p4.htm)<br>|
| (p)5 | PIMCO Code of Ethics effective January 2025  | [<u>Exhibit (p)5 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p5.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p5.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p5.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p5.htm)<br>|
| (p)6 | Putnam Investment Management, LLC Code of Ethics effective <br> September 9, 2024<br>| [<u>Filed herewith</u>](d59440dex99p6.htm) |
| (p)7 | J.P. Morgan Investment Management, Inc. Code of Ethics effective <br> April 26, 2023<br>| [<u>Exhibit (p)7 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p7.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p7.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p7.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p7.htm)<br>|
| (p)8 | Wellington Management Company LLP Code of Ethics effective <br> December 1, 2023<br>| [<u>Exhibit (p)8 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p8.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p8.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p8.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p8.htm)<br>|
| (p)9 | BlackRock Advisors, LLC Code of Business Conduct and Ethics effective <br> July 21, 2014<br>| [<u>Exhibit (p)14 to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312514414964/d820844dex99p14.htm)<br> [<u>Effective Amendment No. 56 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312514414964/d820844dex99p14.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312514414964/d820844dex99p14.htm)<br> [<u>Inc. filed on November 17, 2014</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312514414964/d820844dex99p14.htm)<br>|

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| (p)10 | BlackRock Advisors, LLC Global Personal Trading Policy effective <br> September 28, 2021<br>| [<u>Exhibit (p)10 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p10.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p10.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p10.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p10.htm)<br>|
| (p)11 | Allspring Global Investments, LLC Code of Ethics effective <br> December 1, 2024<br>| [<u>Exhibit (p)11 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p11.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p11.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p11.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p11.htm)<br>|
| (p)12 | Federated Investment Management Company Code of Business Conduct <br> and Ethics effective July 25, 2013<br>| [<u>Exhibit (p)17 to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312514414964/d820844dex99p17.htm)<br> [<u>Effective Amendment No. 56 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312514414964/d820844dex99p17.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312514414964/d820844dex99p17.htm)<br> [<u>Inc. filed on November 17, 2014</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312514414964/d820844dex99p17.htm)<br>|
| (p)13 | Federated Hermes Code of Ethics for Access Persons effective <br> November 13, 2024<br>| [<u>Exhibit (p)13 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p13.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p13.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p13.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p13.htm)<br>|
| (p)14 | Loomis, Sayles & Company, L.P. Code of Ethics as amended <br> November 30, 2023<br>| [<u>Exhibit (p)14 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p14.htm)<br> [<u>Effective Amendment No. 89 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p14.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p14.htm)<br> [<u>Inc. filed on April 26, 2024</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312524118499/d728393dex99p14.htm)<br>|
| (p)15 | Loomis, Sayles & Company, L.P. Identifying and Managing Conflicts of <br> Interest Policies and Procedures effective May 2015 <br>| [<u>Exhibit (p)19 to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515270728/d50616dex99p19.htm)<br> [<u>Effective Amendment No. 60 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515270728/d50616dex99p19.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515270728/d50616dex99p19.htm)<br> [<u>Inc. filed on July 30, 2015</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312515270728/d50616dex99p19.htm)<br>|
| (p)16 | FIAM LLC Code of Ethics for Personal Investing effective Q4 2024 | [<u>Exhibit (p)16 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p16.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p16.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p16.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p16.htm)<br>|
| (p)17 | Aberdeen Asset Managers Limited Code of Ethics Policy effective <br> May 1, 2016<br>| [<u>Exhibit (p)21 to Form N-1A Post-</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312517053636/d341568dex99p21.htm)<br> [<u>Effective Amendment No. 65 for</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312517053636/d341568dex99p21.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312517053636/d341568dex99p21.htm)<br> [<u>Inc. filed on February 23, 2017</u>](http://www.sec.gov/Archives/edgar/data/742212/000119312517053636/d341568dex99p21.htm)<br>|
| (p)18 | Northern Trust Asset Management Code of Ethics effective January 2, 2025 | [<u>Exhibit (p)18 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p18.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p18.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p18.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p18.htm)<br>|
| (p)19 | Dodge & Cox Group Code of Ethics revised June 3, 2024 | [<u>Exhibit (p)19 to Form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p19.htm)<br> [<u>Effective Amendment 92 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p19.htm)<br> [<u>Northwestern Mutual Series Fund,</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p19.htm)<br> [<u>Inc. filed on April 23, 2025</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312525090942/d875079dex99p19.htm)<br>|
| (p)20 | T. Rowe Price Group, Inc. and Its Affiliates Code of Ethics and Conduct, <br> effective March 7, 2022 (applicable to T. Rowe Price Investment <br> Management, Inc.)<br>| [<u>Exhibit (p)20 to form N-1A Post-</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522127191/d146328dex99p20.htm)<br> [<u>Effective Amendment No. 85 for</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522127191/d146328dex99p20.htm)<br> [<u>Northwester Mutual Series Fund, Inc.</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522127191/d146328dex99p20.htm)<br> [<u>filed on April 28, 2022.</u>](https://www.sec.gov/Archives/edgar/data/742212/000119312522127191/d146328dex99p20.htm)<br>|
| (q) | Power of Attorney | [<u>Filed herewith</u>](d59440dex99q.htm) |
| &nbsp;&nbsp; 101.INS <br> XBRL<br>| Instance Document – the instance document does not appear on the <br> Interactive Data File because its XBRL tags are embedded within the Inline <br> XBRL document.<br>|  |
| &nbsp;&nbsp; 101.SCH <br> XBRL<br>| Taxonomy Extension Schema Document |  |

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| | | |
|:---|:---|:---|
| **Exhibit** | **Description** | **Filed Herewith/Incorporated** <br> **Herein By Reference To**<br>|
| &nbsp;&nbsp; 101.CAL <br> XBRL<br>| Taxonomy Extension Calculation Linkbase Document |  |
| &nbsp;&nbsp; 101.DEF <br> XBRL<br>| Taxonomy Extension Definition Linkbase Document |  |
| &nbsp;&nbsp; 101.LAB <br> XBRL<br>| Taxonomy Extension Label Linkbase Document |  |
| &nbsp;&nbsp; 101.PRE <br> XBRL<br>| Taxonomy Extension Presentation Linkbase Document |  |

---

Item 29.

<u>Persons Controlled by or under Common Control with Registrant</u>

Shares of the Registrant have been offered and sold only to The Northwestern Mutual Life Insurance Company ("Northwestern Mutual"), a mutual insurance company organized by a special act of the Wisconsin Legislature, and its separate investment accounts (either directly or indirectly) created pursuant to Wisconsin insurance laws. The separate investment accounts are registered under the Investment Company Act of 1940 as unit investment trusts, and the purchasers of variable annuity contracts and variable life insurance policies issued in connection with such accounts have the right to instruct Northwestern Mutual with respect to the voting of the Registrant's shares held by those accounts. Subject to such voting instruction rights, Northwestern Mutual and its separate investment accounts (either directly or indirectly through one or more of the Registrant's investment portfolios operating as an affiliated fund of funds) control the Registrant. However, the present practice of Northwestern Mutual, as disclosed elsewhere in this Amended Registration Statement, is to vote any shares of the Registrant that are held as general assets in the same proportions as the shares for which voting instructions are received. Additionally, shares of the Registrant held by its investment portfolios operating as an affiliated fund of funds are also voted in the same proportion as the shares for which Northwestern Mutual receives voting instructions.

The subsidiaries of Northwestern Mutual, as of December 31, 2024, as well as their jurisdiction of incorporation and Northwestern Mutual's direct or indirect ownership percentage, are set forth below.

**<u>NORTHWESTERN MUTUAL CORPORATE STRUCTURE</u>**<sup>(1)</sup>

**(as of December 31, 2024)** 

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| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Operating Subsidiaries |  |  |  |
| Mason Street Advisors LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Long Term Care Insurance Company<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| &nbsp;&nbsp; Northwestern Mutual Investment Management <br> Company LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Mutual Investment Services LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Mutual Wealth Management Company<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| All Other Subsidiaries |  |  |  |
| 1838938 Alberta Ltd<sup>(2)</sup> <br>| Canada | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| 1890 Maple LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |

---

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| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| 200 12th Street LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| 720 East LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; Northwestern Mutual <br> Investment Management <br> Company LLC<br>| 100.00 |
| 777 North Van Buren Apartments LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| 777 North Van Buren Parking LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| 777 North Van Buren Retail LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| AC 2020 NMTC Investor LLC<sup>(2)</sup> <br>| Louisiana | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99.00 |
| Amber LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Baraboo Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Bayridge LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| BCC Cancer Center Venture LP<sup>(2)</sup>  | Delaware | NM Cancer Center GP LLC | 0.01 |
| BCC Cancer Center Venture LP<sup>(2)</sup>  | Delaware | NM Imperial LLC | 83.99 |
| BCC Cancer Center Venture LP<sup>(2)</sup>  | Delaware | RE Corp | 16.00 |
| Bell Road Venture Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90.00 |
| Bishop Square LLC<sup>(2)</sup> <br>| Delaware | NM BSA LLC | 100.00 |
| Brandywine Distribution LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Burgundy LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| C - Land Fund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Capitol View Joint Venture<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 85.00 |
| Capitol View JV-D<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 80.00 |
| Capitol View JV-E<sup>(2)</sup> <br>| Tennessee | C-Land Fund LLC | 70.00 |
| Cedarstone LLC<sup>(2)</sup> <br>| Delaware | Baraboo Inc | 100.00 |
| Chateau LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Coral Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Cortona Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Cream City Venture Capital LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99.00 |
| Cream City Venture Capital LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NML Development <br> Corporation<br>| 1.00 |
| Crosland Greens LLC<sup>(2)</sup> <br>| &nbsp;&nbsp; North <br> Carolina<br>| C-Land Fund LLC | 85.00 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Crown Farm Partners LLC<sup>(2)</sup>  | Maryland | NM Imperial LLC | 99.00 |
| Crown Farm Partners LLC<sup>(2)</sup>  | Maryland | RE Corp | 1.00 |
| Dortmund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| East Pointe Commons Limited Partnership | Wisconsin | EP Commons LLC | 30.00 |
| East Pointe Commons Limited Partnership | Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 70.00 |
| Ellington Residential LLC<sup>(2)</sup> <br>| Maryland | Crown Farm Partners, LLC | 100.00 |
| EP Commons LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 50.00 |
| Fairfield Potomac Club LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 99.00 |
| Fairfield Potomac Club LLC<sup>(2)</sup>  | Delaware | RE Corp | 1.00 |
| FES LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Fifth and Lavaca Republic Square Limited Partnership<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 94.05 |
| Fifth and Lavaca Republic Square Limited Partnership<sup>(2)</sup>  | Delaware | NM Twin Creeks GP LLC | 0.95 |
| GRO-SUB LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Hazel Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Higgins Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| High Street Station Square Pittsburgh I LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 89.00 |
| High Street Station Square Pittsburgh I LLC<sup>(2)</sup>  | Delaware | NM High Street 1 LLC | 11.00 |
| Hobby Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Hollenberg 1 Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Iron Key Insurance Services LLC<sup>(2)</sup> <br>| Delaware | Lake Emily Holdings LLC | 100.00 |
| Lake Emily Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Lakelands Associates LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 85.00 |
| Logan Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Los Alamitos Corporate Center Joint Venture LLC<sup>(2)</sup>  | California | NM Imperial LLC | 99.00 |
| Los Alamitos Corporate Center Joint Venture LLC<sup>(2)</sup>  | California | RE Corp | 1.00 |
| Maroon Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Mason & Marshall Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| MCC Castro Station LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 98.50 |
| Model Portfolios LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Network Office Cashiership LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100.00 |

---

------

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| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Nicolet Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM BSA LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Cancer Center GP LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| NM Career Distribution Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM DFW Lewisville LLC<sup>(2)</sup> <br>| Delaware | NM Majestic Holdings LLC | 100.00 |
| NM Eagle I LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM Gen LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM GP Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM Green LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM High Street 1 LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 89.00 |
| NM High Street 1 LLC<sup>(2)</sup>  | Delaware | NM High Street 2 LLC | 11.00 |
| NM High Street 2 LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| NM Imperial LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Investment Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM Lion LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Majestic Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Neptune LLC<sup>(2)</sup> <br>| Delaware | NM Regal LLC | 100.00 |
| NM Network Office 135 Insurance Agency LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100.00 |
| NM Pebble Valley LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM Pioneer LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM QOZ Fund II LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100.00 |
| NM QOZ Fund III LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100.00 |
| NM QOZ Fund IV LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100.00 |
| NM QOZ Fund LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; QOZ Holding Company <br> LLC<br>| 100.00 |
| NM RE Funds LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM Regal LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM Twin Creeks GP LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |

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------

---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| NM Van Buren LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM VI Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-808 West LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NMC JCAF VI CARRY LP<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; Northwestern Mutual <br> Investment Management <br> Company LLC<br>| 35.71 |
| NMC V GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMC VI GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NM-Hemlock LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-Jasper LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NML Development Corporation<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NML Real Estate Holdings LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NML Securities Holdings LLC<sup>(2)</sup> <br>| Wisconsin | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NMLSP1 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| NM-MNO LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100.00 |
| NM-Muse LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NMPE I GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMPE II GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMPE III GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NMPE IV GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| NM-Port Royale LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-Pulse LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-RESA LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NMRM Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| NM-SAS LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-Skye LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NM-Target Distribution Center 1 LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target.com <br> Distribution Center LLC<br>| 89.00 |
| NM-Target Distribution Center 1 LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target Distribution <br> Center -2 LLC<br>| 11.00 |
| NM-Target Distribution Center 2 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM-Target.com <br> Distribution Center LLC<br>| 100.00 |

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| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| NM-Target Distribution Center Property Owner LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target.com <br> Distribution Center LLC<br>| 89.00 |
| NM-Target Distribution Center Property Owner LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; NM-Target Distribution <br> Center -1 LLC<br>| 11.00 |
| NM-Target.com Distribution Center LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| Northwestern Broadway Plaza LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Mutual Capital Equity Fund VII LP<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 13.38 |
| Northwestern Mutual Capital Equity Fund VII-A LP<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 39.00 |
| Northwestern Mutual Capital Equity GP VII LP<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 50.00 |
| Northwestern Mutual Capital GP III LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| Northwestern Mutual Capital GP IV LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| Northwestern Mutual Capital GP LLC<sup>(2)</sup> <br>| Delaware | NM GP Holdings LLC | 100.00 |
| Northwestern Mutual MU TLD Registry LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwestern Mutual Registry LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwoods Phase I LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwoods Phase II LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Northwoods Phase III LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| NP Keystone Building 20 LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 91.00 |
| Osprey Links Golf Course LLC<sup>(2)</sup> <br>| Delaware | Osprey Links LLC | 100.00 |
| Osprey Links LLC<sup>(2)</sup>  | Delaware | NM Imperial LLC | 99.00 |
| Osprey Links LLC<sup>(2)</sup>  | Delaware | RE Corp | 1.00 |
| Plantation Oaks MHC-NM LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| Pompano Property Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90.00 |
| QOZ Holding Company LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| RE Corp<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Realen Valley Forge Greenes Associates<sup>(2)</sup> <br>| Pennsylvania | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 95.93 |
| Regency NM Johns Creek LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Russet Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Scaleybark Phase I LLC<sup>(2)</sup> <br>| Delaware | C-Land Fund LLC | 85.00 |
| Scotty LLC<sup>(2)</sup>  | Delaware | Hobby Inc | 8.85 |
| Scotty LLC<sup>(2)</sup>  | Delaware | Maroon Inc | 91.15 |
| Seattle Network Office LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NM Career Distribution <br> Holdings LLC<br>| 100.00 |

---

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---

| | | | |
|:---|:---|:---|:---|
| **Legal Entity Name** | &nbsp;&nbsp; **Domestic** <br> **Jurisdiction**<br>| **Owner(s)** | **Owner %** |
| Seazen GP LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Seazen Rocky Point LP<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 99.90 |
| Seazen Rocky Point LP<sup>(2)</sup>  | Delaware | Seazen GP LLC | 0.10 |
| Tampa Mariner Street Apts LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 90.00 |
| Tupelo Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Two Con Holdings LLC<sup>(2)</sup> <br>| Delaware | Bishop Square LLC | 100.00 |
| Two Con LLC<sup>(2)</sup> <br>| Delaware | Two Con Holdings LLC | 100.00 |
| Two Con SPE LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Variable Innovation LLC<sup>(2)</sup> <br>| Delaware | NM VI Holdings LLC | 100.00 |
| Ventura Lakes MHC-NM LLC<sup>(2)</sup> <br>| Delaware | NM Imperial LLC | 100.00 |
| Vienna Metro Joint Venture LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 85.00 |
| Walden OC LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Real Estate Holdings <br> LLC<br>| 100.00 |
| Waterside Lanier Venture Partners LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 91.00 |
| Wells Street LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Westpark Corporate Center LLC<sup>(2)</sup>  | Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 44.50 |
| Westpark Corporate Center LLC<sup>(2)</sup>  | Delaware | NM GP Holdings LLC | 44.50 |
| White Oaks Inc<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; NML Securities Holdings <br> LLC<br>| 100.00 |
| Wysh Financial LLC<sup>(2)</sup> <br>| Delaware | Wysh Holdings LLC | 100.00 |
| Wysh Holdings LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; The Northwestern Mutual <br> Life Insurance Company<br>| 100.00 |
| Wysh Insurance Agency LLC<sup>(2)</sup> <br>| Delaware | &nbsp;&nbsp; Wysh Life and Health <br> Insurance Company<br>| 100.00 |
| Wysh Life and Health Insurance Company<sup>(2)</sup> <br>| Wisconsin | Wysh Holdings LLC | 100.00 |
| Wysh LLC<sup>(2)</sup> <br>| New York | Wysh Holdings LLC | 100.00 |

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(1) Certain subsidiaries are omitted on the basis that, considered in the aggregate at year end 2023, they did not constitute a significant subsidiary as defined by Regulation S-X. Certain investment partnerships and limited liability companies that hold real estate assets of The Northwestern Mutual Life Insurance Company are not represented.

(2) Subsidiary included in the consolidated financial statements.

Item 30.

<u>Indemnification</u>

Article IX of Registrant's by-laws is included as an exhibit to the Registration Statement under the Securities Act of 1933 and the Investment Company Act of 1940. In addition to indemnification pursuant to the Registrant's by-laws, the Registrant's directors may in certain circumstances be eligible for indemnification by Northwestern Mutual. Pursuant to action by the Northwestern Mutual trustees, and in accordance with the by-laws of Northwestern Mutual, indemnification by Northwestern Mutual is extended to directors of the Registrant against all reasonable expenses in a successful defense in a proceeding, and liability incurred in a

------

proceeding to which such person was a party because he or she is or was a director of the Registrant. Indemnification is not available if liability was incurred because the director breached or failed to perform a duty owed to Registrant and the breach or failure to perform constituted any of the following: (a) a willful failure to deal fairly with Registrant or its stockholders in connection with a matter in which the director has a material conflict of interest; (b) a violation of criminal law unless the director had reasonable cause to believe his or her conduct was lawful or no reasonable cause to believe his or her conduct was unlawful; (c) a transaction in which the director derived an improper personal benefit; or (d) willful misconduct. Determination of rights to such indemnification is pursuant to the procedures set forth in Northwestern Mutual's by-laws. The directors are covered under a directors and officers liability insurance policy in the name of the Series Fund. It is in the amount of $25 million ($15 million primary layer and a $10 million secondary layer), with a $500,000 deductible. The cost of the insurance is paid by the Registrant.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the "Act") may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.

Item 31.

<u>Business and Other Connections of Investment Adviser</u>

Mason Street Advisors, LLC ("MSA"), the Registrant's investment adviser, may also provide from time to time investment advisory services for Northwestern Mutual and other institutional clients. Several of the directors and officers of MSA also serve as officers of Northwestern Mutual. Additional information regarding the business and other connections of MSA, and its directors and officers, is set forth in MSA's current Form ADV filed with the Securities and Exchange Commission ("SEC").

Information regarding the business and other connections of each sub-adviser, and its officers and directors is set forth in each sub-adviser's current Form ADV filed with the SEC. The chart below sets forth each sub-adviser and their respective SEC file number.

---

| | |
|:---|:---|
| **Sub-Adviser** | **SEC Number** |
| American Century Investment Management, Inc. | 801-8174 |
| Massachusetts Financial Services Company | 801-17352 |
| T. Rowe Price Associates, Inc. | 801-856 |
| T. Rowe Price Investment Management, Inc.  | 801-121434 |
| Pacific Investment Management Company LLC | 801-48187 |
| Dodge & Cox | 801-1895 |
| J.P. Morgan Investment Management, Inc. | 801-21011 |
| Putnam Investment Management, LLC | 801-7974 |
| Wellington Management Company LLP | 801-15908 |
| Allspring Global Investments, LLC | 801-21122 |
| Federated Investment Management Company | 801-34612 |
| BlackRock Advisors, LLC | 801-47710 |
| Loomis, Sayles & Company, L.P. | 801-170 |
| FIAM LLC | 801-63658 |
| abrdn Investments Limited | 801-75074 |
| Northern Trust Investments, Inc.  | 801-33358 |

---

Item 32.

<u>Principal Underwriters</u>

Not applicable.

------

Item 33.

<u>Location of Accounts and Records</u>

Pursuant to the investment advisory agreement, MSA, the Registrant's adviser, provides or arranges with Northwestern Mutual, its affiliate, for the provision of facilities and personnel for maintaining the Registrant's books and records. Each account, book or other document required to be maintained by Section 31(a) of the 1940 Act and Rules 17 CFR §§ 270-31a-1 to 31a-3 promulgated thereunder, is kept at 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, the address of MSA and of Northwestern Mutual, except for records held and maintained by State Street Bank and Trust Company, 1 Iron Street, Boston, MA, 02110, relating to its function as custodian.

Item 34.

<u>Management Services</u>

Not applicable.

Item 35.

<u>Undertakings</u>

Not applicable.

------

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Northwestern Mutual Series Fund, Inc., certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Milwaukee, and State of Wisconsin, on the 26th day of September, 2025.

---

| | |
|:---|:---|
| NORTHWESTERN MUTUAL SERIES FUND, INC. | NORTHWESTERN MUTUAL SERIES FUND, INC. |
| (Registrant) | (Registrant) |
| By: | /s/ PAUL A. MIKELSON |
|  | Paul A. Mikelson, President |

---

Pursuant to the requirements of the Securities Act of 1933, this Amended Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** |  |
| /s/ PAUL A. MIKELSON | &nbsp;&nbsp;&nbsp;&nbsp; President and<br> Principal Executive Officer | September 26, 2025 |
| Paul A. Mikelson | &nbsp;&nbsp;&nbsp;&nbsp; President and<br> Principal Executive Officer | September 26, 2025 |
| /s/ PHIL J. RINZEL | &nbsp;&nbsp;&nbsp;&nbsp; Vice President, Chief<br> Financial Officer and Treasurer | September 26, 2025 |
| Phil J. Rinzel | &nbsp;&nbsp;&nbsp;&nbsp; Vice President, Chief<br> Financial Officer and Treasurer | September 26, 2025 |
| /s/ LINDA L. WISNIEWSKI | Controller and Chief Accounting Officer | September 26, 2025 |
| Linda L. Wisniewski | Controller and Chief Accounting Officer | September 26, 2025 |
| /s/ CHRISTY L. BROWN\* | Director | September 26, 2025 |
| Christy L. Brown | Director | September 26, 2025 |
| /s/ WILLIAM J. GERBER\* | Director | September 26, 2025 |
| William J. Gerber | Director | September 26, 2025 |
| /s/ GAIL L. HANSON\* | Director | September 26, 2025 |
| Gail L. Hanson | Director | September 26, 2025 |
| /s/ DAVID RIBBENS\* | Director | September 26, 2025 |
| David Ribbens | Director | September 26, 2025 |
| /s/ DONALD M. ULLMANN\* | Director | September 26, 2025 |
| Donald M. Ullmann | Director | September 26, 2025 |
| /s/ ELIZABETH A. LEVY-NAVARRO\* | Director | September 26, 2025 |
| Elizabeth A. Levy-Navarro | Director | September 26, 2025 |
| /s/ JOHN C. ROBERTS\* | Director | September 26, 2025 |
| John C. Roberts | Director | September 26, 2025 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \*By | /s/ PAUL A. MIKELSON  |
|  | Paul A. Mikelson, Attorney in Fact, pursuant to the [<u>Power of Attorney</u>](d59440dex99q.htm) filed herewith |

---

------

Exhibit Index

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| (a)1(r) | Articles of Amendment of Northwestern Mutual Series Fund, Inc. filed with the State of Maryland on <br> June 9, 2025<br>|
| (a)1(s) | Articles of Amendment of Northwestern Mutual Series Fund, Inc. filed with the State of Maryland on <br> August 19, 2025<br>|
| (d)2(a)  | Investment Sub-Advisory Agreement between Mason Street Advisors, LLC and Putnam Investment <br> Management, LLC (on behalf of the Domestic Equity Portfolio) dated June 5, 2025<br>|
| (d)2(n)(2) | Amendment to the Second Amended and Restated Investment Sub-Advisory Agreement between <br> Mason Street Advisors, LLC and abrdn Investments Limited (on behalf of the Emerging Markets <br> Equity Portfolio) dated June 5, 2025<br>|
| (d)2(o)(2) | Amendment to the Third Amended and Restated Investment Sub-Advisory Agreement between Mason <br> Street Advisors, LLC and Federated Investment Management Company (on behalf of the High Yield <br> Bond Portfolio) dated August 28, 2025<br>|
| (h)2(a)(2)  | Amendment to the Agreement to Waive Mason Street Advisors, LLC Investment Advisory Fees <br> Relating to Certain Portfolios of Northwestern Mutual Series Fund, Inc. dated July 28, 2025<br>|
| (h)3 | Fund of Fund Investment Agreement between Northwestern Mutual Series Fund, Inc. and BlackRock <br> ETF Trust, BlackRock ETF Trust II, iShares Trust, iShares, Inc., and iShares U.S. ETF Trust dated <br> January 19, 2025, as amended July 1, 2025<br>|
| (h)4(b) | Amendment to Fund of Funds Investment Agreement between Northwestern Mutual Series Fund, Inc. <br> and J.P. Morgan Exchange-Traded Fund Trust dated June 20, 2025<br>|
| (h)5(b)  | Amendment to Fund of Funds Investment Agreement between Northwestern Mutual Series Fund, Inc. <br> and PIMCO ETF Trust and PIMCO Equity Series dated June 23, 2025<br>|
| (h)6(b) | Amendment to Fund of Funds Investment Agreement between Northwestern Mutual Series Fund, Inc. <br> and State Street Global Advisors Trust Company (SPDR S&P 500 ETF Trust and SPDR Dow Jones <br> Industrial Average ETF Trust) dated June 9, 2025<br>|
| (h)7(b)  | Amendment to Fund of Funds Investment Agreement between Northwestern Mutual Series Fund, Inc. <br> and The Select Sector SPDR Trust dated June 9, 2025<br>|
| (h)8(b) | Fund of Funds Investment Agreement between Northwestern Mutual Series Fund, Inc. and SPDR <br> Series Trust, SPDR Index Shares Funds, and SSGA Active Trust dated June 9, 2025<br>|
| (h)10(b)  | Amendment to Fund of Funds Investment Agreement between Northwestern Mutual Series Fund, Inc. <br> and Schwab Strategic Trust dated July 1, 2025<br>|
| (h)11 | Amended and Restated Fund of Funds Investment Agreement between Northwestern Mutual Series <br> Fund, Inc. and abrdn ETFs dated June 20, 2025<br>|
| (h)12(a) | Fund of Funds Investment Agreement between Northwestern Mutual Series Fund, Inc. and Invesco <br> Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-<br> Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively <br> Managed Exchange-Traded Commodity Fund Trust, and Invesco Actively Managed Exchange-Traded <br> Self-Indexed Fund Trust dated February 5, 2025<br>|
| (h)12(b) | Amendment to Fund of Funds Investment Agreement between Northwestern Mutual Series Fund, Inc. <br> and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India <br> Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco <br> Actively Managed Exchange-Traded Commodity Fund Trust, and Invesco Actively Managed <br> Exchange-Traded Self-Indexed Fund Trust dated June 26, 2025<br>|
| (p)6 | Putnam Investment Management, LLC Code of Ethics effective September 9, 2024 |
| (q) | Power of Attorney |

---

------

## Ex-99.(A)1(R)

**<u>NORTHWESTERN MUTUAL SERIES FUND, INC.</u>**

**ARTICLES OF AMENDMENT** 

Northwestern Mutual Series Fund, Inc., a Maryland corporation, having its principal office in Lutherville Timonium, Maryland (the "Corporation"), hereby certifies to the Maryland Department of Assessments and Taxation that:

<u>FIRST</u>: The Corporation is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

<u>SECOND</u>: From and after the Effective Date (as hereinafter defined), the Charter of the Corporation is hereby amended to change the name of the Series of the Corporation presently designated as the "Balanced Portfolio" to the "Active/Passive Balanced Portfolio."

<u>THIRD</u>: From and after the Effective Date (as hereinafter defined), the Charter of the Corporation is hereby amended to change the name of the Series of the Corporation presently designated as the "Asset Allocation Portfolio" to the "Active/Passive Moderate Portfolio."

<u>FOURTH</u>: The foregoing amendments to the Charter of the Corporation, as set forth above, have been duly approved by a majority of the entire Board of Directors of the Corporation as required by law and each amendment is limited to a change that is expressly permitted by Section 2-605(a)(2) of the Maryland General Corporation Law to be made without action by the stockholders of the Corporation.

<u>FIFTH</u>: The amendments to the Charter of the Corporation, as set forth above, do not change the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption of the Series of the Corporation that are the subject of the amendments.

<u>SIXTH</u>: These Articles of Amendment shall become effective upon filing (the "Effective Date").

[signatures begin on next page]

------

IN WITNESS WHEREOF, Northwestern Mutual Series Fund, Inc. has caused these Articles of Amendment to be signed and acknowledged in its name and on its behalf by its President and its corporate seal to be hereunder affixed by its Secretary on 15th day of July, 2025; and its President acknowledges, in the name and on behalf of said Corporation, that these Articles of Amendment are the corporate act of said Corporation and he further acknowledges that, to the best of his knowledge, information and belief, the matters and facts set forth herein which are required to be verified under oath, are true in all material respects, under penalties of perjury.

---

| | | | |
|:---|:---|:---|:---|
| ATTEST: | ATTEST: | NORTHWESTERN MUTUAL SERIES FUND, INC. | NORTHWESTERN MUTUAL SERIES FUND, INC. |
| By: | /s/ David B. Kennedy | By: | /s/ Paul A. Mikelson |
|  | David B Kennedy, Secretary |  | Paul A Mikelson, President |

---

[Corporate Seal]

## Ex-99.(A)1(S)

**<u>NORTHWESTERN MUTUAL SERIES FUND, INC.</u>**

**ARTICLES OF AMENDMENT** 

Northwestern Mutual Series Fund, Inc., a Maryland corporation, having its principal office in Lutherville Timonium, Maryland (the "Corporation"), hereby certifies to the Maryland Department of Assessments and Taxation that:

<u>FIRST</u>: The Corporation is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

<u>SECOND</u>: From and after the Effective Date (as hereinafter defined), the Charter of the Corporation is hereby amended to change the name of the Series of the Corporation presently designated as the "Inflation Protection Portfolio" to the "Inflation Managed Portfolio."

<u>THIRD</u>: From and after the Effective Date (as hereinafter defined), the Charter of the Corporation is hereby amended to change the name of the Series of the Corporation presently designated as the "Active/Passive All Equity Portfolio" to the "Active/Passive Very Aggressive Portfolio."

<u>FOURTH</u>: The foregoing amendments to the Charter of the Corporation, as set forth above, have been duly approved by a majority of the entire Board of Directors of the Corporation as required by law and each amendment is limited to a change that is expressly permitted by Section 2-605(a)(2) of the Maryland General Corporation Law to be made without action by the stockholders of the Corporation.

<u>FIFTH</u>: The amendments to the Charter of the Corporation, as set forth above, do not change the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, or terms or conditions of redemption of the Series of the Corporation that are the subject of the amendments.

<u>SIXTH</u>: These Articles of Amendment shall become effective on September 15, 2025 (the "Effective Date").

[signatures begin on next page]

------

IN WITNESS WHEREOF, Northwestern Mutual Series Fund, Inc. has caused these Articles of Amendment to be signed and acknowledged in its name and on its behalf by its President and its corporate seal to be hereunder affixed by its Secretary on the <u>8th</u> of <u>August</u> , 2025; and its President acknowledges, in the name and on behalf of said Corporation, that these Articles of Amendment are the corporate act of said Corporation and he further acknowledges that, to the best of his knowledge, information and belief, the matters and facts set forth herein which are required to be verified under oath, are true in all material respects, under penalties of perjury.

---

| | | | |
|:---|:---|:---|:---|
| ATTEST: | ATTEST: | NORTHWESTERN MUTUAL SERIES FUND, INC. | NORTHWESTERN MUTUAL SERIES FUND, INC. |
| By: | /s/ David B. Kennedy | By: | /s/ Paul A. Mikelson |
|  | David B Kennedy, Secretary |  | Paul A Mikelson, President |

---

[Corporate Seal]

## Ex-99.(D)2(A)

**INVESTMENT SUB-ADVISORY AGREEMENT** 

THIS INVESTMENT SUB-ADVISORY AGREEMENT ("Agreement") is made as of this 5th day of June 2025, by and between Mason Street Advisors, LLC, a Delaware limited liability company (the "Adviser") and Putnam Investment Management, LLC, a Delaware limited liability company (the "Sub-Adviser").

WHEREAS, the Adviser has entered into an Amended and Restated Advisory Agreement dated April 30, 2012 (the "Advisory Agreement") with Northwestern Mutual Series Fund, Inc. (the "Company"), which is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Company is authorized to issue shares of the Domestic Equity Portfolio, a separate series of the Company (the "Portfolio");

WHEREAS, the Advisory Agreement provides that the Adviser may, subject to approval by the Board of Directors of the Company (the "Board") and, to the extent necessary, the shareholders of the Portfolio, appoint an investment sub-adviser to assume certain responsibilities and obligations of the Adviser under the Advisory Agreement; and

WHEREAS, the Adviser desires to retain the Sub-Adviser to provide investment advisory services to the Portfolio, and the Sub-Adviser is willing to render such investment advisory services.

NOW, THEREFORE, in consideration of the premises and the terms and conditions hereafter set forth, intending to be legally bound, the parties hereto mutually agree as follows:

1. <u>Appointment</u>. The Adviser hereby appoints and retains the Sub-Adviser to act as the investment sub-adviser for the Portfolio, for the period and on the terms and conditions contained in this Agreement. By execution of this Agreement, the Sub-Adviser hereby accepts such appointment as investment sub-adviser for the Portfolio with full discretion and agrees to perform the services set forth herein, for the compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, except as expressly provided or authorized, have no authority to act for or represent the Portfolio or the Adviser in any way or otherwise be deemed an agent of the Portfolio or the Adviser.

2. <u>Services</u>. Subject to supervision and oversight by the Adviser and the Board, the Sub-Adviser shall supervise, manage and direct the investment of the Portfolio's assets in accordance with the Portfolio's investment objectives, policies and restrictions as stated in the Portfolio's Prospectus and Statement of Additional Information (such Prospectus and Statement of Additional Information as currently in effect and as amended or supplemented from time to time, being herein called the "Prospectus") and with such further guidelines as the Adviser may from time to time communicate to the Sub-Adviser. The Sub-Adviser acknowledges that it is a fiduciary with respect to the services provided to the Portfolio hereunder. The Sub-Adviser will conduct a continual program of evaluation, investment, sale and reinvestment of the assets in

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the Portfolio by determining the securities and other investments, including, but not limited to, futures, options contracts, swaps and other derivative instruments, if any, and to the extent permitted in the Prospectus, that shall be purchased, entered into, sold, closed, placed on loan or exchanged, when these transactions should be executed, and what portion of the Portfolio should be held in the various securities and other investments in which it may invest, and what portion of the Portfolio should be held uninvested in cash. The Adviser hereby delegates to the Sub-Adviser the authority to invest and reinvest assets in the Portfolio (including the authority to place purchase and sale orders on behalf of the Portfolio) at such times and in such manner as the Sub-Adviser deems advisable in accordance with the Prospectus and such further guidance as the Adviser may from time to time provide to the Sub-Adviser.

In performing its duties hereunder, including in connection with the delegation of any such duties or supporting services related thereto to third parties pursuant to Section 13 below, the Sub-Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shall act in conformity with (i) the Portfolio's Prospectus; (ii) the Portfolio's policies and procedures as may be amended from time to time; (iii) the instructions and directions of the Adviser and of the Board; and (iv) the requirements of the 1940 Act, the Commodity Exchange Act, and all other applicable laws and regulations, as each is amended from time to time. The Subadviser shall also act in conformity with the provisions of the Internal Revenue Code of 1986, as amended, that prescribe the requirements for the Portfolio to qualify as a regulated investment company and to serve as an adequately diversified account upon which a variable contract is based, including, specifically, performance of periodic testing for compliance with Sections 817(h) and 851(b)(3) of the Internal Revenue Code, as applicable, using investment information maintained by the Sub-Adviser. The Parties acknowledge that the investment information maintained by the Sub-Adviser may not be complete or accurate for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shall be responsible for the purchase, sale, exchange or conversion of foreign currency in the spot or forward markets in connection with trades on behalf of the Portfolio in unrestricted markets. Conversion of currencies into and out of the base currency of the Portfolio in restricted markets and generally income repatriation transactions will be the responsibility of the Portfolio's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shall be responsible for broker-dealer selection and for the negotiation of commission rates and, absent instructions from the Adviser to the contrary, the Sub-Adviser is authorized to open accounts and to place purchase and sale orders on behalf of the Portfolio with brokers and/or dealers selected by the Sub-Adviser. The Sub-Adviser may give a copy of this Agreement (with the management fee schedule set forth in Schedule A redacted) to any broker, dealer or other party to a transaction as evidence of its authority to act on the Portfolio's behalf. In executing transactions for the Portfolio and selecting brokers or dealers, the Sub-Adviser will seek to obtain the best price and execution available and shall execute or direct the execution of all such transactions in conformity with applicable laws and in a manner that is consistent with its fiduciary obligations to the Portfolio and its other clients. In assessing the best price and execution available for transactions involving the Portfolio, the

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Sub-Adviser will consider all factors it deems relevant including, but not limited to, breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer and the reasonableness of any commission for the specific transaction and on a continuing basis. In seeking to obtain best execution, and subject to such policies as the Board or Adviser may determine and communicate in writing to the Sub-Adviser, the Sub-Adviser may make use of "soft dollars" only to the extent such soft dollar usage complies at all times with Section 28(e) of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") and guidance issued by the U.S. Securities and Exchange Commission ("Commission") thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) May, but shall be under no obligation to, on occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Portfolio as well as other clients of the Sub-Adviser, and to the extent permitted by applicable laws and regulations, aggregate the securities to be so purchased or sold in order to obtain the most favorable price or lower brokerage commissions and efficient execution. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Portfolio and to such other clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shall make available to the Board and the Adviser at reasonable times and at its expense its portfolio managers and other appropriate personnel, either in person or, at the mutual convenience of the Adviser and the Sub-Adviser, by telephone, in order to review the investment policies, performance and other investment related information regarding the Portfolio and to consult with the Board and the Adviser regarding the Portfolio's investment affairs, including economic, statistical and investment matters related to the Sub-Adviser's duties hereunder, and will provide periodic reports to the Adviser relating to the investment strategies it employs as well as the Sub-Adviser's duties hereunder. The Sub-Adviser will provide the Board such other periodic and special reports as the Board may reasonably request, including, but not limited to, reports evidencing the manner in which Sub-Adviser ensures each Portfolio's compliance with the Prospectus and all applicable legal and regulatory requirements attendant to the investments made by the Sub-Adviser for and on behalf of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Shall use reasonable efforts to assist the Adviser in the fair valuation of Portfolio securities in accordance with procedures adopted by the Company, as amended from time to time. The Sub-Adviser will use its reasonable efforts to make available information related to the investments being valued or prices for securities for which prices are deemed by the Adviser or the Portfolio's fund accounting agent not to be readily available in the ordinary course of business from an automated pricing service. If on any day the Sub-Adviser determines to override a vendor price for any security in any other portfolio it manages which is also held by the Portfolio, it will notify the Adviser of such determination and provide a fair value recommendation for such security together with the Sub-Adviser's underlying rationale for the recommendation. In addition, the Sub-Adviser will provide reasonable assistance to the Portfolio and its agents in determining whether prices obtained for valuation purposes accurately reflect market price information relating to the assets of the Portfolio as the Adviser shall reasonably request, and the Sub-Advisor will use commercially reasonable efforts to

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accommodate requests for assistance during the hours after the close of a securities market and prior to the daily determination of the Portfolio's net asset value per share. The Sub-Adviser will notify the Adviser, if as part of the Sub-Adviser's normal course of business, the Sub-Adviser identifies a significant event that may not be reflected in the market values of such portfolio securities. Upon request, the Sub-Adviser will provide the Adviser with (i) supporting information for price challenges issued by the Adviser with respect to securities held by the Portfolio and (ii) information about Sub-Adviser's price challenge activities undertaken for a particular security held in the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Shall provide reasonable assistance to Adviser in complying with the requirements and guidelines set forth in the Company's Derivatives Risk Management Program ("DRM Program") adopted and implemented pursuant to Rule 18f-4 under the 1940 Act as applicable to the Portfolio, including the Value-at-Risk ("VaR") limits determined to apply to the Portfolio, as well as the Company's policies and procedures related to managing the Portfolio's derivatives-related risks. Sub-Adviser agrees to cooperate with and provide reasonable assistance to the Derivatives Risk Manager ("DRM") appointed under the Company's DRM Program. Sub-Adviser agrees to assist in identifying exceptions to or breaches of the VaR limit applicable to the Portfolio upon request of the Portfolio's Chief Compliance Officer, the Adviser or the DRM. In the event Adviser determines that a Portfolio is not in compliance with the applicable VaR limit, Sub-Adviser agrees to make all reasonable efforts to work with Adviser and the DRM to timely return the Portfolio to compliance with the VaR limit promptly, in a manner that is in the best interest of the Portfolio and its shareholders. Sub-Adviser agrees to reasonably cooperate with Adviser and the DRM in assisting with the preparation of any reporting required to the Company's Board or the Commission related to derivatives usage in the Portfolio. If the Sub-Adviser becomes aware, through the utilization of its existing controls and processes related to the management of its derivatives risk, of any matter that, in the Sub-Adviser's opinion, would materially affect the operation of the Company's DRM Program, the Sub-Adviser shall notify the Adviser as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Shall, at its own expense, provide the Adviser and/or the Portfolio's Chief Compliance Officer with such compliance reports and certifications as may be requested from time to time. Notwithstanding the foregoing, the Sub-Adviser will promptly report to the Adviser: (i) any violations of the federal securities laws (as defined in Rule 38a-1 of the 1940 Act) and federal commodities laws and regulations that it is or should be aware of; and (ii) any material violation of the Sub-Adviser's compliance policies and procedures that pertain to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Shall (i) cooperate with and provide reasonable assistance to the Adviser, the Company's administrator, custodian, auditor, legal counsel transfer agent and pricing agents and all other agents and representatives of the Portfolio, the Company and the Adviser, including the Chief Compliance Officer of the Adviser and the Company; (ii) keep all such persons fully informed as to such matters as the Sub-Adviser may reasonably deem necessary to the performance of its obligations to the Portfolio, the Company and the Adviser; (iii) provide

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prompt responses to reasonable requests made by such persons; and (iv) maintain any appropriate interfaces with each so as to promote the efficient exchange of information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Shall, unless otherwise directed by the Adviser or the Board, vote all proxies received in accordance with the Portfolio's proxy voting policy or, if the Sub-Adviser has a proxy voting policy approved by the Board, the Sub-Adviser's proxy voting policy. In connection with its responsibilities hereunder, the Sub-Adviser may retain a third party to provide proxy voting and ancillary administrative services. The Adviser shall instruct the Portfolio's custodian to forward or cause to be forwarded to the Sub-Adviser all communications (including proxy statements, current solicitations, tender offers and ballots) for or relating to companies, the securities or other instruments which are held in the Portfolio, except for communications regarding class action and other lawsuits. Unless otherwise directed by the Adviser, the Sub-Adviser also shall be responsible for monitoring and determining the manner in which corporate actions and other rights pertaining to the securities held in the Portfolio shall be exercised. The Sub-Adviser shall maintain and shall forward to the Portfolio or its designated agent such proxy voting information as is necessary for the Portfolio to timely file proxy voting results in accordance with Rule 30b1-4 of the 1940 Act. The Sub-Adviser does not have the authority to file proofs of claim and other related documents on behalf of the Adviser or the Portfolio in all bankruptcy and other litigation matters, including class action suits. The Sub-Adviser shall notify the Adviser of any distributions received by the Portfolio in connection with any from such litigation matters and shall cause any and all distributions therefrom received by the Portfolio to be promptly forwarded to the Adviser or the custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Shall (i) assist in the preparation of disclosures regarding the Sub-Adviser and the Portfolio, including disclosure related to factors that have affected the Portfolio's performance, relevant market conditions, and the investment strategies and techniques used by the Sub-Adviser, for each period as requested by the Adviser; and (ii) review draft reports to shareholders and other documents provided or available to it and provide comments on a timely basis. In addition, the Sub-Adviser and each officer and portfolio manager thereof designated by the Adviser will provide on a timely basis such certifications or sub-certifications as the Adviser may reasonably request, including, without limitation, those necessary to support and facilitate certifications required to be provided by the Portfolio's Principal Executive Officer, Principal Accounting Officer, Chief Compliance Officer or other officer of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Shall be responsible for the preparation and filing of Form 13F on behalf of the Portfolio, unless otherwise directed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Shall not place orders to purchase or sell any of the Portfolio's assets on the basis of any information obtained or used by the Sub-Adviser in violation of the securities laws of the U.S., or any other country in which the Sub-Adviser transacts business for the Portfolio. The Sub-Adviser shall not disseminate or distribute information in connection with providing the services hereunder that the Sub-Adviser knows or has reason to believe is non-public information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Shall monitor and comply with the Portfolio's investment objectives, policies, and applicable investment restrictions and limitations (including the limits set forth in Commodity Futures Trading Commission ("CFTC") Letter No. 12-38, so long as the Adviser intends to rely upon such letter with respect to the Portfolio). The Sub-Adviser shall also identify, and ensure the Portfolio's compliance with, all applicable legal and regulatory requirements attendant to the investments made by the Sub-Adviser for and on behalf of the Portfolio, including, but not limited to, investments-related recordkeeping and reporting requirements imposed under federal securities and commodities laws and regulations as well as, where applicable, any foreign jurisdictions' requirements. Sub-Adviser shall advise the Adviser promptly in the event it becomes aware of any non-compliance or anticipated non-compliance with any of the above with respect to the Portfolio's assets managed by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Shall be responsible for the management of the collateral in connection with any derivatives and other related transactions it enters into on behalf of the Portfolio, and for providing appropriate instructions to the Portfolio's custodian(s) regarding the movement of collateral as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Shall provide the Adviser with copies of any agreements, contracts, or account-related documents as the Sub-Adviser may execute on behalf of, or in connection with the management of, the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Shall immediately notify the Adviser in the event that the Sub-Adviser or any of its affiliates becomes aware:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that it is subject to a statutory disqualification that prevents the Sub-Adviser from serving as an investment manager pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) of the occurrence of any inspections, notices or inquiries from any governmental or administrative body or self-regulatory agency, or actions, investigations, suits or proceedings involving, directly or indirectly, the affairs of the Portfolio or the Sub-Adviser's management of the Portfolio, including an investigation, administrative proceeding or enforcement action by the Commission or other regulatory authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) of any material fact known to the Sub-Adviser respecting or relating to the Portfolio or the Sub-Adviser or its duties hereunder that is not contained in the Portfolio's Registration Statement, as defined hereinafter, but that is required to be disclosed therein, and of any statement contained therein that becomes untrue in any material respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) of a change or any anticipated change in the portfolio manager(s) assigned to manage the assets of the Portfolio hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) of any financial condition that is likely to impair the Sub-Adviser's ability to provide the services hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) of any reorganization or change in the Sub-Adviser, including any change in its ownership or key employees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the occurrence of any default, potential event of default, breach, or termination event under any agreement entered into by Sub-Adviser directly or on behalf of the Company or a Portfolio in respect of investments for and on behalf of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Shall use the same skill and care in providing services to the Portfolio as it uses in providing services to fiduciary accounts for which it has investment responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Is hereby prohibited from consulting with any other sub-advisers of the Portfolio, other sub-advisers to another portfolio of the Company, or other sub-advisers to a portfolio under common control with the Portfolio concerning transactions of the Portfolio in securities or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Shall provide such other services on behalf of the Portfolio as the Adviser and the Sub-Adviser may agree from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Shall provide such additional services and supply such additional information as may be required by laws or regulations adopted after the effective date of the Agreement that affect the Portfolio or the Adviser.

3. <u>Duties of Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall continue to have responsibility for all services to be provided to the Portfolio pursuant to the Advisory Agreement and shall oversee and review the Sub-Adviser's performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has delivered or made available to the Sub-Adviser copies of each of the following documents and will deliver or make available to it all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Registration Statement under the 1940 Act and the Securities Act of 1933, as amended, on Form N-1A (the "Registration Statement"), as filed with the Commission relating to the Portfolio and its shares, and all amendments and supplements thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Prospectus(es) of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser and the Sub-Adviser shall cooperate with each other to set up and maintain brokerage accounts and other accounts the parties deem advisable to allow for the purchase or sale of various forms of securities and other instruments pursuant to this Agreement; provided, however, that the Adviser shall have the ultimate authority to determine how futures accounts, ISDAs and other accounts or arrangements with respect to derivatives, short sales or other special investments shall be set up.

4. <u>Custody of Portfolio Assets</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Portfolio's assets shall be held at all times by such entity or entities engaged by the Company to be the custodian of the Company's portfolio securities (collectively, the "custodian"). The Adviser shall promptly notify the Sub-Adviser in the event of any anticipated change in the identity of the custodian for the Portfolio. Neither the Adviser nor the Sub-Adviser shall have possession or custody of any assets in the Portfolio. All payments, distributions and other transactions in cash or securities in respect of the Portfolio shall be made directly to or from the custodian. The Adviser shall provide or direct the custodian to provide to the Sub-Adviser from time to time such reports concerning assets, receipts and disbursements with respect to the Portfolio as the Sub-Adviser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser shall provide the custodian on each business day with all necessary information relating to all transactions concerning the assets of the Portfolio and shall provide the Adviser with such information upon request of the Adviser. With respect to securities to be purchased or sold through the Depository Trust Company, the Sub-Adviser shall arrange for the automatic transmission of the I.D. confirmation of the trade to the Portfolio's custodian. The Sub-Adviser shall issue such instructions to the custodian as may be appropriate in connection with the settlement of transactions initiated by the Sub-Adviser and the management of collateral required in connection with any derivatives and related transactions entered into on behalf of the Portfolio. The Sub-Adviser shall cooperate with the custodian and other parties to the trade to promptly resolve any trade settlement discrepancies or disputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser will be responsible for providing Portfolio trades to the Portfolio's fund accounting agent for inclusion in the daily calculation of the Portfolio's net asset value ("NAV") in a manner, and in accordance with such time requirements established by the Adviser. In the event trade data is not delivered by the Sub-Adviser in accordance with such requirements and the Sub-Adviser's failure causes an error that is material to the Portfolio, the Sub-Adviser shall reimburse the Portfolio pursuant to the Portfolio's NAV Error Policy.

5. <u>Compensation and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services to be provided by the Sub-Adviser pursuant to this Agreement for the Portfolio, the Adviser will pay to the Sub-Adviser as full compensation therefor a fee at an annual rate equal to a percentage of the Portfolio's average daily net assets managed by the Sub-Adviser, as set forth on Schedule A. This fee will be paid to the Sub-Adviser from the Adviser's advisory fee for such Portfolio. This fee will be computed daily and paid to the Sub-Adviser monthly. If this Agreement becomes effective or terminates before the end of any month, the fee for the period from the effective date to the end of such month or from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proration which such period bears to the full month in which such effectiveness or termination occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser will not agree to a lower effective fee rate with any other comparable client, as defined hereinafter, subsequent to the date of this Agreement without simultaneously offering the same effective fee rate to the Adviser for the Portfolio, pursuant to

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this Agreement. For purposes of this provision, the term "comparable client" shall mean any person or entity in the United States who engages Sub-Adviser for sub-advisory services, excluding clients whose fees are based on performance, clients who invest in commingled funds, and accounts affiliated with Sub-Adviser that (1) enters into an investment management agreement with the Sub-Adviser after the date hereof (that is not a renewal, extension of or an amendment of an existing agreement) for the management of an account that has equal or fewer assets (either alone or together with other accounts of it and its affiliates that meets all other criteria herein) to the Portfolio and (2) receives similar investment management services to those provided to the Portfolio, including without limitation, having substantially similar investment guidelines, restrictions and objectives. The determination of the applicability of this provision to any comparable client shall be made at the time of the Sub-Adviser's agreement to an effective fee rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under the Agreement and shall bear all expenses as may be expressly provided for in this Agreement. For the avoidance of doubt, the expenses to be paid or borne by the Sub-Adviser hereunder shall include, without limitation, (i) all expenses incurred by it in rendering the services and complying with the obligations and responsibilities of Sub-Adviser as set forth in Section 2; and (ii) those expenses set forth in sub-section (d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser agrees to pay to the Adviser the costs of generating a prospectus supplement, which includes the preparation, filing, printing, and distribution (including mailing) of the supplement, if the Sub-Adviser makes any changes that require immediate disclosure in the prospectus or any required regulatory documents that may be caused by changes to its structure or ownership, investment personnel, investment style or management, or otherwise (each such instance, a "Change Event"). In the event the Adviser is already in the process of preparing a prospectus supplement at the time the Adviser is notified by the Sub-Adviser of such Change Event, and provided the Company agrees, in its sole discretion, that Sub-Adviser's changes may be incorporated in a pending supplement, the Sub-Adviser shall pay such costs and expenses as are attributable, on a proportional basis (based on the page count of any such supplement), to the Sub-Adviser's Changes.

If the Change Event is a proposed change-of-control of the Sub-Adviser that would act to terminate this Agreement, and Adviser has determined to continue the Agreement with Sub-Adviser upon consummation of the proposed change-in-control, and if a vote of shareholders to approve continuation of this Agreement is at that time deemed by counsel to the Company to be required by the 1940 Act or any rule or regulation thereunder, the Sub-Adviser agrees to assume all costs associated with soliciting shareholders of a Portfolio to approve continuation of this Agreement. Such expenses include the costs associated with preparation, filing and mailing of a proxy statement, and costs related to soliciting proxies.

If such proposed change-of-control of the Sub-Adviser shall occur and Adviser has determined to continue the Agreement with Sub-Adviser upon consummation of the proposed change-in-control and a Portfolio is operating under an exemptive order issued by the Commission to the Adviser with respect to the appointment of sub-advisers absent shareholder

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approval, the Sub-Adviser agrees to assume all costs and expenses (including the costs of preparation, mailing and filing) associated with the preparation of an information statement, required by the exemptive order containing all information that would be included in a proxy statement.

If, as a result of a change to a Sub-Adviser's corporate structure or other organizational change, the Company is requested to consider and ultimately approves a new sub-advisory agreement with an advisory affiliate of a Sub-Adviser to provide advisory services to the Portfolio, the Sub-Adviser (or its advisory affiliate) agrees to pay to the Adviser all costs and expenses (including the costs of preparation, filing, printing and mailing) associated with generating: (i) a prospectus supplement and (ii) an information statement necessary to address the appointment of Sub-Adviser's advisory affiliate.

6. <u>Representations and Warranties of Sub-Adviser</u>. The Sub-Adviser represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (ii) has full corporate power and authority to execute and deliver this Agreement and to perform the services contemplated hereunder, and (iii) has all internal approval and controls necessary to perform its obligations under, and to comply with the representations, warranties and covenants made by it, in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and will continue to be so registered while this Agreement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement and has met, and will continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory organization, necessary to be met in order to perform the services contemplated by this Agreement. The Sub-Adviser will comply with all applicable state and federal laws, rules and regulations in connection with the performance of its obligations under this Agreement, including, but not limited to, any applicable U.S. sanctions laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser is registered with the National Futures Association as a commodity trading adviser and commodity pool operator or is exempt from such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser acknowledges that the Adviser currently intends to rely upon CFTC Letter No. 12-38 with respect to the Portfolio. So long as the Adviser intends to rely upon CFTC Letter No. 12-38 with respect to the Portfolio, the Sub-Adviser shall at all times manage the Portfolio in accordance with the criteria set forth in CFTC Letter No. 12-38 and shall comply at all times with the trading limits and other requirements set forth therein. Sub-Adviser shall manage the Portfolio so that Adviser's exposure to commodity interests does not exceed the levels specified in 17 C.F.R. Sec. 4.5.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser has provided the Adviser and the Company with a copy of its Form ADV as most recently filed with the Commission, and after filing any amendment to its Form ADV with the Commission, will furnish a copy of such amendment to the Adviser on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Other than as previously disclosed, there is no pending, or to the best of its knowledge, threatened or contemplated inspections, notices or inquiries from any governmental or administrative body or self-regulatory agency, or actions, investigations, suits or proceedings involving or affecting, directly or indirectly, the Sub-Adviser, including but not limited to an investigation, administrative proceeding or enforcement action by the Commission or other regulatory authority, that reasonably might be expected to impair the Sub-Adviser's ability to discharge its obligations under this Agreement or result in a matter that would require an amendment to the Sub-Adviser's Form ADV Part 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser has adopted a code of ethics meeting the requirements of Rule 17j-1 under the 1940 Act and the requirements of Rule 204A-1 under the Advisers Act and has provided the Adviser and the Board a copy of such code of ethics, together with evidence of its adoption, and will promptly provide copies of any material changes thereto, together with evidence of their adoption. Upon request of the Adviser, but in any event no less frequently than annually, the Sub-Adviser will supply the Adviser a written report that (A) describes any material issues arising under the code of ethics or procedures since the Sub-Adviser's last report that relate to the Portfolio and/or services provided hereunder, including but not limited to material violations of the code of ethics or procedures and sanctions imposed or remedial action taken in response to the material violations; and (B) certifies that the procedures contained in the Sub-Adviser's code of ethics are reasonably designed to prevent "access persons" from violating the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Sub-Adviser has in place and will continue to maintain compliance policies and procedures that are reasonably designed to prevent violations of the Advisers Act and the rules adopted thereunder by the Sub-Adviser or any of its supervised persons. Upon request of the Adviser, but in any event no less frequently than annually, the Sub-Adviser will supply the Adviser a written report that (A) describes material amendments made to the Sub-Adviser's compliance policies and procedures since the Sub-Adviser's last report; (B) describes any material issues arising under the Sub-Adviser's policies and procedures since the Sub-Adviser's last report that relate to the Portfolio and/or services provided hereunder, including but not limited to material violations of any such policies or procedures and sanctions imposed or remedial action taken in response to the material violations; and (C) certifies that the policies and procedures are adequate in design and operation to prevent violations of the Advisers Act and the rules adopted thereunder by the Sub-Adviser or any of its supervised persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser has provided the custodian and the Adviser with a list of individuals who are authorized to provide instructions (including verbal, written, or by way of straight-through processing) to the Portfolio's custodian to act on any matters and/or to take any actions with respect to the cash or securities of the Portfolio (such individuals hereinafter

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referred to as "authorized persons" and such list as the "authorized persons list"). Each authorized person shall have a business need to have the ability to move cash and/or securities to and from the Portfolio's custody accounts within the scope of authority identified on the authorized persons list. In the event any person on the authorized persons list no longer has a business need to access the Portfolio's custody accounts, whether resulting from a change in job responsibilities, a termination of employment or otherwise, the Sub-Adviser will promptly provide the custodian and the Adviser with an updated authorized persons list reflecting the removal of such person. The Sub-Adviser shall provide the Adviser with an updated authorized persons list each time it amends the list to add an authorized person. Upon the request of the Adviser, but in any event no less frequently than annually, the Sub-Adviser will provide the Adviser with a current authorized persons list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The services provided under this Agreement shall not violate or infringe the copyright rights, trade secret rights, trademark rights, patent rights or other proprietary rights of a third party.

The Sub-Adviser shall notify the Adviser immediately if it becomes aware that any representation and warranty under this Agreement is no longer accurate.

7. <u>Books and Records</u>. The Sub-Adviser shall keep the Portfolio's books and records required to be maintained with respect to the services provided by the Sub-Adviser pursuant to Section 2 of this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Portfolio required by Rule 31a-1 under the 1940 Act. The Sub-Adviser agrees that all records that it maintains on behalf of the Portfolio (including agreements it enters into on behalf of the Portfolio) are property of the Portfolio and the Sub-Adviser will surrender promptly to the Portfolio any of such records upon the Portfolio's request; provided, however, that the Sub-Adviser may retain a copy of such records for the sole purpose of complying with applicable law. The Sub-Adviser agrees that all such records shall be open to inspection, copying and audit at all reasonable hours and in a commercially reasonable manner by the Adviser or its designees. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and to provide reasonable advance notice to the Adviser of its intention to destroy any such records after the expiration of the applicable retention period. The provisions of this Section 7 shall survive the termination of this Agreement.

8. <u>Liability and Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser shall not be liable for any error of judgment or for any loss suffered by the Portfolio or the Adviser in connection with the performance of its obligations under this Agreement, except a loss resulting from (i) the Sub-Adviser's material breach of any covenant, obligation, representation or warranty under this Agreement, (ii) Sub-Adviser's willful misfeasance, intentional misconduct, bad faith or gross negligence in the performance of its duties and/or reckless disregard of its obligations and duties under this Agreement, (iii) the Sub-Adviser's violation of applicable law or (iv) the Sub-Adviser's breach of fiduciary duty

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with respect to the receipt of compensation for services under the Agreement. As used in this Section, the term "Sub-Adviser" shall include directors, officers and employees of the Sub-Adviser acting in the course of, or connected with, rendering services hereunder as well as the entity itself. Nothing herein shall constitute a waiver or limitation of any right of any person under the 1940 Act or under the provisions of other federal or state securities laws which cannot be waived or modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser agrees, to the fullest extent permitted by law, to hold harmless and indemnify the Adviser, the Company and their respective affiliates, directors, officers, shareholders, employees or agents (each, an "Indemnified Party"), and defend each Indemnified Party (with counsel of the Indemnified Parties' choosing) from and against any and all claims, losses, suits, liabilities, obligations, costs, damages, judgments, penalties and expenses of any kind (including attorneys' fees and costs) suffered by any Indemnified Party resulting from, arising out of, or in connection with (i) the Sub-Adviser's material breach of any covenant, obligation, representation or warranty under this Agreement, (ii) the Sub-Adviser's willful misfeasance, intentional misconduct, bad faith or gross negligence in the performance of its duties and/or reckless disregard of its obligations and duties under this Agreement, (iii) Sub-Adviser's violation of applicable law, (iv) any third party claim that the services provided under this Agreement by Sub-Adviser violate or infringe the copyright rights, trade secret rights, trademark rights, patent rights or other proprietary rights of the third party, (v) any third party action or claim against the Sub-Adviser unrelated to this Agreement or Sub-Adviser's services hereunder, including, but not limited to, actions or claims against the Sub-Adviser under Section 36(b) of the 1940 Act resulting in the subpoena of an Indemnified Party and/or obligations related to providing testimony, attending depositions or responding to requests for production of materials, and (vi) any untrue statement of a material fact (or an omission of such a statement), related to the Sub-Adviser or the Portfolio, contained in any Registration Statement, Prospectus, or Statement of Additional Information, or any amendment or supplement thereto, if such statement or omission was made in reliance on Sub-Adviser's current Form ADV or information provided by the Sub-Adviser to the Adviser (whether the information is furnished by the Sub-Adviser in writing or through obtaining Sub-Adviser's affirmation or approval of such information) for purposes of inclusion in any of the foregoing documents and filings. The Sub-Adviser's obligations contained in this Section 8(b) shall survive the termination of this Agreement.

9. <u>Term and Termination</u>. This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved in conformance with the 1940 Act. Unless earlier terminated as provided herein, this Agreement shall continue in effect for a period of two years from its effective date. Thereafter, this Agreement shall continue in effect from year to year, subject to the termination provisions and all other terms and conditions hereof, so long as continuance is specifically approved by the Board at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated (a) by the Portfolio at any time, without the payment of any penalty, by the vote of a majority of the Portfolio's directors or by the vote of a majority of the outstanding voting securities of the Portfolio, (b) by the Adviser at any time, without the payment of any penalty, on 60 days' written notice to the other party, or (c) by the Sub-Adviser

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at any time, without the payment of any penalty, on 90 days' written notice to the other party. This Agreement shall terminate automatically upon any termination of the Advisory Agreement. This Agreement shall terminate automatically and immediately in the event of its assignment. As used in this Section 9, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, as interpreted or modified by no-action letters, exemptive relief or other exceptions as may be granted by the Commission or its staff under the 1940 Act.

10. <u>Services to Other Clients</u>. The investment management services provided by the Sub-Adviser under this Agreement are not to be deemed exclusive and the Sub-Adviser shall be free to render similar services to others, as long as such services do not impair the services rendered to the Adviser or the Portfolio. Nothing in this Agreement shall limit or restrict the right of any of the Sub-Adviser's partners, officers, or employees to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any business, whether of a similar or dissimilar nature.

11. <u>Cybersecurity; Confidentiality; Use of Names</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All information provided by the Adviser, the Company or the custodian to the Sub-Adviser or developed by the Sub-Adviser in the course of performing its obligations under this Agreement, including but not limited to Portfolio holdings and recommendations furnished by the Sub-Adviser for the Portfolio ("Information") shall be held as confidential by the Sub-Adviser and not disclosed or communicated to any third party; provided, however, the Sub-Adviser shall be permitted to disclose or communicate to a proper party such Information (i) as authorized in this Agreement, (ii) to the extent necessary for performance under this Agreement or to meet the requirements set forth herein, or (iii) as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information it obtains or prepares and maintains pursuant to this Agreement or in the course of performing its duties hereunder (an "Information Security Program"). The Sub-Adviser agrees that its Information Security Program will comply with all applicable laws and regulations. The Sub-Adviser also agrees, when requested, to complete any security questionnaire provided from time to time by the Adviser, and return it in a commercially reasonable period of time. The Sub-Adviser agrees to resolve as soon as reasonably practicable any applicable control deficiencies that do not meet the standards established by federal and state laws, rules, regulations, and/or industry standards related to the Sub-Adviser's Information Security Program that are identified through the completion of the security questionnaire or otherwise by the Adviser. The Sub-Adviser shall be responsible and liable for any failure to perform its obligations under this sub-section, or expenses incurred by the Adviser or the Company or Portfolio resulting from a failure to establish, maintain, implement or follow reasonably designed cybersecurity and disaster recovery programs, policies and procedures. The Sub-Adviser also agrees to notify the Adviser within 72 hours of: (i) any Sub-Adviser-confirmed security breach; or (ii) any acquisition of information Sub-Adviser obtains, prepares or maintains pursuant to this Agreement, by an unauthorized person or entity, (iii) any cybersecurity event to the extent it results in

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unauthorized access to, loss, or misuse of information related to the Portfolio that is stored on Sub-Adviser's information systems or that Sub-Adviser obtains, prepares or maintains pursuant to this Agreement; or (iv) notwithstanding the foregoing, any security breach of its Information Security Program or cybersecurity event about which the Sub-Adviser is obligated by applicable law, rule, or regulation, or elects to, notify a federal or state regulator. The Sub-Adviser agrees to promptly inform the Adviser of the steps taken by the Sub-Adviser to mitigate any damage or remediate the event, breach and/or acquisition of information. The Sub-Adviser agrees that all third parties engaged by the Sub-Adviser in the performance of its duties and obligations under this Agreement shall be subject to substantially similar obligations as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser shall not use the name, trade name, trademarks, service marks and/or logo of the Adviser, The Northwestern Mutual Life Insurance Company ("Northwestern Mutual"), and/or any subsidiaries or affiliates of Northwestern Mutual in any communications (written, verbal or electronic), including publicity releases, advertising or sales activities or brochures, or similar written materials or activities, other than in communications which are solely internal to the Sub-Adviser or are with the Adviser, the Portfolio, or any of their respective officers, directors or employees, without the prior written consent of the Adviser. The Sub-Adviser hereby acknowledges that its name and/or trade name (the "Sub-Adviser Name") may be used for identification purposes as a part of or adjacent to the legal name of the Portfolio, and as such, may be used routinely in the ordinary course of business in filings with state and federal regulators, in internal communications, in reports to and communications with shareholders, in fund fact sheets and other marketing materials and in materials provided to the Board (collectively, the "Portfolio Communications"). The Sub-Adviser hereby grants the Adviser and the Portfolio the right to use the Sub-Adviser Name in Portfolio Communications.

12. <u>Rule 12d1-4 Investment Limitations</u>. The parties acknowledge that the Commission has adopted a rule governing the structure and operation of "fund of funds" structures ("Rule 12d1-4") and that the Asset Allocation Portfolio and Balanced Portfolio ("Allocation Portfolios") of the Company each operates as a fund of funds by investing a portion of their assets in other Company portfolios. The parties further acknowledge that (i) Company portfolios in which the Allocation Portfolios invest will be "acquired funds" within the meaning of Rule 12d1-4 and that this includes, or in the future may include, the Portfolio sub-advised by the Sub-Adviser; (ii) that Rule 12d1-4 limits the ability of "acquired funds" to themselves invest in other funds, essentially limiting those investments to 10% of an acquired fund's total assets; and (iii) that for purposes of the foregoing limitation, Rule 12d1-4 has interpreted "funds" to include not only pooled investment vehicles, but any structured finance vehicle that relies on Sections 3(c)(1) or (7) of the 1940 Act to avoid registration, such as CLOs, private mortgage REITs and other types of private securities. In recognition of the foregoing, Sub-Adviser agrees to: (i) invest the Portfolio's assets in a manner that will enable the Portfolio to be used as an acquired fund of the Allocation Portfolios under Rule 12d1-4 by adhering to and satisfying the investment limitations applicable to acquired funds under Rule 12d1-4; and (ii) comply with all other requirements of Rule 12d1-4 applicable to acquired funds.

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Page **16** of **19**

13. <u>Use of Third-Party Service Providers</u>. Sub-Adviser may, consistent with applicable law and subject to the provisions of this Agreement, contract with and retain an affiliated or unaffiliated third party to perform any non-investment advisory services as it determines reasonably necessary to assist it in carrying out its obligations under this Agreement. Sub-Adviser may not delegate or outsource the principal investment management services as set forth in Section 2 of this Agreement, (which shall in all cases remain an obligation to be discharged solely and directly by the Sub-Adviser), and no third-party services arrangement shall involve a third party serving as an "investment adviser" to the Portfolio(s) within the meaning of the 1940 Act.

Sub-Adviser shall provide thirty (30) days' prior written notice to Adviser of the commencement of any non-investment advisory services arrangement with a third party. Sub-Adviser will act in good faith with commercially reasonable due diligence in the selection and use of any third-party service provider and will conduct reasonable oversight and supervision of third-party services. Sub-Adviser represents and warrants that any such third-party service provider: (i) shall be subject to and responsible for complying with the confidentiality and non-disclosure obligations applicable to Sub-Adviser under the terms of this Agreement; (ii) shall implement and maintain appropriate procedures and systems to protect the security and confidentiality of any information obtained in rendering services to the Sub-Adviser; (iii) shall use Portfolio holdings data only for purposes as may be required to render the services which they are retained to provide; and (iv) shall agree not to trade on non-public Portfolio information that may be supplied or obtained in rendering the services provided to Sub-Adviser.

In connection with the use of any third party, Sub-Adviser acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Sub-Adviser retains full and sole responsibility for the proper
discharge and performance of all services required by this Agreement, and Sub-Adviser shall not be relieved of any of its duties, obligations and liabilities hereunder by Sub-Adviser's retention or use of a third-party service provider, including, without limitation, Sub-Adviser's obligations with respect to maintaining books
and records as set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Sub-Adviser shall be responsible for assuring compliance with the
confidentiality and non-disclosure provisions of this Agreement by the third-party service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Sub-Adviser shall be liable to the Adviser and the Company for any
loss or damage arising out of, or in connection with, the actions or omissions of a third-party service provider to the same extent that the Sub-Adviser is liable for its own actions or omissions hereunder or
pursuant to applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Sub-Adviser is solely responsible for the terms of any contractual
or other arrangements it has with a third-party service provider, including without limitation, all obligations related to compensation of such third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Sub-Adviser shall hold harmless and indemnify the Adviser, the
Company and their respective affiliates, directors, officers, shareholders, employees or agents from any loss, liability, cost, damage or expense (including attorneys' fees and costs) suffered by any

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Page **17** of **19**

of the foregoing parties as a result of the acts or omissions on the part of the third-party service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Sub-Adviser shall comply with any Portfolio or Company policies and
procedures applicable to third-party service provider arrangements, as may be amended from time to time, including, without limitation, the policy with respect to the disclosure of Portfolio holdings data, including the obligation thereunder for the Sub-Adviser to disclose on a current basis those service providers to whom Sub-Adviser may provide material non-public holdings
data for the Portfolio; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Sub-Adviser shall cooperate in providing updated certifications or
attestations as may be required by Adviser regarding those third-party service providers and their associated personnel to whom Sub-Adviser desires to provide access to the custodian's platform or
systems for the purpose of providing instructions or direction to the custodian, or to view or receive information, relating to any Portfolio account.

14. <u>Acknowledgement; No Personal Liability</u>. Sub-Adviser acknowledges that it has received notice of and accepts the limitations of the Company's liability as set forth in its Articles of Incorporation. Sub-Adviser agrees that the Company's obligations hereunder shall be limited to the assets of the Portfolio, and that the Sub-Adviser shall not seek satisfaction of any such obligation from any shareholders of the Company nor from any other Portfolio, director, officer, employee or agent of the Company.

15. <u>Notices</u>. Any notice, advice or report to be given pursuant to this Agreement shall be delivered or mailed to the physical address below or sent by email to the email address below:

To the Adviser at:

Mason Street Advisors, LLC

720 East Wisconsin Avenue

Milwaukee, WI 53202

Attention: Paul A. Mikelson, President

Email Address: paulmikelson@northwesternmutual.com

With a copy to:

Counsel: Joseph Destache

Email Address: josephdestache@northwesternmutual.com

To the Sub-Adviser at:

Putnam Investment Management, LLC

100 Federal Street

Boston, MA 02110

Attention: Steven McKay

Email Address: Steven.McKay@franklintempleton.com

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Page **18** of **19**

With a copy to:

General Counsel: Thomas C. Mandia

Senior Associate General Counsel

Email Address: Thomas.Mandia@franklintempleton.com

16. <u>Amendments</u>. No provisions of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement shall be effective until approved in the manner required by the 1940 Act. No failure by a party to exercise its rights and no delay in exercising any right or remedy under this Agreement shall operate as a waiver thereof. A waiver with respect to any provision of this Agreement shall not be construed as a continuous waiver of rights with respect to such provision nor as a waiver of rights against any subsequent breach.

17. <u>Governing Law</u>. This Agreement shall be governed by the laws of the state of Delaware; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act.

18. <u>Entire Agreement</u>. This Agreement embodies the entire agreement and understanding among the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter.

19. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; all such counterparts shall, together, constitute only one instrument.

20. <u>Severability</u>. Should any part of this Agreement be held invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

21. <u>Successors</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the day and year first written above.

---

| | |
|:---|:---|
| MASON STREET ADVISORS, LLC | PUTNAM INVESTMENT MANAGEMENT, LLC |
| By: <u>/s/ Paul A. Mikelson</u> | By: <u>/s/ Steven McKay</u> |
| Name: Paul A. Mikelson | Name: Steven McKay |
| Title: President | Title: Head of Retirement, Insurance and College Savings |

---

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Page **19** of **19**

**SCHEDULE A** 

**TO** 

**INVESTMENT SUB-ADVISORY AGREEMENT** 

**BETWEEN** 

**MASON STREET ADVISORS, LLC** 

**AND** 

**PUTNAM INVESTMENT MANAGEMENT, LLC** 

**DATED June 5, 2025** 

---

| | |
|:---|:---|
| **<u>Portfolio</u>** | **<u>Fee</u>** |
| Domestic Equity Portfolio | First $500 Million – 0.27% of average daily net assets |
| Domestic Equity Portfolio | Next $500 Million – 0.24% of average daily net assets |
| Domestic Equity Portfolio | Over $1 Billion – 0.22% of average daily net assets |

---

## Ex-99.(D)2(N)(2)

**AMENDMENT** 

**TO** 

**SECOND AMENDED AND RESTATED INVESTMENT** 

**SUB-ADVISORY AGREEMENT** 

THIS AMENDMENT is made as of the 5th day of June, 2025, by and between Mason Street Advisors, LLC (the "Adviser") and abrdn Investments Limited (the "Sub-Adviser").

WHEREAS, the Adviser and the Sub-Adviser are parties to a Second Amended and Restated Investment Sub-Advisory Agreement dated May 31, 2023 (the "Agreement") relating to the Northwestern Mutual Series Fund, Inc.'s Emerging Markets Equity Portfolio (the "Portfolio"); and

WHEREAS, the Adviser and the Sub-Adviser desire to amend the Agreement to modify the investment sub-advisory fee payable with respect to the Portfolio as set forth in this Amendment.

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A to the Agreement shall be modified by deleting the text set forth therein and replacing it with
the text set forth on <u>Exhibit A</u> attached to this Amendment, the content of which is hereby incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as modified by this Amendment, the Agreement shall remain in full force and effect, and it is hereby
ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment may be executed in two or more counterparts, all of which when taken together shall
constitute one instrument.

IN WITNESS WHEREOF, each party has caused this Amendment to be signed below by a duly authorized officer with full power and authority to execute this Amendment.

---

| | | | |
|:---|:---|:---|:---|
| **abrdn Investments Limited** | **abrdn Investments Limited** | **Mason Street Advisors, LLC** | **Mason Street Advisors, LLC** |
| By: | <u>/s/ William Drummond</u> | By: | /s/ Paul A. Mikelson |
| Name: | William Drummond | Name: | Paul A. Mikelson |
| Title: | Head of Legal Client Team | Title: | President |
|  | Legal, Secretariat, Public Affairs & |  |  |
|  | Corporate Sustainability |  |  |

---

------

**<u>EXHIBIT A</u>**

**SCHEDULE A** 

**TO** 

**SECOND AMENDED AND RESTATED INVESTMENT** 

**SUB-ADVISORY AGREEMENT BETWEEN** 

**MASON STREET ADVISORS, LLC** 

**AND** 

**abrdn Investments Limited** 

**As Amended June 5, 2025** 

**Fee Effective: On or about August 1, 2025** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Portfolio</u>**<br>| **<u>Fee</u>**<br>|
| &nbsp;&nbsp; Emerging Markets Equity Portfolio | First $250 Million: 0.55% of average daily net assets<br>|
| &nbsp;&nbsp; Emerging Markets Equity Portfolio | Next $250 Million: 0.45% of average daily net assets<br>|
| &nbsp;&nbsp; Emerging Markets Equity Portfolio | Assets Over $500 Million: 0.40% of average daily net assets<br>|

---

## Ex-99.(D)2(O)(2)

**AMENDMENT TO** 

**THIRD AMENDED AND RESTATED** 

**INVESTMENT SUB-ADVISORY AGREEMENT** 

THIS AMENDMENT is made as of the 28th day of August 2025, by and between Mason Street Advisors, LLC, a Delaware limited liability company (the "Adviser") and Federated Investment Management Company, a Delaware statutory trust (the "Sub-Adviser").

WHEREAS, the Adviser and the Sub-Adviser are parties to a Third Amended and Restated Investment Sub-Advisory Agreement dated September 7, 2023 (the "Agreement") relating to the Northwestern Mutual Series Fund, Inc.'s High Yield Bond Portfolio (the "Portfolio"); and

WHEREAS, the Adviser and the Sub-Adviser desire to amend the Agreement to modify the investment sub-advisory fee payable with respect to the Portfolio as set forth in this Amendment.

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

1. Schedule A to the Agreement shall be modified by deleting the fee schedule applicable to the Portfolio as
set forth therein and replacing it with the Portfolio fee schedule set forth on Exhibit A attached to this Amendment, the content of which is hereby incorporated herein by this reference.

2. Except as modified by this Amendment, the Agreement shall remain in full force and effect, and it is hereby
ratified and confirmed.

3. This Amendment may be executed in two or more counterparts, all of which when taken together shall
constitute one instrument.

4. The parties agree that this Amendment and any documents related hereto may be electronically signed. The
parties agree that any electronic signatures appearing on this Amendment and any related documents are the same as handwritten signatures for the purposes of validity, enforceability and admissibility.

IN WITNESS WHEREOF, each party has caused this Amendment to be signed below by a duly authorized officer with full power and authority to execute this Amendment.

---

| | | | |
|:---|:---|:---|:---|
| **Federated Investment Management Company** | **Federated Investment Management Company** | **Mason Street Advisors, LLC** | **Mason Street Advisors, LLC** |
| By: | /s/ John B. Fischer | By: | /s/ Paul A. Mikelson |
| Name: | John B. Fisher |  | Name: Paul A. Mikelson |
| Title: | President & CEO |  | Title: President |

---

------

**<u>EXHIBIT A</u>**

**SCHEDULE A** 

**TO** 

**THIRD AMENDED AND RESTATED INVESTMENT** 

**SUB-ADVISORY AGREEMENT BETWEEN** 

**MASON STREET ADVISORS, LLC** 

**AND** 

**FEDERATED INVESTMENT MANAGEMENT COMPANY** 

**As Amended August 28, 2025** 

**Fee Effective: On or about October 1, 2025** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; **<u>Portfolio</u>**<br>| **<u>Fee</u>**<br>|
| &nbsp;&nbsp;&nbsp;High Yield Bond Portfolio | First $100 Million: 0.35% of average daily net assets<br>|
| &nbsp;&nbsp;&nbsp;High Yield Bond Portfolio | Next $150 Million: 0.25% of average daily net assets<br>|
| &nbsp;&nbsp;&nbsp;High Yield Bond Portfolio | Next $750 Million: 0.15% of average daily net assets<br>|
| &nbsp;&nbsp;&nbsp;High Yield Bond Portfolio | Next $500 Million: 0.125% of average daily net assets<br>|
| &nbsp;&nbsp;&nbsp;High Yield Bond Portfolio | Assets Over $1.5 Billion: 0.10% of average daily net assets<br>|

---

## Ex-99.(H)2(A)(2)

**MASON STREET ADVISORS, LLC** 

**720 East Wisconsin Avenue** 

**Milwaukee, WI 53202** 

July 28, 2025

Paul A. Mikelson, President

Northwestern Mutual Series Fund, Inc.

720 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

Re: Amendment to Letter Agreement dated February 28, 2025, to Waive Mason Street Advisors, LLC Investment Advisory Fees Relating to Certain Portfolios of Northwestern Mutual Series Fund, Inc.

Dear Mr. Mikelson:

This letter amends the letter agreement dated February 28, 2025, between Mason Street Advisors, LLC ("MSA") and Northwestern Mutual Series Fund, Inc. ("Series Fund") pursuant to which MSA agreed to waive its investment advisory fees for certain Series Fund Portfolios as set forth therein. By this letter, MSA is increasing its investment advisory fee waiver for the Series Fund Emerging Markets Equity Portfolio as set forth below.

MSA agrees to waive, from August 1, 2025 through April 30, 2026, its investment advisory fee applicable to the Series Fund Emerging Markets Equity Portfolio such that the investment advisory fee is as follows:

*<u>Emerging Markets Equity Portfolio</u>*

---

| | |
|:---|:---|
| Assets | Fee |
|  Up to $250 million | 0.84% |
|  $250 million- $500 million | 0.76% |
|  Excess over $500 million | 0.68% |

---

Except as modified by this letter, the letter agreement dated February 28, 2025 remains in full force and effect.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **MASON STREET ADVISORS, LLC** | **MASON STREET ADVISORS, LLC** |
| By: | /s/ Brent G. Schutte |

---

Name: Brent G. Schutte

Title: Vice President & Chief Investment Officer

Page 1 of 2

------

Agreed to and accepted:

**NORTHWESTERN MUTUAL SERIES FUND, INC.** 

---

| | |
|:---|:---|
| By: | /s/ Paul A. Mikelson |

---

Name: Paul A. Mikelson

Title: President

Page 2 of 2

## Ex-99.(H)3

**BLACKROCK RULE 12d1-4** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

THIS FUND OF FUNDS INVESTMENT AGREEMENT (the "Agreement"), dated as of January 19, 2022 (the "Effective Date"), is made by and between each registered open-end investment company (each, a "Registrant"), on behalf of each portfolio series of each such Registrant listed on Schedule A or Schedule B hereto, or if the relevant Registrant has no portfolio series, then the relevant Registrant (as applicable, each an "Acquiring Fund" or "Acquired Fund" pursuant to the applicable schedule), each severally and not jointly.

WHEREAS, each Registrant is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and certain additional terms of investment as provided below.

1. Terms of Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund, and
to assist the Acquired Fund's investment adviser with making the required findings under the Rule, each Acquiring Fund and each Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *In-kind redemptions*. The Acquiring Fund acknowledges and agrees
that, if and to the extent consistent with the Acquired Fund's registration statement, as amended from time to time, the Acquired Fund may honor any redemption request partially or wholly in-kind in the
sole discretion of the Acquired Fund (which discretion of the Acquired Fund shall include the selection of portfolio securities to distribute in-kind), even where such Acquired Fund does not ordinarily satisfy
redemption requests in-kind (particularly in the case of Acquired Funds that are not exchange-traded funds).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Timing/advance notice of redemptions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to Enumerated Funds (as defined on Schedule B), the Acquiring Fund will use reasonable efforts to
provide the required advanced notification specified in the 12d1-4 List (as defined below). Such notice shall be provided to the Acquired Fund(s) whenever practicable and consistent with the Acquiring
Fund's best interests. This provision shall only apply in connection with any investment made by an Acquiring Fund in an Acquired Fund in excess of the limits in Section 12(d)(1)(A)(i) of the 1940 Act. For the avoidance of doubt, in the
instance where the Acquired Fund is an exchange-traded fund, the requirements of this paragraph (1) shall not apply to transactions in which an Acquiring Fund did not know or have reason to know that such transaction would result in a
redemption transaction with the Acquired Fund (such as where an Acquiring Fund sells shares in the secondary market).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a
commitment to redeem and constitutes an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Scale of investment.* Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the
structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with
reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

2. Representations of the Acquired Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

------

3. Representations of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in
Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under
this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Acquiring Fund shall promptly notify an Acquired Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. of any purchase or acquisition of shares in an Acquired Fund that causes such Acquiring Fund to hold 3% or more
of such Acquired Fund's total outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. of any purchase or acquisition of shares in an Acquired Fund that causes such Acquiring Fund to hold 5% or more
of such Acquired Fund's total outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. where an Acquiring Fund and its Advisory Group (as defined in the Rule), individually or in the aggregate, hold
more than 25% of such Acquired Fund's total outstanding voting securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. if at any time an Acquiring Fund no longer holds voting securities of an Acquired Fund in excess of an amount
noted in (i), (ii), or (iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, any Acquiring Fund that has an "affiliated person"
(as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, will: (a) not make an
investment in an Acquired Fund that causes such Acquiring Fund to hold 5% or more of such Acquired Fund's total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any
investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The requirements set forth in Sections 3(b)(i), 3(b)(ii), and 3(c) shall not apply where the Acquiring
Fund's full portfolio is sub-advised by any affiliate of BlackRock, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Acquiring Fund shall provide an Acquired Fund with information regarding the amount of such Acquiring
Fund's investments in the Acquired Fund, and information regarding affiliates of the Acquiring Fund, upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Acquiring Fund acknowledges that it may not rely on this Agreement to invest in the Ineligible Funds (as
defined in Schedule B) and that the Enumerated Funds are

------

subject to certain additional conditions described on the list of Ineligible Funds and Enumerated Funds (the "12d1-4 List"). Each Acquiring Fund acknowledges that the 12d1-4 List is available as described in Schedule B, and further acknowledges that it is an Acquiring Fund's obligation to review the 12d1-4 List on an ongoing basis for any changes which may occur from time to time. <br>

4. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquiring Fund agrees to hold harmless and indemnify each Acquired Fund, including any of its principals,
directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or claims or actions ("Claims") asserted against the Acquired Fund, including any of their principals,
directors or trustees, officers, employees and agents, to the extent such Claims result from a violation or alleged violation by such Acquiring Fund of any provision of this Agreement, such indemnification to include any reasonable counsel fees and
expenses incurred in connection with investigating and/or defending such Claims; provided that no Acquiring Fund shall be liable for indemnifying any Acquired Fund for any Claims resulting from violations that occur directly as a result of
incomplete or inaccurate information provided by the Acquired Fund to such Acquiring Fund pursuant to terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund agrees to hold harmless and indemnify an Acquiring Fund, including any of its principals,
directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or Claims asserted against the Acquiring Fund, including any of its principals, directors or trustees, officers,
employees and agents, to the extent such Claims result from a violation or alleged violation by such Acquired Fund of any provision of this Agreement, such indemnification to include any reasonable counsel fees and expenses incurred in connection
with investigating and/or defending such Claims; provided that no Acquired Fund shall be liable for indemnifying any Acquiring Fund for any Claims resulting from violations that occur directly as a result of incomplete or inaccurate information
provided by the Acquiring Fund to such Acquired Fund pursuant to terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any liability pursuant to the forgoing provisions shall be several and not joint. In any action involving the
parties under this Agreement, the parties agree to look solely to the individual series of the Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other series.

5. Use of Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent an Acquiring Fund refers to one or more Acquired Funds in any prospectus, statement of additional
information or otherwise (but not in the financial statements of the Acquiring Fund when the Acquired Fund is listed as a holding), each Acquiring Fund agrees to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Refer to such Acquired Fund by its legal name, for example, the "iShares<sup>®</sup> [Index Provider (when required)] [Exposure] ETF" (e.g., iShares U.S. Financial Services ETF or iShares Core S&P 500 ETF or iShares MSCI ACWI ETF) upon first reference to such Acquired
Fund, and by its legal name or its ticker symbol for subsequent references; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Include the following notice within reasonable proximity to the first reference to such Acquired Fund, as
applicable:

iShares<sup>®</sup> is a registered trademark of BlackRock, Inc. or its subsidiaries ("BlackRock"). Neither BlackRock nor the iShares<sup>®</sup> Funds make any representations regarding the advisability of investing in [Name of Acquiring Fund].

BlackRock is a registered trademark of BlackRock, Inc. or its subsidiaries ("BlackRock"). Neither BlackRock nor the BlackRock Funds make any representations regarding the advisability of investing in [Name of Acquiring Fund].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Acquiring Fund shall use the name or any tradename, trademark, service mark, symbol or any abbreviation,
contraction or simulation thereof of the Acquired Fund, BlackRock or any of their affiliates in its shareholder communications, advertising, sales literature and similar communications (other than a prospectus, statement of additional information,
fact sheet or similar disclosure document, or shareholder report) unless it first receives prior written approval (including approval through written electronic communications) of the Acquired Fund or BlackRock. Additionally, no Acquiring Fund shall
use any logo of the Acquired Fund or of BlackRock without entering into a separate trademark license agreement with BlackRock.

6. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below. Either party may notify the other in writing of any changes to these notice provisions. For the avoidance of doubt, it is acknowledged and agreed that no notice is required hereunder to update, supplement or otherwise amend the 12d1-4 List.

---

| | |
|:---|:---|
| If to the Acquiring Funds: | If to the Acquired Funds: |
| As set forth on Schedule C | **iShares ETFs**:<br> Email: Group12d14@blackrock.com<br>**BlackRock Mutual Funds and Active ETFs**:<br>Email:<br><u>GroupOfficeofRegisteredFunds@blackrock.com</u> |

---

------

7. Additional Acquiring Funds.

In the event that an Acquiring Fund wishes to include one or more series in addition to those originally set forth on Schedule A, the Acquiring Fund shall so notify the Acquired Fund in writing, and if the Acquired Fund agrees in writing, such series shall hereunder become an Acquiring Fund, and Schedule A shall be amended accordingly.

8. Governing Law; Counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will be governed by Delaware law without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. An electronic copy of a signature received in Portable Document Format (PDF) or a copy of a signature received via a fax machine shall be deemed to be of the same force and effect as an
original signature on an original executed document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Term and Termination; Assignment; Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds'
reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its
Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 30 days' notice to the
other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth in Sections 6 and 7 above, this Agreement may be amended only by a writing that is
signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the case of BlackRock California Municipal Series Trust, BlackRock Equity Dividend Fund, BlackRock EuroFund,
BlackRock Financial Institutions Series Trust, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V, BlackRock Multi-State Municipal Series Trust, BlackRock Municipal Series Trust and BlackRock Natural Resources Trust (each, a
"Massachusetts Trust"), a copy of the Declaration of Trust of each Massachusetts Trust is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that no trustee,

------

officer, employee, agent, employee or shareholder of a Massachusetts Trust shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of the applicable series of each Massachusetts Trust. For the avoidance of doubt, no director, trustee, officer, employee, agent, employee or shareholder of any other Registrant shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of the applicable series of each such Registrant. <br>

10. Termination of Prior Agreements. The execution of this Agreement shall be deemed to constitute the termination
as of the Effective Date of any and all prior agreements between an Acquiring Fund and an Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other
arrangement among the parties intended to achieve compliance with Section 12(d)(1) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters
otherwise required to terminate such Prior Section 12 Agreements.

*[Remainder of page intentionally left blank; signature pages follow]* 

------

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**EACH ACQUIRING FUND REGISTRANT LISTED ON SCHEDULE A HERETO, ON BEHALF OF ITS APPLICABLE SERIES** 

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| | |
|:---|:---|
| By: | /s/ Ronald P. Joelson |
| Name: | Ronald P. Joelson |
| Title: | President |

---

*[Remainder of page intentionally left blank; Acquired Fund signature page follows]*

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THE FOLLOWING ACQUIRED FUND REGISTRANTS LISTED ON SCHEDULE B HERETO, EACH ON BEHALF OF ITS APPLICABLE SERIES

BlackRock ETF Trust

BlackRock ETF Trust II

---

| | |
|:---|:---|
| By: | <u>/s/ Jennifer McGovern</u> |
| Name: | <u>Jennifer McGovern</u> |
| Title: | <u>Vice President</u> |

---

THE FOLLOWING ACQUIRED FUND REGISTRANTS LISTED ON SCHEDULE B HERETO, EACH ON BEHALF OF ITS APPLICABLE SERIES

iShares Trust

iShares, Inc.

iShares U.S. ETF Trust

---

| | |
|:---|:---|
| By: | <u>/s/ Paul C. Lohrey</u> |
| Name: | <u>Paul C. Lohrey</u> |
| Title: | <u>Assistant Secretary</u> |

---

------

**Schedule A: Acquiring Funds** 

Amended: July 1, 2025

Registrant: Northwestern Mutual Series Fund, Inc.

Series: Active/Passive Conservative Portfolio

Active/Passive Balanced Portfolio (formerly, Balanced Portfolio)

Active/Passive Moderate Portfolio (formerly, Asset Allocation Portfolio)

Active/Passive Aggressive Portfolio

Active/Passive All Equity Portfolio

------

**Schedule B: Acquired Funds** 

**<u>Exchange-Traded Funds:</u>**

BlackRock ETF Trust

All Series

BlackRock ETF Trust II

All Series

iShares Trust

All Series

iShares, Inc.

All Series

iShares U.S. ETF Trust

All Series

This Schedule B is amended to exclude any Acquired Fund that is at the time included on the list of funds that are not permissible as Acquired Funds (the "Ineligible Funds") and is supplemented to include Acquired Funds that are subject to certain additional terms of investment as set forth in the Agreement (the "Enumerated Funds"), along with related requirements (the "12d1-4 List"), all such additional terms and requirements being deemed incorporated by reference into the Agreement, which is maintained at <u>https://www.ishares.com/us/literature/shareholder- letters/blackrock-12d1-4-list.pdf</u>, as such site is amended, supplemented or revised and in effect from time to time.

------

**Schedule C: Notice for Acquiring Funds** 

Paul A. Mikelson

c/o The Northwestern Mutual Life Insurance Company

720 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

Email: <u>ronaldjoelson@northwesternmutual.com</u>

With a copy to:

Joseph Destache

Attn: Legal Dept.

720 East Wisconsin Avenue

Milwaukee, Wisconsin 53202

Email: <u>josephdestache@northwesternmutual.com</u>

## Ex-99.(H)4(B)

**AMENDMENT** 

**TO** 

**RULE 12d1-4 ETF** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

THIS AMENDMENT is made as of June 20, 2025, between the Northwestern Mutual Series Fund, Inc. (the "Investing Company"), on behalf of each of its series listed on Exhibit A, severally and not jointly (each, an "**Acquiring Fund**" and together, the "**Acquiring Funds**"), and the J.P. Morgan Exchange- Traded Fund Trust (the "Trust"), on behalf of each series of the Trust listed on Exhibit A, severally and not jointly (each, an "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**").

WHEREAS, the Investing Company, on behalf of the Acquiring Funds, and the Trust, on behalf of each Acquired Fund, are parties to a Rule 12d1-4 Fund of Funds Investment Agreement (the "Agreement") dated January 19, 2022;

WHEREAS, the Investing Company and the Trust desire to amend the Agreement to modify the list of Acquiring Funds on Schedule A as set forth in this Amendment;

NOW THEREFORE, in accordance with Rule 12d1-4 under the 1940 Act, as amended, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That portion of <u>Schedule A</u> to the Agreement that relates to the Acquiring Funds shall be modified by
deleting the text set forth therein and replacing it with the text set forth on <u>Exhibit A</u> attached to this Amendment, the content of which is hereby incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as modified by this Amendment, the Agreement shall remain in full force and effect, and it is hereby
ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment may be executed in two or more counterparts, all of which when taken together shall constitute
one instrument.

IN WITNESS WHEREOF, each party has caused this Amendment to be signed below by a duly authorized officer with full power and authority to execute this Amendment.

---

| | | | |
|:---|:---|:---|:---|
| **J.P. Morgan Exchange-Traded Fund Trust** | **J.P. Morgan Exchange-Traded Fund Trust** | **Northwestern Mutual Series Fund, Inc.** | **Northwestern Mutual Series Fund, Inc.** |
| Signature: <u>/s/ Timothy Clemens</u> | Signature: <u>/s/ Timothy Clemens</u> | Signature: | <u>/s/ Paul A. Mikelson</u> |
| Name: | Timothy Clemens | Name: | Paul A. Mikelson |
| Title: | Treasurer | Title: | President |

---

------

**SCHEDULE A** 

**List of Funds to Which the Agreement Applies** 

**<u>Acquired Funds</u>**

---

| | |
|:---|:---|
| **Ticker** | **Fund Name**  |

---

JBND JPMorgan Active Bond ETF

JADE JPMorgan Active Developing Markets Equity ETF

JGRO JPMorgan Active Growth ETF

JCHI JPMorgan Active China ETF

JPSV JPMorgan Active Small Cap Value ETF

JAVA JPMorgan Active Value ETF

JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF (fka JPM Emerging Mkts Equity Core ETF)

BBCA JPMorgan BetaBuilders Canada ETF

BBAX JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF

BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF

BBEU JPMorgan BetaBuilders Europe ETF

BBIN JPMorgan BetaBuilders International Equity ETF

BBJP JPMorgan BetaBuilders Japan ETF

BBRE JPMorgan BetaBuilders MSCI US REIT ETF

BBAG JPMorgan BetaBuilders U.S. Aggregate Bond ETF

BBUS JPMorgan BetaBuilders U.S. Equity ETF

BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF

BBSB JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF

BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

BBIB JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF

BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

BBCB JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

JCTR JPMorgan Carbon Transition U.S. Equity ETF

TEMP JPMorgan Climate Change Solutions ETF

JCPB JPMorgan Core Plus Bond ETF

JPEM JPMorgan Diversified Return Emerging Markets Equity ETF

JPIN JPMorgan Diversified Return International Equity ETF

JPUS JPMorgan Diversified Return U.S. Equity ETF

JPME JPMorgan Diversified Return U.S. Mid Cap Equity ETF

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JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF

JDIV JPMorgan Dividend Leaders ETF

JPEF JPMorgan Equity Focus ETF

JEPI JPMorgan Equity Premium Income ETF

LCDS JPMorgan Fundamental Data Science Large Core ETF

MCDS JPMorgan Fundamental Data Science Mid Core ETF

SCDS JPMorgan Fundamental Data Science Small Core ETF

JGLO JPMorgan Global Select Equity ETF

JDOC JPMorgan Healthcare Leaders ETF

JMHI JPMorgan High Yield Municipal ETF

JPIE JPMorgan Income ETF

JCPI JPMorgan Inflation Managed Bond ETF

JPIB JPMorgan International Bond Opportunities ETF

JIG JPMorgan International Growth ETF

JIRE JPMorgan International Research Enhanced Equity ETF

JIVE JPMorgan International Value ETF

JPLD JPMorgan Limited Duration Bond ETF

JMUB JPMorgan Municipal ETF

JEPQ JPMorgan Nasdaq Equity Premium Income ETF

JPRE JPMorgan Realty Income ETF

JSCP JPMorgan Short Duration Core Plus ETF

JMSI JPMorgan Sustainable Income ETF

JMEE JPMorgan Small & Mid Cap Enhanced Equity ETF

JTEK JPMorgan US Tech Leaders ETF

JMOM JPMorgan U.S. Momentum Factor ETF

JUSA JPMorgan U.S. Research Enhanced Large Cap ETF

JQUA JPMorgan U.S. Quality Factor ETF

JVAL JPMorgan U.S. Value Factor ETF

JPST JPMorgan Ultra-Short Income ETF

JMST JPMorgan Ultra-Short Municipal Income ETF

JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF

------

**Exhibit A** 

**List of Funds to Which the Agreement Applies** 

**<u>Acquiring Funds</u>**

Active/Passive Conservative Portfolio

Balanced Portfolio (effective July 1, 2025, the name of the Portfolio will be Active/Passive Balanced Portfolio)

Asset Allocation Portfolio (effective July 1, 2025, the name of the Portfolio will be Active/Passive Moderate Portfolio)

Active/Passive Aggressive Portfolio

Active/Passive All Equity Portfolio (effective on or about September 30, 2025, the name of the Portfolio will be the Active/Passive Very Aggressive Portfolio)

## Ex-99.(H)5(B)

**AMENDMENT** 

**TO** 

**FORM OF RULE 12d1-4** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

THIS AMENDMENT is made as of June 23, 2025, between the Northwestern Mutual Series Fund, Inc. (the "Acquiring Trust"), on behalf of its separate series, as amended from time to time, severally and not jointly (each an "Acquiring Fund" and collectively, the "Acquiring Funds"), and PIMCO ETF Trust and PIMCO Equity Series (each an "Acquired Trust" and collectively, the "Acquired Trusts"), on behalf of its separate series, as amended from time to time, severally and not jointly (each an "Acquired Fund" and collectively, the "Acquired Funds").

WHEREAS, the Acquiring Trust, on behalf of the Acquiring Funds, and the Acquired Trusts, on behalf of the Acquired Funds, are parties to a Rule 12d1-4 Fund of Funds Investment Agreement (the "Agreement") dated January 19, 2022;

WHEREAS, the Acquiring Trust and the Acquired Trusts desire to amend the Agreement to modify the list of Acquiring Funds on <u>Schedule A</u> as set forth in this Amendment;

NOW THEREFORE, in accordance with Rule 12d1-4 under the 1940 Act, as amended, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That portion of <u>Schedule A</u> to the Agreement that relates to the Acquiring Funds shall be modified by
deleting the text set forth therein and replacing it with the text set forth on <u>Exhibit A</u> attached to this Amendment, the content of which is hereby incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as modified by this Amendment, the Agreement shall remain in full force and effect, and it is hereby
ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment may be executed in two or more counterparts, all of which when taken together shall
constitute one instrument.

*[Signature page to follow]* 

------

IN WITNESS WHEREOF, each party has caused this Amendment to be signed below by a duly authorized officer with full power and authority to execute this Amendment.

---

| | | |
|:---|:---|:---|
| **PIMCO ETF Trust** |  |  |
| Name of Authorized Signer | Joshua Ratner | Signature |
| Title: President |  | /s/ Joshua Ratner<br>|
| **PIMCO Equity Series** |  |  |
| Name of Authorized Signer | Joshua Ratner |  |
| Title: President |  | /s/ Joshua Ratner<br>|
| **Northwestern Mutual Series Fund, Inc.** | **Northwestern Mutual Series Fund, Inc.** |  |
| Name of Authorized Signer | Paul A. Mikelson | Signature |
| Title: President |  | /s/ Paul A. Mikelson |

---

------

**EXHIBIT A - LIST OF ACQUIRING FUNDS** 

Active/Passive Conservative Portfolio

Balanced Portfolio (effective July 1, 2025, the name of the Portfolio will be Active/Passive Balanced Portfolio)

Asset Allocation Portfolio (effective July 1, 2025, the name of the Portfolio will be Active/Passive Moderate Portfolio)

Active/Passive Aggressive Portfolio

Active/Passive All Equity Portfolio (effective on or about September 30, 2025, the name of the Portfolio will be the Active/Passive Very Aggressive Portfolio)

## Ex-99.(H)6(B)

**AMENDMENT TO FUND OF FUNDS INVESTMENT AGREEMENT** 

This Amendment to Fund of Funds Investment Agreement (the "Amendment"), dated as of June 9, 2022, is made among Northwestern Mutual Series Fund, Inc, (referred to as the "Acquiring Fund Trust"), on behalf of their series listed on Schedule A, severally and not jointly (each, the "Acquiring Fund"), and SPDR S&P 500 ETF Trust and SPDR Dow Jones Industrial Average ETF Trust, severally and not jointly (each, the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, the Trust and each Acquired Fund are parties to the Fund of Funds Investment Agreement (the "Agreement") dated January 19, 2022; and

WHEREAS, each Acquiring Fund Trust and each Acquired Fund desire to amend the Agreement on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the promises and mutual considerations contained herein, and intending to be legally bound hereby, the Acquiring Fund Trusts and the Acquired Funds agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Acquiring Fund Trust that is not already a party to the Agreement is hereby added as a party to the
Agreement and the defined term "Trust" shall be amended to refer to each Acquiring Fund Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Schedule A to the Agreement is hereby replaced in its entirety with the Schedule A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All terms used and not otherwise defined herein shall have the same meaning ascribed to them in the
Agreement between the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All other terms, conditions, provisions and sections of the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment may be executed in two or more counterparts, each of which when so executed shall be deemed
to be an original, but such counterparts shall together constitute one and the same document.

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

Agreed and acknowledged:

**SPDR S&P 500 ETF TRUST** 

**SPDR DOW JONES INDUSTRIAL AVERAGE ETF TRUST](severally and not jointly)** 

By: STATE STREET GLOBAL ADVISORS TRUST COMPANY, not in its general corporate capacity but solely as Trustee of each Acquired Fund.

---

| | |
|:---|:---|
| By: | <u>/s/ Jeanne LaPorta</u> |
| Name: | Jeanne LaPorta |
| Title: | Senior Vice President |

---

***[Remainder of page intentionally left blank; Acquiring Fund signature page follows]***

------

**NORTHWESTERN MUTUAL SERIES FUND, INC.** 

**(on behalf of their series listed on Schedule A, severally and not jointly)** 

---

| | |
|:---|:---|
| By: | <u>/s/ Paul A. Mikelson</u> |
| Name: | Paul A. Mikelson |
| Title: | President |

---

------

**SCHEDULE A** 

**List of Acquiring Fund(s) to Which the Agreement Applies** 

**<u>Acquiring Funds</u>** 

Active/Passive Moderate Portfolio (formerly the Asset Allocation Portfolio)

Active/Passive Balanced Portfolio (formerly the Balanced Portfolio)

Active/Passive Conservative Portfolio (added on 6/9/2025)

Active/Passive Aggressive Portfolio (added on 6/9/2025)

Active/Passive All Equity Portfolio (added on 6/9/2025)

## Ex-99.(H)7(B)

**AMENDMENT TO FUND OF FUNDS INVESTMENT AGREEMENT** 

This Amendment to Fund of Funds Investment Agreement (the "Amendment"), dated as of June 9, 2025, is made by and between Northwestern Mutual Series Fund, Inc , on behalf of their series listed on Schedule A, severally and not jointly (each, the "Acquiring Fund"), and The Select Sector SPDR Trust, on behalf of each of its series listed on Schedule B, severally and not jointly (each, the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, each of Northwestern Mutual Series Fund, Inc and The Select Sector SPDR Trust (the "Parties") are parties to the Fund of Funds Investment Agreement (the "Agreement") dated January 19, 2022; and

WHEREAS, the Parties desire to amend the Agreement on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the promises and mutual considerations contained herein, and intending to be legally bound hereby, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A to the Agreement is hereby replaced in its entirety with the Schedule A attached hereto.

Notwithstanding anything to the contrary in the Agreement, until August 29, 2025, any Acquiring Fund that was not listed on the Schedule A in effect immediately prior to this Amendment is prohibited from making an initial acquisition of shares of any Acquired Fund in excess of the Section 12(d)(1)(A)(i) limits of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each reference to "Schedule B" in this Amendment shall refer to the Schedule B to the Agreement
in effect as of January 19, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All terms used and not otherwise defined herein shall have the same meaning ascribed to them in the
Agreement between the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All other terms, conditions, provisions, and sections of the Agreement shall remain in full force and
effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment may be executed in two or more counterparts, each of which when so executed shall be deemed
to be an original, but such counterparts shall together constitute one and the same document.

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

Agreed and acknowledged:

---

| |
|:---|
|  **THE SELECT SECTOR SPDR TRUST** |
|  **(on behalf of each of its series listed on Schedule B, severally and not jointly)** |

---

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter<br>|
| Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ann M. Carpenter |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President |

---

***[Remainder of page intentionally left blank; Acquiring Fund signature page follows]***

------

---

| |
|:---|
|  **NORTHWESTERN MUTUAL SERIES FUND, INC.** |
|  **(on behalf of their series listed on Schedule A, severally and not jointly)** |

---

---

| | |
|:---|:---|
| By: | <u>/s/ Paul A. Mikelson</u> |
| Name: | <u>Paul A. Mikelson</u> |
| Title: | <u>President</u> <u> </u> |

---

------

**SCHEDULE A** 

**List of Acquiring Fund(s) to Which the Agreement Applies** 

**<u>Acquiring Funds</u>** 

Active/Passive Moderate Portfolio (formerly the Asset Allocation Portfolio)

Active/Passive Balanced Portfolio (formerly the Balanced Portfolio)

Active/Passive Conservative Portfolio (added on 6/9/2025)

Active/Passive Aggressive Portfolio (added on 6/9/2025)

Active/Passive All Equity Portfolio (added on 6/9/2025)

## Ex-99.(H)8(B)

**AMENDMENT TO FUND OF FUNDS INVESTMENT AGREEMENT** 

This Amendment to Fund of Funds Investment Agreement (the "Amendment"), dated as of June 9, 2025, is made by and among Northwestern Mutual Series Fund, Inc., on behalf of their series listed on Schedule A, severally and not jointly (each, the "Acquiring Fund"), and SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust , on behalf of each of its series listed on Schedule B, severally and not jointly (each, the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, each of Northwestern Mutual Series Fund, Inc., SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust (the "Parties") are parties to the Fund of Funds Investment Agreement (the "Agreement") dated January 19, 2022; and

WHEREAS, the Parties desire to amend the Agreement on the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the promises and mutual considerations contained herein, and intending to be legally bound hereby, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A to the Agreement is hereby replaced in its entirety with the Schedule A attached hereto.

Notwithstanding anything to the contrary in the Agreement, until August 29, 2025, any Acquiring Fund that was not listed on the Schedule A in effect immediately prior to this Amendment No. 1 is prohibited from making an initial acquisition of shares of any Acquired Fund in excess of the Section 12(d)(1)(A)(i) limits of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Schedule B to the Agreement is hereby replaced in its entirety with the Schedule B attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All terms used and not otherwise defined herein shall have the same meaning ascribed to them in the
Agreement between the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. All other terms, conditions, provisions, and sections of the Agreement shall remain in full force and
effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment may be executed in two or more counterparts, each of which when so executed shall be deemed
to be an original, but such counterparts shall together constitute one and the same document.

------

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

Agreed and acknowledged:

**SPDR SERIES TRUST** 

**SPDR INDEX SHARES FUNDS** 

**SSGA ACTIVE TRUST** 

**(each on behalf of their series listed on Schedule B, severally and not jointly)** 

---

| | |
|:---|:---|
| By: | /s/ Ann M. Carpenter |
| Name: | Ann M. Carpenter |
| Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President |

---

***[Remainder of page intentionally left blank; Acquiring Fund signature page follows]***

------

**NORTHWESTERN MUTUAL SERIES FUND, INC.** 

**(on behalf of their series listed on Schedule A, severally and not jointly)** 

---

| | |
|:---|:---|
| By: | /s/ Paul A. Mikelson |
| Name: | Paul A. Mikelson |
| Title: | President |

---

------

**SCHEDULE A** 

**List of Acquiring Fund(s) to Which the Agreement Applies** 

**<u>Acquiring Funds</u>** 

Active/Passive Moderate Portfolio (formerly the Asset Allocation Portfolio)

Active/Passive Balanced Portfolio (formerly the Balanced Portfolio)

Active/Passive Conservative Portfolio (added on 6/9/2025)

Active/Passive Aggressive Portfolio (added on 6/9/2025)

Active/Passive All Equity Portfolio (added on 6/9/2025)

------

**Schedule B – List of Acquired Funds** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**SPDR Equity Index** | **Ticker** | **Trust** |
| &nbsp;&nbsp;&nbsp;SPDR MSCI ACWI ex-US ETF | CWI | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR Dow Jones Global Real Estate ETF | RWO | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P International Dividend ETF | DWX | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P Global Natural Resources ETF | GNR | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P Global Infrastructure ETF | GII | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Developed World ex-US ETF | SPDW | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Emerging Markets ETF | SPEM | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P Emerging Asia Pacific ETF | GMF | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P China ETF | GXC | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P International Small Cap ETF | GWX | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P Emerging Markets Small Cap ETF | EWX | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P Emerging Markets Dividend ETF | EDIV | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR Dow Jones International Real Estate ETF | RWX | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P North American Natural Resources ETF | NANR | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P Global Dividend ETF | WDIV | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio MSCI Global Stock Market ETF | SPGM | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR MSCI EAFE Fossil Fuel Reserves Free ETF | EFAX | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | EEMX | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR MSCI EAFE StrategicFactors ETF | QEFA | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR MSCI Emerging Markets StrategicFactors ETF | QEMM | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR MSCI World StrategicFactors ETF | QWLD | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR MSCI ACWI Low Carbon Target ETF | LOWC | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Europe ETF | SPEU | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR EURO STOXX 50 ETF | FEZ | SPDR Index Shares Funds |
| &nbsp;&nbsp;&nbsp;SPDR S&P 1500 Value Tilt ETF | VLU | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P 1500 Momentum Tilt ETF | MMTM | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA US Large Cap Low Volatility Index ETF | LGLV | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA US Small Cap Low Volatility Index ETF | SMLV | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 600 Small Cap ETF | SPSM | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 High Dividend ETF | SPYD | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR NYSE Technology ETF | XNTK | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P 600 Small Cap Growth ETF | SLYG | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF | SPYG | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Value ETF | SPYV | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Dow Jones REIT ETF | RWR | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Global Dow ETF | DGT | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 1500 Composite Stock Market ETF | SPTM | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Homebuilders ETF | XHB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P 600 Small Cap Value ETF | SLYV | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Semiconductor ETF | XSD | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR ICE Preferred Securities ETF | PSK | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Aerospace & Defense ETF | XAR | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Health Care Equipment ETF | XHE | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Health Care Services ETF | XHS | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Biotech ETF | XBI | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Software & Services ETF | XSW | SPDR Series Trust |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;SPDR S&P Oil & Gas Equipment & Services ETF | XES | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Oil & Gas Exploration & Production ETF | XOP | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Pharmaceuticals ETF | XPH | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Retail ETF | XRT | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Transportation ETF | XTN | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Regional Banking ETF | KRE | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Telecom ETF | XTL | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 ETF | SPLG | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 400 Mid Cap ETF | SPMD | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P 400 Mid Cap Value ETF | MDYV | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P 400 Mid Cap Growth ETF | MDYG | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Bank ETF | KBE | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Insurance ETF | KIE | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Capital Markets ETF | KCE | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Dividend ETF | SDY | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Metals & Mining ETF | XME | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Russell 1000 Yield Focus ETF | ONEY | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Russell 1000 Momentum Focus ETF | ONEO | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Russell 1000 Low Volatility Focus ETF | ONEV | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA Gender Diversity Index ETF | SHE | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR FactSet Innovative Technology ETF | XITK | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Kensho Intelligent Structures ETF | SIMS | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Kensho Future Security ETF | FITE | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Kensho Smart Mobility ETF | HAIL | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Kensho New Economies Composite ETF | KOMP | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Kensho Final Frontiers ETF | ROKT | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 Fossil Fuel Reserves Free ETF | SPYX | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P Kensho Clean Power ETF | CNRG | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR MSCI USA StrategicFactors ETF | QUS | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ESG ETF | EFIV | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;*Added 2/28/2022* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P SmallCap 600 ESG ETF | ESIX | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR MSCI USA Climate Paris Aligned ETF | NZUS | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;*Added November 30, 2023* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P Sector Neutral Dividend ETF | SPDG | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;*Added 8/31/2024* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P Emerging Markets Ex-China ETF | XCNY | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | CERY | SPDR Series Trust |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**SPDR Fixed Income** | **Ticker** | **Trust** |
| &nbsp;&nbsp;&nbsp;SPDR SSGA Ultra Short Term Bond ETF | ULST | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Intermediate Term Treasury ETF | SPTI | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Treasury ETF | SPTL | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio TIPS ETF | SPIP | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays High Yield Bond ETF | JNK | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays International Treasury Bond ETF | BWX | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR FTSE International Government Inflation-Protected Bond ETF | WIP | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | EBND | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Mortgage Backed Bond ETF | SPMB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Intermediate Term Corporate Bond ETF | SPIB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Long Term Corporate Bond ETF | SPLB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays Convertible Securities ETF | CWB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | BWZ | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | SPSB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays International Corporate Bond ETF | IBND | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Corporate Bond ETF | SPBO | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | FLRN | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Aggregate Bond ETF | SPAB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Short Term Treasury ETF | SPTS | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays Short Term High Yield Bond ETF | SJNK | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays 1-10 Year TIPS ETF | TIPX | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio High Yield Bond ETF | SPHY | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Barclays 1-3 Month T-Bill ETF | BIL | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays 3-12 Month T-Bill ETF | BILS | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Bloomberg Barclays Emerging Markets USD Bond ETF | EMHC | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;*Added 2/28/2022* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR MarketAxess Investment Grade 400 Corporate Bond ETF | LQIG | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;Added 5/31/2024 |  |  |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Treasury ETF | SPTB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;Added 8/31/2024 |  |  |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2026 Corporate Bond ETF | MYCF | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2027 Corporate Bond ETF | MYCG | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2028 Corporate Bond ETF | MYCH | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2029 Corporate Bond ETF | MYCI | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2030 Corporate Bond ETF | MYCJ | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2031 Corporate Bond ETF | MYCK | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2032 Corporate Bond ETF | MYCL | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2033 Corporate Bond ETF | MYCM | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2034 Corporate Bond ETF | MYCN | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA[My2026 Municipal Bond ETF | MYMF | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2027 Municipal Bond ETF | MYFG | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2028 Municipal Bond ETF | MYFH | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2029 Municipal Bond ETF | MYFI | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR SSGA My2030 Municipal Bond ETF | MYFJ | SSGA Active Trust |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**SPDR Sub-Advised** | **Ticker** | **Trust** |
| &nbsp;&nbsp;&nbsp;SPDR Blackstone Senior Loan ETF | SRLN | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR DoubleLine Total Return Tactical ETF | TOTL | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR DoubleLine Emerging Markets Fixed Income ETF | EMTL | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | SHM | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | TFI | SSGA Active Trust |
| &nbsp;&nbsp;&nbsp;SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | HYMB | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;SPDR Nuveen Municipal Bond ETF | MBND | SPDR Series Trust |
| &nbsp;&nbsp;&nbsp;*Added 2/28/2022:* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR Nuveen Municipal Bond ESG ETF | MBNE | SSGA Active Trust |

---

## Ex-99.(H)10(B)

Northwestern Mutual Series Fund, Inc.

July 2025

**AMENDMENT TO** 

**Schwab Rule 12d1-4** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

This Amendment ("**Amendment**") is made as of July 1, 2025, by and among Northwestern Mutual Series Fund, Inc., a corporation organized under the laws of the State of Maryland, (the "**Acquiring Managing Company**"), on behalf of its series identified on Schedule A, severally and not jointly (each, an "**Acquiring Fund**," and collectively, the "**Acquiring Funds**"), and Schwab Strategic Trust, a statutory trust organized under the laws of the State of Delaware (the "**Trust**"), on behalf of its series identified on Schedule B, severally and not jointly (each, an "**Acquired Fund**" and, collectively, the "**Acquired Funds**"), as amended from time to time, and amends the Fund of Funds Investment Agreement between the parties, dated April 17, 2024 as amended thereafter ("**Investment Agreement**"). All capitalized terms used in the Amendment and not defined herein shall have the meaning ascribed to them in the Investment Agreement.

**WHEREAS**, the parties wish to amend Schedule A to the Investment Agreement to add three series as an "Acquiring Fund" under the Investment Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and the mutual promises set forth below, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A to the Investment Agreement shall be deleted and replaced in its entirety with a new Schedule A as
attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as specifically set forth herein, all other provisions of the Investment Agreement shall remain in full
force and effect.

[SIGNATURE PAGE TO FOLLOW]

------

Northwestern Mutual Series Fund, Inc.

July 2025

**IN WITNESS WHEREOF**, this Amendment has been executed by a duly authorized representative of the parties hereto as of the date set forth above.

---

| | |
|:---|:---|
|  **Northwestern Mutual Series Fund, Inc.** on | **Northwestern Mutual Series Fund, Inc.** on |
| behalf of its series listed on Schedule A, | behalf of its series listed on Schedule A, |
| Severally and Not Jointly | Severally and Not Jointly |
| By: | /s/ Paul A. Mikelson |
| Name: | Paul A. Mikelson |
| Title: | President |
| **Schwab Strategic Trust**, on behalf of its series | **Schwab Strategic Trust**, on behalf of its series |
| listed on Schedule B, Severally and Not Jointly | listed on Schedule B, Severally and Not Jointly |
| By: | <u>/s/ Dana Smith</u> |
| Name: | Dana Smith |
| Title: | Chief Financial Officer - Schwab Strategic Trust |

---

------

Northwestern Mutual Series Fund, Inc.

July 2025

**<u>Schedule</u> <u>A</u>** 

Active/Passive Conservative Portfolio

Active/Passive Balanced Portfolio

Active/Passive Moderate Portfolio

Active/Passive Aggressive Portfolio

Active/Passive All Equity Portfolio (to be renamed Active/Passive Very

Aggressive Portfolio effective on or about September 30, 2025)

## Ex-99.(H)11

**AMENDED AND RESTATED RULE 12d1-4** 

**FUND-OF-FUNDS INVESTMENT AGREEMENT** 

THIS AMENDED AND RESTATED FUND-OF-FUNDS INVESTMENT AGREEMENT (the "Agreement"), dated as of June 20, 2025 (the "Effective Date"), is made by and between each registered open-end investment company (each, a "Registrant"), on behalf of each portfolio series of each such Registrant listed on Schedule A or Schedule B hereto, or if the relevant Registrant has no portfolio series, then the relevant Registrant (as applicable, each an "Acquiring Fund" or "Acquired Fund" pursuant to the applicable schedule), each severally and not jointly.

WHEREAS, each Registrant is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended, (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies, and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Fund(s), to invest in shares of other registered investment companies, such as the Acquired Fund(s), in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Fund(s) and the Acquired Fund(s) desire to set forth the following terms pursuant to which the Acquiring Fund(s) may invest in the Acquired Fund(s) in reliance on the Rule and certain additional terms of investment as provided below.

1. Terms of Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on an Acquired Fund by an Acquiring Fund, and
to assist the Acquired Fund's investment adviser with making the required findings under the Rule, each Acquiring Fund and each Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Purchases and Redemptions*. The Acquiring Fund acknowledges and agrees that it is not an Authorized
Participant, as defined in Rule 6c-11 under the 1940 Act, and has no ability to directly redeem shares from the Acquired Fund. Nonetheless, the Acquiring Fund will use reasonable efforts to provide two
business days' notice of anticipated purchases and

------

sales of Acquired Fund(s) shares that exceed 4% of the Acquired Fund's then outstanding shares if practicable and consistent with the Acquiring Fund's best interests. The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to purchase or sell shares and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase or sale is made, if any. In addition, the Acquiring Fund will use reasonable efforts to avoid purchases or sales of the Acquired Fund's shares in an amount that exceeds 4% of the Acquired Fund's then outstanding shares on days on which the London Metals Exchange is closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Scale of investment.* Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide
summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser or sub-adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the
fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 1, "Terms of Investment," shall only apply to an investment by an Acquiring Fund
in an Acquired Fund in excess of the limit set forth in Section 12(d)(1)(A)(i) (the "3% Limit").

2. Representations of the Acquired Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

3. Representations of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in
Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under
this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment

------

in such Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Acquiring Fund shall promptly notify an Acquired Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. of any purchase or acquisition of shares in an Acquired Fund that causes such Acquiring Fund to hold 3% or more
of such Acquired Fund's total outstanding voting stock immediately after such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. of any purchase or acquisition of shares in an Acquired Fund that causes such Acquiring Fund to hold 5% or more
of such Acquired Fund's total outstanding voting stock immediately after such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. where an Acquiring Fund and its Advisory Group (as defined in the Rule), individually or in the aggregate, hold
more than 25% of such Acquired Fund's total outstanding voting stock immediately after such acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. if at any time an Acquiring Fund no longer holds voting securities of an Acquired Fund in excess of an amount
noted in (i), (ii), and (iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, any Acquiring Fund that has an "affiliated person"
(as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, will: (a) not make an investment
in an Acquired Fund that causes such Acquiring Fund to hold 5% or more of such Acquired Fund's total outstanding voting stock without prior approval from the Acquired Fund, which such prior approval shall not be unreasonably withheld, and
(b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The requirements set forth in Sections 3(b)(i), 3(b)(ii), and 3(c) shall not apply where the Acquiring
Fund's full portfolio is sub-advised by any affiliate of abrdn ETFs Advisors LLC ("Acquired Fund Adviser").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Acquiring Fund shall provide an Acquired Fund with information regarding the amount of such Acquiring
Fund's investments in the Acquired Fund, and information regarding affiliates of the Acquiring Fund, upon the Acquired Fund's reasonable request.

4. Indemnification.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Acquiring Fund agrees to hold harmless and indemnify each Acquired Fund, including any of its principals,
directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or claims or actions ("Claims") asserted against the Acquired Fund, including any of their principals,
directors or trustees, officers, employees and agents, to the extent such Claims result from a violation or alleged violation by such Acquiring Fund of any provision of this Agreement, such indemnification to include any reasonable counsel fees and
expenses incurred in connection with investigating and/or defending such Claims; provided that no Acquiring Fund shall be liable for indemnifying any Acquired Fund for any Claims resulting from violations that occur directly as a result of
incomplete or inaccurate information provided by the Acquired Fund to such Acquiring Fund pursuant to terms and conditions of this Agreement or as a result of the willful misfeasance, bad faith or gross negligence in the performance of an Acquired
Fund's obligations or duties under this Agreement or the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Acquired Fund agrees to hold harmless and indemnify an Acquiring Fund, including any of its principals,
directors or trustees, officers, employees and agents, against and from any and all losses, expenses or liabilities incurred by or Claims asserted against the Acquiring Fund, including any of its principals, directors or trustees, officers,
employees and agents, to the extent such Claims result from a violation or alleged violation by such Acquired Fund of any provision of this Agreement, such indemnification to include any reasonable counsel fees and expenses incurred in connection
with investigating and/or defending such Claims; provided that no Acquired Fund shall be liable for indemnifying any Acquiring Fund for any Claims resulting from violations that occur directly as a result of incomplete or inaccurate information
provided by the Acquiring Fund to such Acquired Fund pursuant to terms and conditions of this Agreement or as a result of the willful misfeasance, bad faith or gross negligence in the performance of an Acquiring Fund's obligations or duties
under this Agreement or the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any liability pursuant to the forgoing provisions shall be several and not joint. In any action involving the
parties under this Agreement, the parties agree to look solely to the individual series of the Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other series.

5. Use of Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Acquiring Fund shall use the name or any tradename, trademark, service mark, symbol or any abbreviation,
contraction or simulation thereof of the Acquired Fund, Acquired Fund Adviser or any of their affiliates in its shareholder communications, advertising, sales literature and similar communications (other than a prospectus, statement of additional
information, fact sheet or similar disclosure document, or shareholder report) unless it first receives prior written approval (including approval through written electronic communications) of the Acquired Fund or Acquired Fund Adviser.
Additionally, no Acquiring Fund shall use any logo of the Acquired Fund or of

------

Acquired Fund Adviser without entering into a separate trademark license agreement with Acquired Fund Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Acquired Fund shall use the name or any tradename, trademark, service mark, symbol or any abbreviation,
contraction or simulation thereof of the Acquiring Fund, Acquiring Fund Adviser or any of their affiliates in its shareholder communications, advertising, sales literature and similar communications (other than a prospectus, statement of additional
information, fact sheet or similar disclosure document, or shareholder report) unless it first receives prior written approval (including approval through written electronic communications) of the Acquiring Fund or Acquiring Fund Adviser.
Additionally, no Acquired Fund shall use any logo of the Acquiring Fund or of Acquiring Fund Adviser without entering into a separate trademark license agreement with Acquiring Fund Adviser.

6. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail or electronic mail to the address for each party specified below. Either party may notify the other in writing of any changes to these notice provisions.

---

| | |
|:---|:---|
| If to the Acquiring Funds: | If to the Acquired Funds: |
| Northwestern Mutual Series Fund, Inc.<br> 720 East Wisconsin Avenue<br> Milwaukee, WI 53202<br> Attn: Paul A. Mikelson<br> Email: <u>paulmikelson@northwesternmutual.com</u><br>With a copy (which shall not constitute notice) to:<br>Northwestern Mutual Series Fund, Inc.<br> 720 East Wisconsin Avenue<br> Milwaukee, WI 53202<br> Attn: David Kennedy<br> Email: <u>davidkennedy@northwesternmutual.com</u> | [Name of Acquired Fund]<br> Attn: Fund Compliance<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103<br>Email:<u>fundcompliance.us@Aberdeenplc.com</u><br>[Name of Acquired Fund]<br> Attn: Product Governance<br> 1900 Market Street, Suite 200<br> Philadelphia, PA 19103<br>Email: <u>productgovernanceus@Aberdeenplc.com</u> |

---

7. Additional Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that an Acquiring Fund or Acquiring Fund Registrant (as listed in Schedule A) wishes to include
one or more series in addition to those originally set forth on Schedule A, the Acquiring Fund or Acquiring Fund Registrant shall so notify the Acquired Fund in writing, and if the Acquired Fund agrees

------

in writing, such series shall hereunder become an Acquiring Fund, and Schedule A shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Certain open-end investment companies (or series thereof) advised by
Mason Street Advisors LLC ("Acquiring Fund Adviser") or any investment adviser controlling, controlled by or under common control with Acquiring Fund Adviser (each, a "Mason Street Affiliated Investment Company") may
subsequently determine to invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A) and (B) in reliance on the Rule and may desire to be included under this Agreement. In such event, such Mason
Street Affiliated Investment Company shall so notify the Acquired Fund Registrant in writing, and if the Acquired Fund Registrant agrees in writing, such Mason Street Affiliated Investment Company shall hereunder become an Acquiring Fund Registrant
or Acquiring Fund, as the case may be, and Schedule A shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Acquiring Fund or a Mason Street Affiliated Investment Company may subsequently invest in an open-end investment company (or series thereof) advised by the Acquired Fund Adviser or any investment adviser controlling, controlled by or under common control with the Acquired Fund Adviser (each, an "abrdn
Affiliated Investment Company") in excess of the limitations of Section 12(d)(1)(A) and (B) in reliance on the Rule, in which case the abrdn Affiliated Investment Company may desire to be included under this Agreement. In such event,
such Acquiring Fund or Mason Street Affiliated Investment Company shall so notify the Acquired Fund Registrant and abrdn Affiliated Investment Company in writing, and if the Acquired Fund Registrant and abrdn Affiliated Investment Company agree in
writing, such abrdn Affiliated Investment Company shall hereunder become an Acquired Fund Registrant and Schedule B shall be amended accordingly.

8. Governing Law; Counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will be governed by Delaware law without regard to choice of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. An electronic copy of a signature received in Portable Document Format (PDF) or a copy of a signature received via a fax machine shall be deemed to be of the same force and effect as an
original signature on an original executed document.

9. Term and Termination; Assignment; Amendment.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds'
reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its
Staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the
other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Other than as set forth in Section 7 above, this Agreement may be amended only by a writing that is signed
by each affected party.

***[Remainder of page intentionally left blank]***

------

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**ABRDN ETFS** 

ON BEHALF OF ITSELF AND ITS SERIES

LISTED ON SCHEDULE B HERETO

---

| | |
|:---|:---|
| By: | <u>/s/Andrew Kim</u> |
| Name: | Andrew Kim |
| Title: | Vice President |

---

**NORTHWESTERN MUTUAL SERIES FUND, INC.** 

ON BEHALF OF ITSELF AND ITS SERIES

LISTED ON SCHEDULE A HERETO

---

| | |
|:---|:---|
| By: | <u>/s/Paul A. Mikelson</u> |
| Name: | Paul A. Mikelson |
| Title: | President |

---

------

**SCHEDULE A** 

**Acquiring Funds** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**<u>Acquiring Fund Registrant:</u> Northwestern Mutual Series Fund, Inc. (series listed below)** |
| &nbsp;&nbsp; Active/Passive Conservative Portfolio |
| &nbsp;&nbsp; Active/Passive Aggressive Portfolio |
| &nbsp;&nbsp;&nbsp;Active/Passive All Equity Portfolio (to be renamed Active/Passive Very Aggressive Portfolio, effective on or about September 30, 2025) |
| &nbsp;&nbsp; Active/Passive Moderate Portfolio (formerly, Asset Allocation Portfolio) |
| &nbsp;&nbsp; Active/Passive Balanced Portfolio (formerly, Balanced Portfolio) |

---

------

**SCHEDULE B** 

**Acquired Funds** 

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;**<u>Acquired Fund Registrant:</u> abrdn ETFs (series listed below)** |
| &nbsp;&nbsp; abrdn Bloomberg All Commodity Strategy K-1 Free ETF |

---

## Ex-99.(H)12(A)

**RULE 12d1-4** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

THIS FUND OF FUNDS INVESTMENT AGREEMENT (the "**Agreement**"), dated as of February 5, 2025 ("Effective Date"), is made among Northwestern Mutual Series Fund, Inc., on behalf of each of their series listed in Schedule A (each, an "**Acquiring Fund**") and the Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust, on behalf of each of their series (except such series listed on Schedule B, as may be amended from time to time), severally and not jointly (each, an "**Acquired Fund**" and together with the Acquiring Funds, the "**Funds**").

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("**SEC**") as an investment company under the Investment Company Act of 1940, as amended, (the "**1940 Act**"); and

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered open-end investment company, its principal underwriter ("**Distributor**") or any brokers or dealers registered under the Securities Exchange Act of 1934 ("**Brokers**") may knowingly sell shares of such registered investment company to other investment companies; and

WHEREAS, Rule 12d1-4 under the 1940 Act (the "**Rule**") permits (i) registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Funds, in excess of the limits of Section 12(d)(1)(A) of the 1940 Act, and (ii) registered open-end investment companies, such as the Acquired Funds, as well as the Distributor and Brokers, knowingly to sell shares of the Acquired Funds to the Acquiring Funds in excess of the limits of Section 12(d)(1)(B) of the 1940 Act, subject to compliance with the conditions of, and in reliance on, the Rule; and

WHEREAS, an Acquiring Fund may, from time to time, invest in shares of one or more Acquired Funds in excess of the limitations of Section 12(d)(1)(A), in reliance on the Rule; and

WHEREAS, an Acquired Fund, Distributor, or Broker, from time to time, may knowingly sell Shares of one or more Acquired Funds to an Acquiring Fund in excess of the limitations of Section 12(d)(1)(B) in reliance on the Rule; and

WHEREAS, to date such investments have been governed by a Purchasing Fund Agreement made in reliance on SEC exemptive relief that will be rescinded on the Effective Date;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Funds desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Funds in reliance on the Rule and the Acquired Funds, Distributor, or Broker may sell shares of the Acquired Funds to the Acquiring Funds in reliance on the Rule.

------

1. Terms of Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Funds note that each Acquired Fund operates as an exchange-traded fund and is designed to accommodate large investments and redemptions, whether from Acquiring Funds or other investors. Creation and redemption orders for shares of the Acquired Funds can only be submitted by Brokers or other participants of a registered clearing agency (collectively, "**Authorized Participants**") that have entered into an agreement ("**Participation Agreement**") with the Acquired Funds' distributor to transact in shares of the Acquired Funds. The Acquired Funds also have policies and procedures (the "**Basket Policies**") that govern creations and redemptions of the Acquired Funds' shares. Any creation or redemption order submitted by an Acquiring Fund through an Authorized Participant will be satisfied pursuant to the Basket Policies and the relevant Participation Agreement. The Basket Policies include provisions that govern in- kind creations and redemptions, as well as cash transactions. In any event, the Funds generally expect that the Acquiring Funds will transact in shares in the Acquired Funds on the secondary market rather than through direct creation and redemption transactions with the Acquired Fund. The Funds believe that these material terms regarding an Acquiring Fund's investment in shares of an Acquired Fund should assist the Acquired Fund's investment adviser with making the required findings under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist the Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule.

2. Representations of the Acquired Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquired Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquiring Fund if such Acquired Fund fails to comply with the Rule with respect to an investment by the Acquiring Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

3. Representations and warranties of the Acquiring Funds.

In connection with any investment by an Acquiring Fund in an Acquired Fund in excess of the limitations in Section 12(d)(1)(A) or knowing sale of Shares by an Acquired Fund, Distributor, or Broker to an Acquiring Fund in excess of the limitations in Section 12(d)(1)(B), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its staff from time to time, applicable to Acquiring Funds; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if such Acquiring Fund fails to comply with the Rule with respect to its investment in such Acquired Fund, as interpreted or modified by the SEC or its staff from time to time, or this Agreement.

------

Each Acquiring Fund acknowledges that it may not rely on this Agreement to invest in Ineligible Funds (as defined in Schedule B).

4. Notices.

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered overnight mail, facsimile, or electronic mail to the address for each party specified below.

---

| | |
|:---|:---|
| If to the Acquiring Fund: | If to the Acquired Fund: |
| Northwestern Mutual Series Fund, Inc. | Invesco ETFs |
| 720 East Wisconsin Avenue | 3500 Lacey Road, Suite 700 |
| Milwaukee, Wisconsin 53202 | Downers Grove, IL 60515 |
| Attn: President (Paul A. Mikelson) | Attn: General Counsel |
| Email: paulmikelson@northwesternmutual.com | Email: 12d-1request@invesco.com |
| With a copy to: | With a copy to: Client Contracts |
| Attn: Legal Dept. | Email: dealersupport@invesco.com |
| 720 East Wisconsin Avenue |  |
| Milwaukee, Wisconsin 53202 |  |
| Fax: |  |
| Email: |  |

---

5. Term and Termination; Assignment; Amendment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Funds' and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its staff from time to time, the Agreement shall continue in effect until terminated pursuant to Section 5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing by either party upon 60 days' notice to the other party. Upon termination of this Agreement, the Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be assigned by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended, including the addition of Acquiring Funds to Schedule A, only in writing that is signed by each affected party, except that Schedule B to this Agreement may be amended by the Acquired Funds, in their sole discretion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving the Acquiring Funds under this Agreement, each Acquired Fund agrees to look solely to the individual Acquiring Fund(s) that are involved in the matter in controversy and not to any other series of the Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquired Funds under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Fund(s) that are involved in the matter in controversy and not to any other series of the Acquired Funds.

6. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior written or oral and all contemporaneous oral agreements, understandings, and negotiations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which is deemed an original but all of which together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Severability</u>. If any provision of this Agreement is determined to be invalid, illegal, in conflict with any law or otherwise unenforceable, the remaining provisions hereof will be considered severable and will not be affected thereby, and every remaining provision hereof will remain in full force and effect and will remain enforceable to the fullest extent permitted by applicable law.

*Signatures appear on the following page.* 

------

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**Northwestern Mutual Series Fund, Inc.** 

---

| | | |
|:---|:---|:---|
| <u>**Paul A. Mikelson**</u> | <u>**Paul A. Mikelson**</u> | <u>/s/ Paul A. Mikelson</u> |
| Name of Authorized Signer | Print | Signature |
| Title: President |  |  |

---

**INVESCO EXCHANGE-TRADED FUND TRUST** 

**INVESCO EXCHANGE-TRADED FUND TRUST II** 

**INVESCO INDIA EXCHANGE-TRADED FUND TRUST** 

**INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST** 

**INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST** 

**INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** 

---

| | | |
|:---|:---|:---|
| <u>**Adam Henkel**</u> | <u>**Adam Henkel**</u> | <u>/s/ Adam Henkel</u> |
| Name of Authorized Signer | Print | Signature |
| Title: Secretary |  |  |

---

------

**SCHEDULE A** 

Applicable Funds

**<u>Acquiring Funds</u>** 

**Asset Allocation Portfolio** 

**Balanced Portfolio** 

------

**SCHEDULE B** 

**Ineligible Funds** 

**Effective December 9, 2022** 

This Schedule B includes Funds that are not permissible for investment by the Acquiring Funds in reliance on this Agreement (the "Ineligible Funds").

This Schedule B may be amended, supplemented, or revised at any time. Upon written notice by Acquired Funds to Acquiring Funds this Schedule B may be maintained on <u>www.invesco.com</u>.

**Ineligible Funds under Exchange-Traded Fund Trust** 

Invesco Global Listed Private Equity ETF (PSP)

Invesco Dow Jones Industrial Average Dividend ETF (DJD)

Invesco Zacks Mid-Cap ETF (CZA)

Invesco Zacks Multi-Asset Income ETF (CVY)

Invesco Raymond James SB-1 Equity ETF (RYJ)

Invesco S&P Spin-Off ETF (CSD)

**Ineligible Funds under Exchange-Traded Fund Trust II** 

Invesco CEF Income Composite ETF (PCEF)

Invesco Alerian Galaxy Blockchain Users and Decentralized Commerce ETF (BLKC)

Invesco Alerian Galaxy Crypto Economy ETF (SATO)

Invesco KBW High Dividend Yield Financial ETF (KBWD)

**Ineligible Funds under Invesco Actively Managed Exchange-Traded Fund Trust** 

Invesco AAA CLO Floating Rate Note ETF (ICLO)

Invesco Municipal Strategic Income ETF (IMSI)

Invesco Balanced Multi-Asset Allocation ETF (PSMB)

Invesco Conservative Multi-Asset Allocation ETF (PSMC)

Invesco Growth Multi-Asset Allocation ETF (PSMG)

Invesco Moderately Conservative Multi-Asset Allocation ETF (PSMM)

Invesco Ultra Short Duration ETF (GSY)

Invesco Total Return Bond ETF (GTO)

**Ineligible Funds under Invesco Exchange-Traded Self-Indexed Fund Trust** 

Invesco Defensive Equity ETF (DEF)

## Ex-99.(H)12(B)

**AMENDMENT** 

**TO** 

**FORM OF RULE 12d1-4** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

THIS AMENDMENT is made as of June 26, 2025, between the Northwestern Mutual Series Fund, Inc. (the "Acquiring Trust"), on behalf of its separate series, as amended from time to time, severally and not jointly (each an "Acquiring Fund" and collectively, the "Acquiring Funds"), and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange- Traded Self-Indexed Fund Trust (each an "Acquired Trust" and collectively, the "Acquiring Trusts"), on behalf of each of their series, severally and not jointly (each, an "Acquired Fund" and collectively, the "Acquired Funds").

WHEREAS, the Acquiring Trust, on behalf of the Acquiring Funds, and the Acquired Trusts, on behalf of the Acquired Funds, are parties to a Rule 12d1-4 Fund of Funds Investment Agreement (the "Agreement") dated February 5, 2025;

WHEREAS, the Acquiring Trust and the Acquired Trusts desire to amend the Agreement to modify the list of Acquiring Funds on <u>Schedule A</u> as set forth in this Amendment;

NOW THEREFORE, in accordance with Rule 12d1-4 under the 194 Act, as amended, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. That portion of <u>Schedule A</u> to the Agreement that relates to the Acquiring Funds shall be modified by
deleting the text set forth therein and replacing it with the text set forth on <u>Exhibit A</u> attached to this Amendment, the content of which is hereby incorporated herein by this reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Except as modified by this Amendment, the Agreement shall remain in full force and effect, and it is hereby
ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment may be executed in two or more counterparts, all of which when taken together shall
constitute one instrument.

IN WITNESS WHEREOF, each party has caused this Amendment to be signed below by a duly authorized officer with full power and authority to execute this Amendment.

**Northwestern Mutual Series Fund, Inc.** 

---

| | | |
|:---|:---|:---|
| <u>**Paul A. Mikelson**</u> | <u>**Paul A. Mikelson**</u> |  **<u>/s/ Paul A. Mikelson</u>** |
| Name of Authorized Signer | Print | Signature |
| Title: President |  |  |

---

------

**INVESCO EXCHANGE-TRADED FUND TRUST** 

**INVESCO EXCHANGE-TRADED FUND TRUST II** 

**INVESCO INDIA EXCHANGE-TRADED FUND TRUST** 

**INVESCO ACTIVELY MANAGED EXCHANGE-TRADED FUND TRUST** 

**INVESCO ACTIVELY MANAGED EXCHANGE-TRADED COMMODITY FUND TRUST** 

**INVESCO EXCHANGE-TRADED SELF-INDEXED FUND TRUST** 

---

| | | |
|:---|:---|:---|
| <u>**Adam Henkel**</u> | **<u>Adam Henkel</u>** | **<u>/s/ Adam Henkel</u>** |
| Name of Authorized Signer | Print | Signature |
| Title: Secretary |  | 6/26/2025 |

---

------

**EXHIBIT A - LIST OF ACQUIRING FUNDS** 

Active/Passive Conservative Portfolio

Balanced Portfolio (effective July 1, 2025, the name of the Portfolio will be Active/Passive Balanced Portfolio)

Asset Allocation Portfolio (effective July 1, 2025, the name of the Portfolio will be Active/Passive Moderate Portfolio)

Active/Passive Aggressive Portfolio

Active/Passive All Equity Portfolio (effective on or about September 30, 2025, the name of the Portfolio will be the Active/Passive Very Aggressive Portfolio)

## Ex-99.P(6)

---

| | |
|:---|:---|
| ![LOGO](g59440dsp00001aaa.jpg) | ![LOGO](g59440dsp00001.jpg) |
| **Personal Investments and**<br> **Insider Trading Policy ("the policy")** | ![LOGO](g59440dsp00001.jpg) |
| ![LOGO](g59440dsp00001bbb.jpg) | ![LOGO](g59440dsp00001bbb.jpg) |

---

(This Policy serves as a code of ethics adopted pursuant to Rule 17j-1 under the

Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940)

**Revised September 9, 2024** 

---

| | | |
|:---|:---|:---|
|  **SECTION 1.** | **PURPOSE OF THE POLICY** | **2** |
| 1.1 | SCOPE AND PURPOSE OF THE POLICY | 2 |
| 1.2 | STATEMENT OF PRINCIPLES | 2 |
| 1.3 | PROHIBITED ACTIVITIES | 2 |
| 1.4 | MONITORING OF THE POLICY AND ADDITIONAL INFORMATION | 3 |
|  **SECTION 2.** | **PERSONAL INVESTMENTS** | **3** |
| 2.1 | STATEMENT ON COVERED EMPLOYEE INVESTMENTS | 3 |
| 2.2 | CATEGORIES OF PERSONS SUBJECT TO THE POLICY | 3 |
| 2.3 | ACCOUNTS AND TRANSACTIONS COVERED BY THE POLICY | 4 |
| 2.4 | PROHIBITED TRANSACTIONS | 4 |
| 2.5 | ADDITIONAL PROHIBITIONS AND REQUIREMENTS FOR ACCESS PERSONS AND PORTFOLIO PERSONS | 5 |
| 2.6 | REPORTING REQUIREMENTS | 6 |
| 2.7 | PRE-CLEARANCE REQUIREMENTS | 7 |
| 2.8 | REQUIREMENTS FOR INDEPENDENT DIRECTORS | 8 |
|  **SECTION 3.** | **INSIDER TRADING** | **8** |
| 3.1 | POLICY ON INSIDER TRADING | 8 |
|  **SECTION 4.** | **RELATED POLICIES AND REQUIREMENTS** | **9** |
| 4.1 | STATEMENT ON OTHER POLICIES AND REQUIREMENTS | 9 |
|  **SECTION 5.** | **ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS** | **9** |
| 5.1 | CODE OF ETHICS COMMITTEE; REPORTING TO FT FUND BOARDS | **9** |
| 5.2 | VIOLATIONS OF THE POLICY | **9** |
| 5.3 | WAIVERS OF THE POLICY | **9** |
| 5.4 | REPORTING VIOLATIONS | **10** |

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***This document is the proprietary product of Franklin Templeton. Any unauthorized use, reproduction or transfer of this document is strictly prohibited. Franklin Templeton***© ***2024. All Rights Reserved.***

**Franklin Templeton** 

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**SECTION 1. PURPOSE OF THE POLICY** 

**1.1** **Scope and Purpose of the Policy** 

The Franklin Templeton Personal Investments and Insider Trading Policy (the "Policy") applies to the personal investment activities of all Covered Employees (as defined in section 2.2 of the Policy) of Franklin Resources, Inc. ("FRI") and all of its subsidiaries (collectively, "Franklin Templeton").

Franklin Templeton provides services to the funds that are advised or sub-advised by a Franklin Templeton investment adviser (the "FT Funds") and other client accounts ("Client Accounts"). Thus, for purposes of this Policy, "FT Fund" includes all open-end and closed-end funds within the Franklin Templeton Group of Funds, as well as any other fund that is advised or sub-advised by a Franklin Templeton investment adviser, such as the Putnam Funds.

The purpose of the Policy is to summarize the values, principles and business practices that guide Franklin Templeton's business conduct and to establish a set of principles to guide Covered Employees regarding the conduct expected of them when managing their personal investments.

**1.2** **Statement of Principles** 

All Covered Employees are required to conduct themselves in a lawful, honest and ethical manner in their business practices and to maintain an environment that fosters fairness, respect and integrity.

Franklin Templeton's policy is that the interests of the FT Funds and Client Accounts are paramount and come before the interests of any employee. Information concerning the securities, which include derivatives, such as futures, options and swaps, holdings and financial circumstances of the FT Funds and Client Accounts, as well as the identity of certain Client Accounts, is confidential and Covered Employees are required to safeguard this information.

The personal investment activities of Covered Employees must be conducted in a manner to avoid actual or potential conflicts of interest with the FT Funds and Client Accounts. In particular, to the extent that a Covered Employee learns of an investment opportunity because of his or her position with Franklin Templeton (e.g., internal or third party research, Franklin Templeton or company sponsored conferences, or communications with company officers), the Covered Employee must give preference to the FT Funds or Client Accounts.

Personal transactions in a security may not be executed, regardless of quantity, if the Covered Employee has access to information regarding, or knowledge or even a presumed knowledge of, FT Fund or Client Account activity in such security, including proposed activity and recommendations.

**1.3** **Prohibited Activities** 

Covered Employees generally are prohibited from engaging or participating in any activity that has the potential to cause harm to an FT Fund or Client Account. Examples of prohibited activities include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making investment decisions, changes in research ratings and trading decisions other than exclusively for the benefit of,
and in the best interest of, the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking, delaying or omitting to take any action with respect to any research recommendation, report or rating or any
investment or trading decision for an FT Fund or Client Account in order to avoid economic injury to themselves or anyone other than the FT Funds or Client Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchasing or selling a security on the basis of knowledge of a possible trade by or for an FT Fund or Client Account with
the intent of personally profiting from, or avoiding a loss with respect to, personal holdings in the same or related securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revealing to any other person (except in the normal course of the Covered Employee's duties on behalf of an FT Fund
or Client Account) any information regarding securities transactions by any FT Fund or Client Account or the consideration by any FT Fund or Client Account of any such securities transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any act, practice or course of business that operates or would operate as a fraud or deceit on an FT Fund or
Client Account or engaging in any manipulative practice with respect to any FT Fund or Client Account. **  

**1.4** **Monitoring of the Policy and Additional Information** 

Questions regarding the Policy and related requirements should be directed to the Code of Ethics Department located in San Mateo, CA. The Code of Ethics Department can be reached by e-mail at lpreclear@franklintempleton.com. The Code of Ethics Department uses StarCompliance, https://franklintempleton.starcompliance.com/ an automated transaction pre-clearance system, to manage the oversight of personal investments. Administration of the Policy is the responsibility of the Code of Ethics Committee.

**SECTION 2. PERSONAL INVESTMENTS** 

**2.1** **Statement on Covered Employee Investments** 

Franklin Templeton recognizes the importance to Covered Employees of managing their own financial resources. However, because of the potential conflicts of interest inherent in its business, Franklin Templeton has implemented this Policy with regard to personal investments of Covered Employees. This Policy is designed to minimize these conflicts and help ensure that Franklin Templeton focuses on meeting its duties as a fiduciary to the FT Funds or Client Accounts.

Covered Employees should be aware that their ability to invest in certain securities and to liquidate those positions may be severely restricted under this Policy due to trading by the FT Funds or Client Accounts, including during times of market volatility. Therefore, as a general matter, Franklin Templeton encourages Covered Employees to exercise caution when investing in individual securities, particularly in situations where a Covered Employee wishes to invest in securities held or likely to be held by the FT Funds or Client Accounts.

Franklin Templeton also discourages Covered Employees from engaging in a pattern of securities transactions that is so excessively frequent as to potentially impact the Covered Employee's ability to carry out their assigned responsibilities, increases the possibility of potential conflicts or violates the Policy or the FT Funds' prospectuses.

**2.2** **Categories of Persons Subject to the Policy** 

All persons subject to the Policy are assigned to the following categories based on their access to information regarding, or involvement in, investment activities. In limited circumstances, certain affiliates of FRI may adopt separate policies or codes of ethics governing personal trading to address the specific features of their investment activities and operations. Persons subject to other personal trading policies or codes of ethics adopted by Franklin Templeton or its affiliates generally are exempt from this Policy. Please consult the Code of Ethics Department if you have any questions about how this Policy applies to you.

**Covered Employees:** Covered Employees are: (1) partners, officers, directors (or persons occupying a similar status or having similar functions) and employees (including certain designated temporary employees or consultants) of any Franklin Templeton investment adviser, as well as any other persons who provide advice on behalf of any Franklin Templeton investment adviser and are subject to the supervision and control of that investment adviser; (2) Access Persons, as defined below; and (3) Independent directors of FT Funds within the Franklin Templeton Group of Funds and independent directors of Franklin Templeton investment advisers (collectively, "Independent Directors").

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**Access Persons:** Access Persons are those who have access to non-public information regarding FT Funds' or Client Accounts' securities transactions; or have access to recommendations that are non-public; or have access to non-public information regarding the portfolio holdings of the FT Funds or Client Accounts.

**Portfolio Persons:** Portfolio Persons, a subset of Access Persons, are those who, in connection with their regular functions or duties, make or participate in the decision to purchase or sell a security by an FT Fund or Client Account or if his or her functions relate to the making of any recommendations about those purchases or sales.

Please see the Appendix to this Policy for a table indicating how the provisions of the Policy apply to each category of persons. In addition, please see section 2.8 of the Policy for a description of the requirements for Independent Directors.

**2.3** **Accounts and Transactions Covered by the Policy** 

The Policy covers two types of securities accounts and transactions: (1) those in which Covered Employees have or share investment control, and (2) those in which Covered Employees have direct or indirect beneficial ownership. Generally, a person has a beneficial ownership in a security if he or she, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the security. "Pecuniary interest" has the same meaning as in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934. Generally, a pecuniary interest in a security means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the security. Covered Employees are presumed to have a pecuniary interest in securities held by members of their immediate family or domestic partners sharing the same household.

Certain types of securities and investments are exempt from the Policy. These include, but are not limited to, direct obligations of the U.S. government, money market instruments, and registered open-end funds other than the FT Funds. Cryptocurrencies and digital assets must be precleared and are reportable only, (1) by members of those investment teams investing in cryptocurrencies, or any FT employee involved in trading or the creation and redemption process for any FT digital currency Fund or account, and (2) for the cryptocurrencies in which they are investing on behalf of clients or funds, and (3) those involved in the creation and redemption process for any FT digital currency ETF must also preclear their investments in FT digital Funds. Please consult the Code of Ethics Department for further information about specific types of securities that are exempt from the Policy.

**2.4** **Prohibited Transactions** 

**Trading that Conflicts with FT Funds or Client Accounts** 

Covered Employees are prohibited from any trading activity that conflicts with the FT Funds' or Client Accounts' trading activity. Examples of prohibited trading activity include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "front running" or trading ahead of an FT Fund or Client Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading parallel to or against an FT Fund or Client Account.

**Short Sales of Securities Issued by Franklin Resources and FT Sponsored Closed-end Funds and Exchange Traded Funds (ETFs)** 

Covered Employees are prohibited from effecting short sales, including "short sales against the box," of securities issued by FRI, or any FT sponsored closed-end funds or FT exchange traded funds (ETFs). This prohibition includes economically equivalent transactions such as call or put options, swap transactions or other derivatives that would result in having a net short exposure to FRI or any closed-end fund or ETF sponsored or advised by Franklin Templeton.

**Pledged Securities** 

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Directors and Executive Officers are also prohibited from pledging, hypothecating or otherwise encumbering securities issued by Franklin Resources as described in greater detail in the FRI Code of Ethics and Business Conduct.

**Trading in Shares of the FT Funds** 

A Covered Employee is prohibited from buying or selling shares of an FT Fund while in possession of material non-public information about the FT Fund. Specifically, Covered Employees are prohibited from taking personal advantage of their non-public knowledge of recent or impending investment activities of FT Funds or the FT Funds' investment advisers or any other non-public information that a reasonable investor would likely consider important in making his or her investment decisions, including information that may have a material effect on an FT Fund's share price or net asset value.

In addition, Covered Employees must keep confidential at all times non-public information they may obtain about an FT Fund, including but not limited to information such as portfolio holdings, pricing or valuation of an FT Fund's portfolio holdings, recent or impending securities transactions by an FT Fund, changes related to an FT Fund's investment adviser, offerings of new FT Funds, changes to investment minimums, FT Fund closures or liquidations, changes to investment personnel, FT Fund flow activity, and information on current or prospective FT Fund shareholders.

Please consult your local Legal or Compliance department if you have any questions about materiality, confidentiality, or any other concerns before trading on or sharing non-public information relating to FT Funds.

**Special Provision Relating to Ownership of Putnam Funds** 

Employees of Putnam Investment Management, LLC, The Putnam Advisory Company LLC, Putnam Investments Limited and of the principal underwriter of the Putnam open-end U.S. mutual funds Franklin Distributors, LLC (collectively, the "Putman Entities") must hold shares of Putnam open-end U.S. mutual funds through the Putnam transfer agent (Putnam Investor Services, Inc.) and all transactions must be executed through Franklin Distributors, LLC as dealer of record. Holding Putnam mutual fund shares in discretionary accounts is prohibited. This requirement does not apply to shares of Putnam mutual funds owned in retirement accounts or other accounts required to be held through third-party administrators.

**Short-Term Trading in Open-end FT Funds** 

Franklin Templeton discourages short-term or excessive trading, often referred to as "market timing," in shares of the open-end FT Funds. Covered Employees must be familiar with the "Frequent Trading Policy" or its equivalent described in the prospectus of each open-end FT Fund in which they invest and must not engage in trading activity that might violate the purpose or intent of such policy. Accordingly, all Covered Employees must comply with the purpose and intent of each open-end FT Fund's Frequent Trading Policy or its equivalent and must not engage in any short-term trading (if the relevant FT Fund has adopted a policy regarding short-term trading) or excessive trading in open-end FT Funds.

For open-end FT Funds within the Franklin Templeton Group of Funds, including FT Funds purchased through a 401(k) plan, trading activity by Covered Employees is monitored and any trading patterns or behaviors that may constitute short-term or excessive trading is reported to the Code of Ethics Department. These reports will include descriptions of any actions taken and any sanctions or penalties imposed in response to such trading activity. This policy does not apply to purchases and sales of money market funds.

**2.5** **Additional Prohibitions and Requirements for Access Persons and Portfolio Persons** 

**Initial Public Offerings** 

Access Persons are prohibited from investing in securities sold in an initial public offering or a secondary offering (including Initial Coin Offerings ("ICOs")) by an issuer except for offerings of securities made by closed-end FT Funds advised or sub-advised by Franklin Templeton. However, IPOs may be permissible in certain circumstances

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or jurisdictions. Please contact the Code of Ethics department or your local Compliance Officer in advance of executing any IPO.

**Single Stock ETFs** 

Access Persons are prohibited from investing in single stock ETFs including derivatives of the single stock ETF such as options.

**Short Sales of Securities** 

Portfolio Persons are prohibited from selling short any security held by the FT Funds, including "short sales against the box." This prohibition also applies to effecting economically equivalent transactions, including, but not limited to, sales of uncovered call options, sales of put options while not owning the underlying security, and short sales of bonds that are convertible into equity positions, swaps or other derivatives where the security is held by FT Funds.

**Short Swing Rule** 

Portfolio Persons are subject to a short swing rule whereby they cannot sell shares of a security at a price higher than any price paid within the prior 60 calendar days or buy a security at a price below any price which they sold it within the past 60 calendar days, including transactions in derivatives and transactions that may occur in margin and option accounts. Any profits made must be disgorged. Please consult the Code of Ethics Department for any exemptions and how profits are calculated.

**Disclosure of Interest in Securities or Private Investments** 

Portfolio Persons are required to disclose any interest they have in the securities of an issuer or direct investment in any company if they are involved in either analysis or investment decisions related to the issuer or company. Portfolio Persons must re-disclose any such interest if they participate in later recommendations or investment decisions related to the issuer or company.

Portfolio Persons must also disclose any personal transactions they are contemplating in the securities referenced above, any position they hold with the issuer and any proposed business relationship between the issuer and the Portfolio Person or any party in which the Portfolio Person has an interest.

The disclosures above must be made to their Chief Investment Officer and /or Director of Research. 

**2.6** **Reporting Requirements** 

**All Accounts** 

All Covered Employees must complete an Initial Code of Ethics Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so. Additionally, by **February 15<sup>th</sup>** of each subsequent year they must complete an annual certification that they have complied with and will comply with the Policy.

Access Persons must also file an Initial Broker Accounts Certification and Initial Holdings Certification no later than 10 calendar days after the date the person is notified by a member of the Human Resources Department of the requirement to do so. Additionally, by **February 15<sup>th</sup>** of each subsequent year, Access Persons must file a then current **annual** report of all personal securities accounts and securities holdings and must certify that they have complied with and will comply with the Policy.

**Non-Discretionary Accounts** 

On a **quarterly** basis, and no later than 30 calendar days after the end of each calendar quarter, every Access Person must report all transactions in securities covered by this Policy, except for those executed through an Automatic Investment Plan or that would duplicate information already provided in broker confirmations or statements sent to the Code of Ethics Department directly from the broker.

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No later than 30 calendar days after the calendar quarter, Access Persons must report any account established in which any securities were held during that calendar quarter.

**Discretionary Accounts** 

Reporting of transactions is not required for discretionary accounts. A discretionary account is managed by a non-affiliated third party (registered broker-dealer, a registered investment adviser, or other investment manager acting in a similar fiduciary capacity) who exercises sole investment discretion.

The Access Person must certify initially and annually thereafter that they do not have investment control of the discretionary account other than the right to terminate. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared. If there is any uncertainty about whether a particular account would be deemed discretionary for purposes of the Policy, please consult the Code of Ethics Department.

**2.7** **Pre-Clearance Requirements** 

**Securities Transactions** 

Access Persons must obtain pre-clearance from the Code of Ethics Department before buying or selling any security (other than those not requiring pre-clearance, a full list of which is available from the Code of Ethics Department) and are always prohibited from executing transactions in a security if aware that the FT Funds or Client Accounts are active or contemplate being active in the security (even if the transactions have been pre-cleared). Pre-clearance requests should be submitted via StarCompliance.

**Private Investments and Limited Offerings** 

Access Persons must obtain pre-clearance from the Code of Ethics Department before investing in a private placement or purchasing other securities in a limited offering. For example, investments in private or unregistered funds (i.e., hedge funds) are required to be pre-cleared under the Policy.

**Discretionary Accounts** 

Transactions in discretionary accounts do not need to be pre-cleared if satisfactory evidence has been provided to the Code of Ethics Department that sole investment discretion has been granted to an investment manager. If the Access Person makes or participates in an investment decision for an account that has been reported as a discretionary account, any transactions related to that investment decision must be pre-cleared.

**Exemptions from Pre-Clearance** 

Certain types of securities and transactions are exempt from pre-clearance requirements. Examples of these types of securities and transactions include, but are not limited to, shares issued by FRI; shares of open-end Funds (including FT open-ended Funds) and permitted ETFs (including FT ETFs for certain FT employees) and closed-end funds (excluding FT sponsored closed-end Funds); certain government obligations and transactions effected pursuant to dividend reinvestment plans. In addition, transactions in small quantities of securities (e.g., in the case of equity securities, 500 shares within a 30 calendar day period) are not required to be pre-cleared. Please consult the Code of Ethics Department for further information about the types of securities and transactions that are exempt from the pre-clearance requirements of the Policy.

**"Intent" Is Important** 

While pre-clearance of Access Persons' transactions is a cornerstone of Franklin Templeton's compliance efforts, it cannot detect inappropriate or illegal transactions where the intent conflicts with the principles of the Policy. Thus, the fact that a proposed transaction received pre-clearance is not a defense against a charge of violating the Policy or the securities laws. For example, even if an Access Person received pre-clearance for a transaction, that transaction might constitute front-running if it occurred shortly before a transaction by an FT Fund or Client Account

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that the Access Person was aware of. In cases like this, the intent may not be evident when a particular transaction request is analyzed for pre-clearance.

**2.8** **Requirements for Independent Directors** 

**Pre-clearance and Reporting Requirements** 

Unless covered by a separate policy, an Independent Director is subject to the pre-clearance and transaction reporting requirements of the Policy only if such Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account. The pre-clearance and reporting requirements of the Policy do not apply to securities transactions conducted in an account where an Independent Director has granted full investment discretion to a brokerage firm, bank or investment adviser or conducted in a trust account in which the trustee has full investment discretion. Independent Directors are not required to disclose any securities holdings or brokerage accounts, including brokerage accounts where he/she has granted discretionary authority to a brokerage firm, bank or investment adviser.

**Initial and Annual Acknowledgment Reports** 

An Independent Director must complete and return an executed Acknowledgment Form to the Code of Ethics Department no later than 10 calendar days after the date the person becomes an Independent Director. Independent Directors will be asked to certify by **February 15<sup>th</sup>** of each year that they have complied with and will comply with the Policy by filing the Acknowledgment Form with the Code of Ethics Department.

**SECTION 3. INSIDER TRADING** 

**3.1** **Policy on Insider Trading** 

Insider trading, or trading on material non-public information, is against the law and penalties are severe, both for individuals involved in such unlawful conduct and their employers. No Covered Employee may (1) trade, either personally or on behalf of the FT Funds or Client Accounts, while in possession of material non-public information, or (2) communicate material non-public information to others.

Material non-public information may be obtained by many means, both in connection with a Covered Employee's job functions (e.g., from meetings with company executives or consultations with expert networks) or independent of the Covered Employee's employment or relationship with Franklin Templeton (e.g., from friends or relatives).

Before trading for themselves or others (including FT Funds and Client Accounts) in the securities of a company about which a Covered Employee potentially may have material non-public information, the Covered Employee should consider the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First, is the information material? Information is considered material if there is a substantial likelihood that a
reasonable investor would consider the information to be important in making his or her investment decision, or if it is reasonably certain to have a substantial effect on the price of the company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second, is the information non-public? Information is non-public until it has been effectively communicated to the marketplace. For example, information in a report filed with the U.S. Securities and Exchange Commission, or that appears in a publication of general
circulation (e.g., The Wall Street Journal or Reuters) would be considered public. If the information has been obtained from someone who is betraying an obligation not to share the information (e.g., a company insider), that information is very
likely to be non-public.

If, after consideration of these questions, the Covered Employee believes that the information that they have about a company may be material and non-public, or if the Covered Employee has questions as to whether the information is material or non-public, he or she must report the matter immediately to Trading Desk Compliance/IC,

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the designated Compliance Officer or Legal Department. In addition, the Covered Employee must not purchase or sell any securities issued by such company on behalf of themselves or others (including on behalf of any FT Fund or Client Account), or communicate the information inside or outside Franklin Templeton.

Trading Desk Compliance/IC or the Compliance Officer will promptly contact the Legal Department for advice. After review of the facts, the Legal Department, Trading Desk Compliance/IC or the Compliance Officer will provide instructions to the Covered Employee. If the information in the Covered Employee's possession is determined to be material and non-public, the Covered Employee is required to keep the information confidential and secure. Those securities for which the Covered Employee has material non-public information will be placed on restricted trading lists for a timeframe determined by the Compliance Officer.

**SECTION 4. RELATED POLICIES AND REQUIREMENTS** 

**4.1** **Statement on Other Policies and Requirements** 

In addition to the Policy, Covered Employees are required to observe the applicable policies and procedures prescribed in the *Code of Ethics and Business Conduct*, the policies contained in the U.S. and non-U.S. employee handbooks (as applicable), and various other policies adopted by Franklin Templeton.

**SECTION 5. ADMINISTRATION OF THE POLICY, WAIVERS & REPORTING VIOLATIONS** 

**5.1** **Code of Ethics Committee; Reporting to FT Fund Boards** 

The Code of Ethics Committee is responsible for the administration of the Policy and provides oversight of compliance with the personal trading requirements of the Policy. Among other things, the Committee has the authority and responsibility to review the Policy periodically, review sanction guidelines for violations of the Policy and review trading violations and waivers granted.

At least annually, the FT Fund Boards who have adopted this policy will be provided with a report describing any issues arising under the Policy if requested. FT Fund Boards may require more frequent reporting, including detailing all violations of the Policy. 

**5.2** **Violations of the Policy** 

A Covered Employee that violates this Policy will be sanctioned in a manner commensurate with the violation. Prescribed sanctions range from warning memos for a first time failure to pre-clear a transaction to the immediate sale of positions, disgorgement of profits, personal trading suspensions and other sanctions, up to and including termination and reporting to regulatory authorities for more serious violations*.*

**5.3** **Waivers of the Policy** 

The Chief Compliance Officer of the relevant investment adviser, or primary regional officer, may, in his or her discretion, waive compliance by any Covered Employee with the provisions of the Policy, if he or she finds that such a waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is necessary to alleviate undue hardship or in view of unforeseen circumstances or is otherwise appropriate under all the
relevant facts and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) will not be inconsistent with the purposes and objectives of the Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) will not adversely affect the interests of the FT Funds or Client Accounts or the interests of Franklin Templeton; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) will not result in a transaction or conduct that would violate provisions of applicable laws or regulations.

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Any waiver will be in writing, will contain a statement of the basis for it, and any waivers granted by the Chief Compliance Officer of the relevant investment adviser, or primary regional officer, will be reported to the SVP of Regulatory Compliance.

**5.4** **Reporting Violations** 

Covered Employees are required to report violations of the Policy or the related Procedures, whether by themselves or by others.

Franklin Templeton is dedicated to providing Covered Employees with the means and opportunity to report violations of the Policy or the related Procedures, or other instances of wrongdoing, or any concerns they may have regarding ethical violations or accounting, internal control or auditing matters, including fraud. Several means are provided by which reports to the Compliance and Ethics Hotline can be made including:

Online at: <u>https://franklintempleton.ethicspoint.com</u>

U.S., U.S. Territories or Canada can call toll-free 1-800-648-7932

All other countries can call collect at 704-540-0139

Franklin Templeton will not allow retaliation against any Covered Employee who has submitted a report of a violation of the Policy or the related Procedures in good faith.

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**Appendix** 

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|  | **Covered** <br> **Employees**  | **Access** <br> **Persons**  | **Portfolio** <br> **Persons**  | **Independent** <br> **Directors**  |
| &nbsp;&nbsp;&nbsp;**Prohibited Activities (Section 1.3)** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** | &nbsp;&nbsp;&nbsp;**Prohibited Transactions and Other Requirements (Sections 2.4 and 2.5)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Trading Activity that Conflicts with FT<br> Funds or Client Accounts | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Short Sales of FRI and Closed-end FT<br> Funds and ETFs | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading in Shares of the FT Funds When in<br> Possession of Material Non-Public Information | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Provision on Ownership of Putnam Funds |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Trading in Open-end FT Funds | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Investments in Initial Public Offerings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Single Stock ETFs |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prohibition on Short Sales of All Securities |  |  | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Swing Rule |  |  | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disclosure of Interest in Securities |  |  | X |  |
| &nbsp;&nbsp;&nbsp;**Reporting Requirements (Section 2.6)** | &nbsp;&nbsp;&nbsp;**Reporting Requirements (Section 2.6)** | &nbsp;&nbsp;&nbsp;**Reporting Requirements (Section 2.6)** | &nbsp;&nbsp;&nbsp;**Reporting Requirements (Section 2.6)** | &nbsp;&nbsp;&nbsp;**Reporting Requirements (Section 2.6)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Certification/Acknowledgment | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial Disclosure of Accounts and Holdings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annual Disclosure of Accounts and Holdings |  | X | X |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Annual Certification of Compliance | X | X | X | X |
| &nbsp;&nbsp;&nbsp;&nbsp; Quarterly Disclosure of Transactions |  | X | X | X\* |
| &nbsp;&nbsp;&nbsp;&nbsp; Quarterly Disclosure of New Accounts |  | X | X |  |
| &nbsp;&nbsp;&nbsp;**Pre-Clearance Requirements (Section 2.7)** |  | X | X | X\* |
| &nbsp;&nbsp;&nbsp;**Insider Trading (Section 3)** | X | X | X | X |
| &nbsp;&nbsp;&nbsp;**Requirement to Report Violations (Section 5.4)** | X | X | X | X |

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\*Only applicable if the Independent Director, at the time of his or her transaction, knew or should have known that, during the 15 calendar day period before or after the date of the Independent Director's transaction, the security was purchased or sold or considered for purchase or sale by an FT Fund or Client Account.

**Franklin Templeton**

## Ex-99.(Q)

**POWER OF ATTORNEY** 

The undersigned, Christy L. Brown, does hereby constitute and appoint John C. Roberts, Paul A. Mikelson, David B. Kennedy, Michael J. Murphy, and Joseph M. Destache, and each of them with power to act without the others, the undersigned's true and lawful attorney and agent, with power of substitution or re-substitution, to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may be required to enable Northwestern Mutual Series Fund, Inc. (the "Company") to comply with the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission ("SEC") in respect thereof, in connection with the Company's registration statement on Form N-1A, together with any and all amendments thereto, including within the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Director of the Company such registration statement and any and all such amendments filed with the SEC under the 1933 Act and the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents shall do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior powers of attorney in connection with the above mentioned acts, and remains in effect until revoked or revised.

---

| |
|:---|
|  Dated: June 5, 2025 |
|  <u>/s/ Christy L. Brown</u>  |
|  Christy L. Brown |
|  Director, Northwestern Mutual Series Fund, Inc. |

---

------

**POWER OF ATTORNEY** 

The undersigned, William J. Gerber, does hereby constitute and appoint John C. Roberts, Paul A. Mikelson, David B. Kennedy, Michael J. Murphy, and Joseph M. Destache, and each of them with power to act without the others, the undersigned's true and lawful attorney and agent, with power of substitution or re-substitution, to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may be required to enable Northwestern Mutual Series Fund, Inc. (the "Company") to comply with the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission ("SEC") in respect thereof, in connection with the Company's registration statement on Form N-1A, together with any and all amendments thereto, including within the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Director of the Company such registration statement and any and all such amendments filed with the SEC under the 1933 Act and the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents shall do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior powers of attorney in connection with the above mentioned acts, and remains in effect until revoked or revised.

---

| |
|:---|
| Dated: June 5, 2025 |
| /s/ William J. Gerber |
| William J. Gerber |
| Director, Northwestern Mutual Series Fund, Inc. |

---

------

**POWER OF ATTORNEY** 

The undersigned, Gail L. Hanson, does hereby constitute and appoint John C. Roberts, Paul A. Mikelson, David B. Kennedy, Michael J. Murphy, and Joseph M. Destache, and each of them with power to act without the others, the undersigned's true and lawful attorney and agent, with power of substitution or re-substitution, to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may be required to enable Northwestern Mutual Series Fund, Inc. (the "Company") to comply with the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission ("SEC") in respect thereof, in connection with the Company's registration statement on Form N-1A, together with any and all amendments thereto, including within the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Director of the Company such registration statement and any and all such amendments filed with the SEC under the 1933 Act and the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents shall do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior powers of attorney in connection with the above mentioned acts, and remains in effect until revoked or revised.

---

| |
|:---|
| Dated: June 5, 2025 |
| /s/ Gail L. Hanson |
| Gail L. Hanson |
| Director, Northwestern Mutual Series Fund, Inc. |

---

------

**POWER OF ATTORNEY** 

The undersigned, Elizabeth A. Levy-Navarro, does hereby constitute and appoint John C. Roberts, Paul A. Mikelson, David B. Kennedy, Michael J. Murphy, and Joseph M. Destache, and each of them with power to act without the others, the undersigned's true and lawful attorney and agent, with power of substitution or re-substitution, to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may be required to enable Northwestern Mutual Series Fund, Inc. (the "Company") to comply with the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission ("SEC") in respect thereof, in connection with the Company's registration statement on Form N-1A, together with any and all amendments thereto, including within the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Director of the Company such registration statement and any and all such amendments filed with the SEC under the 1933 Act and the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents shall do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior powers of attorney in connection with the above mentioned acts, and remains in effect until revoked or revised.

---

| |
|:---|
| Dated: June 5, 2025 |
| /s/ Elizabeth A. Levy-Navarro |
| Elizabeth A. Levy-Navarro |
| Director, Northwestern Mutual Series Fund, Inc. |

---

------

**POWER OF ATTORNEY** 

The undersigned, David Ribbens, does hereby constitute and appoint John C. Roberts, Paul A. Mikelson, David B. Kennedy, Michael J. Murphy, and Joseph M. Destache, and each of them with power to act without the others, the undersigned's true and lawful attorney and agent, with power of substitution or re-substitution, to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may be required to enable Northwestern Mutual Series Fund, Inc. (the "Company") to comply with the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission ("SEC") in respect thereof, in connection with the Company's registration statement on Form N-1A, together with any and all amendments thereto, including within the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Director of the Company such registration statement and any and all such amendments filed with the SEC under the 1933 Act and the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents shall do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior powers of attorney in connection with the above mentioned acts, and remains in effect until revoked or revised.

---

| |
|:---|
| Dated: June 5, 2025 |
| /s/ David Ribbens |
| David Ribbens |
| Director, Northwestern Mutual Series Fund, Inc. |

---

------

**POWER OF ATTORNEY** 

The undersigned, John C. Roberts, does hereby constitute and appoint Paul A. Mikelson, David B. Kennedy, Michael J. Murphy, and Joseph M. Destache, and each of them with power to act without the others, the undersigned's true and lawful attorney and agent, with power of substitution or re-substitution, to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may be required to enable Northwestern Mutual Series Fund, Inc. (the "Company") to comply with the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission ("SEC") in respect thereof, in connection with the Company's registration statement on Form N-1A, together with any and all amendments thereto, including within the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Director of the Company such registration statement and any and all such amendments filed with the SEC under the 1933 Act and the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents shall do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior powers of attorney in connection with the above mentioned acts, and remains in effect until revoked or revised.

---

| |
|:---|
| Dated: June 9, 2025 |
| /s/ John C. Roberts |
| John C. Roberts |
| Director, Northwestern Mutual Series Fund, Inc. |

---

------

**POWER OF ATTORNEY** 

The undersigned, Donald M. Ullmann, does hereby constitute and appoint John C. Roberts, Paul A. Mikelson, David B. Kennedy, Michael J. Murphy, and Joseph M. Destache, and each of them with power to act without the others, the undersigned's true and lawful attorney and agent, with power of substitution or re-substitution, to do any and all acts and things and to execute any and all instruments which said attorney and agent may deem necessary or advisable or which may be required to enable Northwestern Mutual Series Fund, Inc. (the "Company") to comply with the Securities Act of 1933, as amended (the "1933 Act") and the Investment Company Act of 1940, as amended (the "1940 Act"), and any rules, regulations or requirements of the Securities and Exchange Commission ("SEC") in respect thereof, in connection with the Company's registration statement on Form N-1A, together with any and all amendments thereto, including within the foregoing, the power and authority to sign in the name and on behalf of the undersigned as a Director of the Company such registration statement and any and all such amendments filed with the SEC under the 1933 Act and the 1940 Act, and any other instruments or documents related thereto, and the undersigned does hereby ratify and confirm all that said attorneys and agents shall do or cause to be done by virtue hereof.

This Power of Attorney is intended to supersede any and all prior powers of attorney in connection with the above mentioned acts, and remains in effect until revoked or revised.

---

| |
|:---|
| Dated: June 5, 2025 |
| /s/ Donald M. Ullmann |
| Donald M. Ullmann |
| Director, Northwestern Mutual Series Fund, Inc. |

---