EX-99.(H)2(A) 18 d728393dex99h2a.htm AGREEMENT TO WAIVE MASON STREET ADVISORS, LLC INVESTMENT ADVISORY FEES Agreement to Waive Mason Street Advisors, LLC Investment Advisory Fees
MASON STREET ADVISORS, LLC

720 East Wisconsin Avenue
Milwaukee, Wisconsin 53202
March 15, 2024
Paul A. Mikelson, President

Northwestern Mutual Series Fund, Inc.
720 East Wisconsin Avenue
Milwaukee, WI 53202
Re:
Agreement to Waive Mason Street Advisors, LLC Investment Advisory Fees Relating to
Certain Portfolios of Northwestern Mutual Series Fund, Inc.
Dear Mr. Mikelson:
This letter constitutes an agreement between Mason Street Advisors, LLC (“MSA”) and Northwestern Mutual Series Fund, Inc. (“Series Fund”) regarding the investment advisory fee for each of the Series Fund portfolios set forth below (each, a “Portfolio”). MSA agrees to waive, from May 1, 2024 through April 30, 2025 (unless renewed by the parties hereto), its investment advisory fee applicable to each Portfolio such that the investment advisory fee is as follows:
Growth Stock Portfolio 
Assets
Fee
Up to $50 million
0.60%
$50 million - $100 million
0.50%
$100 million - $1 billion
0.40%
Excess over $1 billion
0.38%
Focused Appreciation Portfolio 
Assets
Fee
Up to $100 million
0.66%
$100 million - $500 million
0.61%
$500 million - $1 billion
0.60%
Excess over $1 billion
0.57%
Large Cap Core Stock Portfolio 
Assets
Fee
Up to $50 million
0.60%
$50 million - $100 million
0.50%
$100 million - $500 million
0.40%
Excess over $500 million
0.37%
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Large Cap Blend Portfolio 
Assets
Fee
Up to $150 million
0.65%
$150 million - $300 million
0.60%
$300 million - $500 million
0.60%
Excess over $500 million
0.56%
Index 500 Stock Portfolio 
Assets
Fee
Up to $2 billion
0.20%
Excess over $2 billion
0.18%
Large Company Value Portfolio 
Assets
Fee
Up to $100 million
0.67%
$100 million - $250 million
0.62%
$250 million - $500 million
0.59%
Excess over $500 million
0.57%
Domestic Equity Portfolio 
Assets
Fee
Up to $100 million
0.65%
$100 million - $250 million
0.55%
$250 million - $500 million
0.50%
$500 million - $1 billion
0.43%
Excess over $1 billion
0.41%
Equity Income Portfolio 
Assets
Fee
Up to $500 million
0.56%
$500 million - $1.5 billion
0.53%
Excess over $1.5 billion
0.52%
Mid Cap Growth Stock Portfolio 
Assets
Fee
Up to $50 million
0.80%
$50 million - $100 million
0.65%
$100 million - $1 billion
0.50%
Excess over $1 billion
0.49%
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Index 400 Stock Portfolio 
Assets
Fee
Up to $500 million
0.25%
Excess over $500 million
0.20%
Mid Cap Value Portfolio 
Assets
Fee
Up to $150 million
0.78%
$150 million - $500 million
0.66%
Excess over $500 million
0.63%
Small Cap Value Portfolio 
Assets
Fee
Up to $500 million
0.85%
Excess over $500 million
0.80%
International Growth 
Assets
Fee
Up to $100 million
0.75%
$100 million - $250 million
0.65%
$250 million - $1 billion
0.55%
Excess over $1 billion
0.54%
Research International Core 
Assets
Fee
Up to $150 million
0.80%
$150 million - $300 million
0.74%
$300 million - $500 million
0.67%
Excess over $500 million
0.60%
International Equity Portfolio 
Assets
Fee
Up to $50 million
0.85%
$50 million - $2 billion
0.65%
Excess over $2 billion
0.63%
Emerging Markets Equity Portfolio 
Assets
Fee
Up to $250 million
0.95%
$250 million - $500 million
0.87%
$500 million - $1 billion
0.78%
Excess over $1 billion
0.75%
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Government Money Market Portfolio 
Assets
Fee
Up to $500 million
0.30%
$500 million - $1 billion
0.29%
Excess over $1 billion
0.28%
Short-Term Bond Portfolio 
Assets
Fee
Up to $100 million
0.35%
$100 million - $250 million
0.33%
$250 million - $500 million
0.30%
Excess over $500 million
0.28%
Select Bond Portfolio 
Assets
Fee
Up to $2 billion
0.30%
Excess over $2 billion
0.28%
Long-Term U.S. Government Bond Portfolio 
Assets
Fee
Up to $100 million
0.555%
$100 million - $250 million
0.515%
$250 million - $500 million
0.495%
Excess over $500 million
0.445%
Inflation Protection Portfolio 
Assets
Fee
Up to $100 million
0.42%
$100 million - $250 million
0.40%
Excess over $250 million
0.38%
High Yield Bond Portfolio 
Assets
Fee
Up to $50 million
0.60%
$50 million - $100 million
0.50%
$100 million - $1.0 billion
0.40%
Excess over $1.0 billion
0.30%
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Multi-Sector Bond Portfolio 
Assets
Fee
Up to $100 million
0.73%
$100 million - $250 million
0.72%
$250 million - $500 million
0.69%
Excess over $500 million
0.64%
Balanced Portfolio 
All assets
0.10%
Asset Allocation Portfolio 
All assets
0.10%
This letter supplants and supersedes any prior agreements between the parties relating to the same investment advisory fee matters addressed herein. 
Very truly yours,
MASON STREET ADVISORS, LLC
By:
/s/ Bonnie L. Tomczak
Name: Bonnie L. Tomczak
Title: President
Agreed to and accepted: 
NORTHWESTERN MUTUAL SERIES FUND, INC.
By:
/s/ Paul A. Mikelson
Name: Paul A. Mikelson
Title: President
 
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