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:
| 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.
| 2. | Schedule B to the Agreement is hereby replaced in its entirety with the Schedule B attached hereto. |
| 3. | All terms used and not otherwise defined herein shall have the same meaning ascribed to them in the Agreement between the parties hereto. |
| 4. | All other terms, conditions, provisions, and sections of the Agreement shall remain in full force and effect. |
| 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: | 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
Acquiring Funds
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
| SPDR Equity Index | Ticker | Trust | ||
| SPDR MSCI ACWI ex-US ETF | CWI | SPDR Index Shares Funds | ||
| SPDR Dow Jones Global Real Estate ETF | RWO | SPDR Index Shares Funds | ||
| SPDR S&P International Dividend ETF | DWX | SPDR Index Shares Funds | ||
| SPDR S&P Global Natural Resources ETF | GNR | SPDR Index Shares Funds | ||
| SPDR S&P Global Infrastructure ETF | GII | SPDR Index Shares Funds | ||
| SPDR Portfolio Developed World ex-US ETF | SPDW | SPDR Index Shares Funds | ||
| SPDR Portfolio Emerging Markets ETF | SPEM | SPDR Index Shares Funds | ||
| SPDR S&P Emerging Asia Pacific ETF | GMF | SPDR Index Shares Funds | ||
| SPDR S&P China ETF | GXC | SPDR Index Shares Funds | ||
| SPDR S&P International Small Cap ETF | GWX | SPDR Index Shares Funds | ||
| SPDR S&P Emerging Markets Small Cap ETF | EWX | SPDR Index Shares Funds | ||
| SPDR S&P Emerging Markets Dividend ETF | EDIV | SPDR Index Shares Funds | ||
| SPDR Dow Jones International Real Estate ETF | RWX | SPDR Index Shares Funds | ||
| SPDR S&P North American Natural Resources ETF | NANR | SPDR Index Shares Funds | ||
| SPDR S&P Global Dividend ETF | WDIV | SPDR Index Shares Funds | ||
| SPDR Portfolio MSCI Global Stock Market ETF | SPGM | SPDR Index Shares Funds | ||
| SPDR MSCI EAFE Fossil Fuel Reserves Free ETF | EFAX | SPDR Index Shares Funds | ||
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | EEMX | SPDR Index Shares Funds | ||
| SPDR MSCI EAFE StrategicFactors ETF | QEFA | SPDR Index Shares Funds | ||
| SPDR MSCI Emerging Markets StrategicFactors ETF | QEMM | SPDR Index Shares Funds | ||
| SPDR MSCI World StrategicFactors ETF | QWLD | SPDR Index Shares Funds | ||
| SPDR MSCI ACWI Low Carbon Target ETF | LOWC | SPDR Index Shares Funds | ||
| SPDR Portfolio Europe ETF | SPEU | SPDR Index Shares Funds | ||
| SPDR EURO STOXX 50 ETF | FEZ | SPDR Index Shares Funds | ||
| SPDR S&P 1500 Value Tilt ETF | VLU | SPDR Series Trust | ||
| SPDR S&P 1500 Momentum Tilt ETF | MMTM | SPDR Series Trust | ||
| SPDR SSGA US Large Cap Low Volatility Index ETF | LGLV | SPDR Series Trust | ||
| SPDR SSGA US Small Cap Low Volatility Index ETF | SMLV | SPDR Series Trust | ||
| SPDR Portfolio S&P 600 Small Cap ETF | SPSM | SPDR Series Trust | ||
| SPDR Portfolio S&P 500 High Dividend ETF | SPYD | SPDR Series Trust | ||
| SPDR NYSE Technology ETF | XNTK | SPDR Series Trust | ||
| SPDR S&P 600 Small Cap Growth ETF | SLYG | SPDR Series Trust | ||
| SPDR Portfolio S&P 500 Growth ETF | SPYG | SPDR Series Trust | ||
| SPDR Portfolio S&P 500 Value ETF | SPYV | SPDR Series Trust | ||
| SPDR Dow Jones REIT ETF | RWR | SPDR Series Trust | ||
| SPDR Global Dow ETF | DGT | SPDR Series Trust | ||
| SPDR Portfolio S&P 1500 Composite Stock Market ETF | SPTM | SPDR Series Trust | ||
| SPDR S&P Homebuilders ETF | XHB | SPDR Series Trust | ||
| SPDR S&P 600 Small Cap Value ETF | SLYV | SPDR Series Trust | ||
| SPDR S&P Semiconductor ETF | XSD | SPDR Series Trust | ||
| SPDR ICE Preferred Securities ETF | PSK | SPDR Series Trust | ||
| SPDR S&P Aerospace & Defense ETF | XAR | SPDR Series Trust | ||
| SPDR S&P Health Care Equipment ETF | XHE | SPDR Series Trust | ||
| SPDR S&P Health Care Services ETF | XHS | SPDR Series Trust | ||
| SPDR S&P Biotech ETF | XBI | SPDR Series Trust | ||
| SPDR S&P Software & Services ETF | XSW | SPDR Series Trust |
| SPDR S&P Oil & Gas Equipment & Services ETF | XES | SPDR Series Trust | ||
| SPDR S&P Oil & Gas Exploration & Production ETF | XOP | SPDR Series Trust | ||
| SPDR S&P Pharmaceuticals ETF | XPH | SPDR Series Trust | ||
| SPDR S&P Retail ETF | XRT | SPDR Series Trust | ||
| SPDR S&P Transportation ETF | XTN | SPDR Series Trust | ||
| SPDR S&P Regional Banking ETF | KRE | SPDR Series Trust | ||
| SPDR S&P Telecom ETF | XTL | SPDR Series Trust | ||
| SPDR Portfolio S&P 500 ETF | SPLG | SPDR Series Trust | ||
| SPDR Portfolio S&P 400 Mid Cap ETF | SPMD | SPDR Series Trust | ||
| SPDR S&P 400 Mid Cap Value ETF | MDYV | SPDR Series Trust | ||
| SPDR S&P 400 Mid Cap Growth ETF | MDYG | SPDR Series Trust | ||
| SPDR S&P Bank ETF | KBE | SPDR Series Trust | ||
| SPDR S&P Insurance ETF | KIE | SPDR Series Trust | ||
| SPDR S&P Capital Markets ETF | KCE | SPDR Series Trust | ||
| SPDR S&P Dividend ETF | SDY | SPDR Series Trust | ||
| SPDR S&P Metals & Mining ETF | XME | SPDR Series Trust | ||
| SPDR Russell 1000 Yield Focus ETF | ONEY | SPDR Series Trust | ||
| SPDR Russell 1000 Momentum Focus ETF | ONEO | SPDR Series Trust | ||
| SPDR Russell 1000 Low Volatility Focus ETF | ONEV | SPDR Series Trust | ||
| SPDR SSGA Gender Diversity Index ETF | SHE | SPDR Series Trust | ||
| SPDR FactSet Innovative Technology ETF | XITK | SPDR Series Trust | ||
| SPDR S&P Kensho Intelligent Structures ETF | SIMS | SPDR Series Trust | ||
| SPDR S&P Kensho Future Security ETF | FITE | SPDR Series Trust | ||
| SPDR S&P Kensho Smart Mobility ETF | HAIL | SPDR Series Trust | ||
| SPDR S&P Kensho New Economies Composite ETF | KOMP | SPDR Series Trust | ||
| SPDR S&P Kensho Final Frontiers ETF | ROKT | SPDR Series Trust | ||
| SPDR S&P 500 Fossil Fuel Reserves Free ETF | SPYX | SPDR Series Trust | ||
| SPDR S&P Kensho Clean Power ETF | CNRG | SPDR Series Trust | ||
| SPDR MSCI USA StrategicFactors ETF | QUS | SPDR Series Trust | ||
| SPDR S&P 500 ESG ETF | EFIV | SPDR Series Trust | ||
| Added 2/28/2022 | ||||
| SPDR S&P SmallCap 600 ESG ETF | ESIX | SPDR Series Trust | ||
| SPDR MSCI USA Climate Paris Aligned ETF | NZUS | SPDR Series Trust | ||
| Added November 30, 2023 | ||||
| SPDR Portfolio S&P Sector Neutral Dividend ETF | SPDG | SPDR Series Trust | ||
| Added 8/31/2024 | ||||
| SPDR S&P Emerging Markets Ex-China ETF | XCNY | SPDR Series Trust | ||
| SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | CERY | SPDR Series Trust |
| SPDR Fixed Income | Ticker | Trust | ||
| SPDR SSGA Ultra Short Term Bond ETF | ULST | SSGA Active Trust | ||
| SPDR Portfolio Intermediate Term Treasury ETF | SPTI | SPDR Series Trust | ||
| SPDR Portfolio Long Term Treasury ETF | SPTL | SPDR Series Trust | ||
| SPDR Portfolio TIPS ETF | SPIP | SPDR Series Trust | ||
| SPDR Bloomberg Barclays High Yield Bond ETF | JNK | SPDR Series Trust | ||
| SPDR Bloomberg Barclays International Treasury Bond ETF | BWX | SPDR Series Trust | ||
| SPDR FTSE International Government Inflation-Protected Bond ETF | WIP | SPDR Series Trust | ||
| SPDR Bloomberg Barclays Emerging Markets Local Bond ETF | EBND | SPDR Series Trust | ||
| SPDR Portfolio Mortgage Backed Bond ETF | SPMB | SPDR Series Trust | ||
| SPDR Portfolio Intermediate Term Corporate Bond ETF | SPIB | SPDR Series Trust | ||
| SPDR Portfolio Long Term Corporate Bond ETF | SPLB | SPDR Series Trust | ||
| SPDR Bloomberg Barclays Convertible Securities ETF | CWB | SPDR Series Trust | ||
| SPDR Bloomberg Barclays Short Term International Treasury Bond ETF | BWZ | SPDR Series Trust | ||
| SPDR Portfolio Short Term Corporate Bond ETF | SPSB | SPDR Series Trust | ||
| SPDR Bloomberg Barclays International Corporate Bond ETF | IBND | SPDR Series Trust | ||
| SPDR Portfolio Corporate Bond ETF | SPBO | SPDR Series Trust | ||
| SPDR Bloomberg Barclays Investment Grade Floating Rate ETF | FLRN | SPDR Series Trust | ||
| SPDR Portfolio Aggregate Bond ETF | SPAB | SPDR Series Trust | ||
| SPDR Portfolio Short Term Treasury ETF | SPTS | SPDR Series Trust | ||
| SPDR Bloomberg Barclays Short Term High Yield Bond ETF | SJNK | SPDR Series Trust | ||
| SPDR Bloomberg Barclays 1-10 Year TIPS ETF | TIPX | SPDR Series Trust | ||
| SPDR Portfolio High Yield Bond ETF | SPHY | SPDR Series Trust | ||
| SPDR Barclays 1-3 Month T-Bill ETF | BIL | SPDR Series Trust | ||
| SPDR Bloomberg Barclays 3-12 Month T-Bill ETF | BILS | SPDR Series Trust | ||
| SPDR Bloomberg Barclays Emerging Markets USD Bond ETF | EMHC | SPDR Series Trust | ||
| Added 2/28/2022 | ||||
| SPDR MarketAxess Investment Grade 400 Corporate Bond ETF | LQIG | SPDR Series Trust | ||
| Added 5/31/2024 | ||||
| SPDR Portfolio Treasury ETF | SPTB | SPDR Series Trust | ||
| Added 8/31/2024 | ||||
| SPDR SSGA My2026 Corporate Bond ETF | MYCF | SSGA Active Trust | ||
| SPDR SSGA My2027 Corporate Bond ETF | MYCG | SSGA Active Trust | ||
| SPDR SSGA My2028 Corporate Bond ETF | MYCH | SSGA Active Trust | ||
| SPDR SSGA My2029 Corporate Bond ETF | MYCI | SSGA Active Trust | ||
| SPDR SSGA My2030 Corporate Bond ETF | MYCJ | SSGA Active Trust | ||
| SPDR SSGA My2031 Corporate Bond ETF | MYCK | SSGA Active Trust | ||
| SPDR SSGA My2032 Corporate Bond ETF | MYCL | SSGA Active Trust | ||
| SPDR SSGA My2033 Corporate Bond ETF | MYCM | SSGA Active Trust | ||
| SPDR SSGA My2034 Corporate Bond ETF | MYCN | SSGA Active Trust | ||
| SPDR SSGA[My2026 Municipal Bond ETF | MYMF | SSGA Active Trust | ||
| SPDR SSGA My2027 Municipal Bond ETF | MYFG | SSGA Active Trust | ||
| SPDR SSGA My2028 Municipal Bond ETF | MYFH | SSGA Active Trust | ||
| SPDR SSGA My2029 Municipal Bond ETF | MYFI | SSGA Active Trust | ||
| SPDR SSGA My2030 Municipal Bond ETF | MYFJ | SSGA Active Trust |
| SPDR Sub-Advised | Ticker | Trust | ||
| SPDR Blackstone Senior Loan ETF | SRLN | SSGA Active Trust | ||
| SPDR DoubleLine Total Return Tactical ETF | TOTL | SSGA Active Trust | ||
| SPDR DoubleLine Emerging Markets Fixed Income ETF | EMTL | SSGA Active Trust | ||
| SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | SHM | SPDR Series Trust | ||
| SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | TFI | SSGA Active Trust | ||
| SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | HYMB | SPDR Series Trust | ||
| SPDR Nuveen Municipal Bond ETF | MBND | SPDR Series Trust | ||
| Added 2/28/2022: | ||||
| SPDR Nuveen Municipal Bond ESG ETF | MBNE | SSGA Active Trust |