Mason Street Advisors LLC

Item 5. Fees and Compensation

Fees and Compensation for Advisory Services

MSA’s investment advisory fee rates and the specific manner in which MSA’s fees are assessed are established
in the investment advisory agreement with the client. MSA is paid an asset-based fee for its advisory services at

rates that vary depending on a number of factors including, but not limited to, business considerations. When
MSA charges advisory fees based on a percentage of assets under management, MSA’s fees increase when assets
in the account increase, and decrease when assets in the account decrease.

MSA does not have a standard fee schedule for new clients because MSA typically does not actively seek new
investment advisory clients. MSA’s fee rates for each client are individually negotiated at the time MSA and the
client enter into an advisory agreement, and are based on the individual objectives and needs of each client, the
specific services MSA agrees to provide, the investment strategy and objectives of the client’s account(s),
reporting requirements, the overall relationship with Northwestern Mutual, and/or any historical relationship.
Therefore, MSA’s fees differ between clients and between client accounts.

MSA’s fee rates for its investment company clients are subject to significant regulatory and legal requirements
that apply to fee arrangements for registered investment companies and their investment advisers, and reflect
market-based factors. Fee arrangements between MSA and an investment company client are required to be
approved by the investment company’s board of directors or board of trustees, as applicable (each, a “board”). In
accordance with the Investment Company Act and applicable exemptive orders, a majority of the respective
members of a board cannot be interested persons of the registered investment company for which they serve as a
board member. MSA’s fee rates for each investment company client are described in the respective investment
company’s prospectus, Statement of Additional Information and/or shareholder reports.

In instances where MSA retains sub-advisers when permitted under the advisory agreement with the client, MSA
pays the sub-advisory fees from its advisory fee.

Clients are not required to, nor do they, pay advisory fees in advance. MSA does not deduct fees directly from
clients’ accounts.

MSA’s fee arrangements for each client reflect other factors and considerations unique to the respective
relationship. For some clients, MSA’s advisory agreement provides that the fees under the agreement are not only
for the management of the investment and reinvestment of the assets of the client’s account(s), but also for the
costs of the administration of the affairs of the client. For other clients, the fees under the advisory agreement are
only for the management of the investment and reinvestment of the assets of the client’s account(s). MSA waives
some or all of the amount of its contractual advisory fee that is in excess of any amounts payable to sub-advisers
for certain investment company client series. Because MSA provides advisory or additional services to clients
based on individual negotiations with clients, certain services may not be provided to all clients or at the same fee
rate, including with or without (i.e., no) applicable fees or fee waivers.

Valuations for Fee Calculation and Performance Purposes

For purposes of valuing securities held by a registered investment company client, the Investment Company Act
provides that securities for which market quotations are readily available are to be valued at market value and all
other securities and assets are to be valued at fair value as determined in good faith by the registered investment
company’s board. A registered investment company’s board is permitted to designate a “valuation designee” to
perform fair value determinations for a registered investment company’s investments that do not have readily
available market quotations, subject to the board’s oversight. MSA has been designated as valuation designee for
its registered investment company clients and MSA has adopted fair valuation policies and procedures that apply
to its fair valuation activities and duties as valuation designee for some or all of those clients’ investments.

For investment company clients, account values for fee calculation and performance purposes are determined by
the investment company’s fund accounting agent. For all clients, the client’s custodian is the official record keeper
for capital gain and loss information that the client uses for tax reporting.

Payment of Fees

For investment company clients, MSA receives payment of its advisory fees as described in the respective
investment company’s prospectus, Statement of Additional Information and/or shareholder reports. MSA’s
advisory fees for investment company clients are generally computed and accrued daily by the investment
company’s fund accounting agent, and paid by the investment company client monthly in arrears. MSA’s fees
are reflected as a reduction in an investment company’s daily net asset value (“NAV”).

Third-Party Fees

In addition to advisory fees payable to MSA, clients directly or indirectly pay fees to and incur expenses from
third parties associated with the client’s accounts and investments. Such fees and expenses include, but are not
limited to, fees paid to the client’s custodian, brokerage fees and exchange fees, registration fees (e.g., foreign
country registrations) and other transaction costs. For example, clients are responsible for fees and other charges
associated with the custodians for their accounts. Clients also pay brokerage commissions and any other costs
associated with the trading, maintenance, and operations of their accounts. Brokerage fees are included in the
price at which equity trades are executed. Clients also incur trade execution or services charges, dealer mark-ups
...

Item 7. Types of Clients

MSA provides advisory and other services to registered investment companies that serve as underlying investment

options for proprietary products or services of Northwestern Mutual or its subsidiaries. MSA does not currently
offer its investment advisory services to persons or entities that do not serve as underlying investment options for
proprietary products or services of Northwestern Mutual or its subsidiaries.

MSA is not currently offering its services for new clients. MSA accepts new clients infrequently and pursuant to
individually negotiated advisory agreements. Therefore, requirements for opening or maintaining an account
have not been established.

MSA currently provides investment advisory services solely to the following investment companies registered
under the Investment Company Act:

     •   Northwestern Mutual Series Fund, Inc. (“Series Fund”). The Series Fund is registered under the
         Investment Company Act and consists of multiple separate series (each a “Series Fund Portfolio” and
         collectively the “Series Fund Portfolios”). The Series Fund is Northwestern Mutual’s proprietary
         mutual fund family and the Series Fund Portfolios serve only as investment options for Northwestern
         Mutual’s variable products (either directly or indirectly through one or more underlying portfolios
         operating as affiliated fund of funds).
     •   Column Funds (each, a “Column Fund” and collectively, the “Column Funds”). The Column Funds are
         separate series of the Trust for Professional Managers (“TPM”), which is registered under the
         Investment Company Act. The Column Funds are offered only through subsidiaries of Northwestern
         Mutual.

MSA serves as the investment adviser to the Series Fund pursuant to an advisory agreement between MSA and the
Series Fund on behalf of the Series Fund Portfolios. MSA’s investment advisory services to the Series Fund are
subject to the general supervision of the board of directors of the Series Fund. As investment adviser to the Series
Fund, MSA provides professional investment management services on a continuous and regular basis to the Series
Fund Portfolios. MSA provides three principal categories of services to the Series Fund: (i) for those Series Fund
Portfolios that are Sub-Advised Funds, MSA provides ongoing oversight and supervision of the activities of the
sub-advisers, including investment performance, investment operations and related processes; (ii) for those Series
Fund Portfolios that are Direct-Advised Funds, MSA provides ongoing investment advice and recommendations
regarding the purchase and sale of securities; and (iii) pursuant to its advisory agreement with the Series Fund,
MSA provides or procures the management of the Series Fund’s administrative affairs and operations, including
mutual fund accounting services, legal services, investment operations services and corporate and regulatory
reporting, oversight of the Series Fund’s service providers, and provision of overall risk management for the Series
Fund, including investment, operational and financial risk.

MSA serves as the investment adviser to the Column Funds pursuant to an investment advisory agreement between
MSA and TPM on behalf of the Column Funds. MSA’s investment advisory services to the Column Funds are
subject to the general supervision of the board of trustees of TPM. Each Column Fund is a Sub-Advised Fund
and as investment adviser to the Column Funds, MSA selects sub-advisers for each Column Fund and reviews
each sub-adviser’s performance. MSA provides investment management evaluation services by performing initial
due diligence on each sub-adviser and, thereafter, monitoring the sub-advisers’ performance for compliance with
each Column Fund’s investment objective and strategies, as well as adherence to its investment style. Pursuant to
a separate administrative services agreement between MSA and TPM, MSA also provides or procures management
of certain of the Column Funds’ administrative affairs.

Additional information regarding the services provided by MSA to the Series Fund and the Column Funds can be
found in the respective Fund’s prospectus and Statement of Additional Information, which are publicly available
at www.nmseriesfund.com for the Series Fund or www.columnfunds.com for the Column Funds, or on the
EDGAR Database on the SEC’s website (www.sec.gov).