MSA, a Delaware limited liability company, was organized in December 2001 and is a wholly-owned subsidiary of The Northwestern Mutual Life Insurance Company (“Northwestern Mutual”). Founded in 1857, Northwestern Mutual is a mutual insurance company organized under the laws of the state of Wisconsin. Northwestern Mutual and its subsidiaries and affiliates offer life, disability and long-term care insurance, investment products, and advisory services. Types of Advisory Services MSA currently provides investment advisory services solely to investment companies registered under the Investment Company Act of 1940, as amended (“Investment Company Act”). 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 provides three categories of services to its clients: (i) for those investment company series for which MSA employs one or more sub-advisers (each, a “Sub-Advised Fund” and, collectively, the “Sub-Advised Funds”), selection and engagement of sub-advisers and ongoing oversight and supervision of the activities of the sub-advisers, including investment performance, investment operations and related processes; (ii) for those investment company series that MSA manages directly (i.e., where a third-party sub-adviser is not utilized) (each, a “Direct-Advised Fund” and, collectively, the “Direct-Advised Funds”), ongoing investment advice and recommendations regarding the purchase

and sale of securities; and (iii) provision or procurement of agreed upon administrative services, which may include mutual fund accounting services, legal services, investment operations services and corporate and regulatory reporting, oversight of service providers, and provision of overall risk management, including investment, operational and financial risk. MSA provides some or all of these types of services to clients. The agreement(s) between MSA and each client set forth the services that MSA provides to that client. Additional information regarding the services provided by MSA to its registered investment company clients can be found in the respective investment company’s prospectus and Statement of Additional Information, which are publicly available through the EDGAR Database on the SEC’s website (www.sec.gov). Client-Tailored Services and Client-Imposed Restrictions MSA’s advisory services are tailored to the individual needs of its clients. MSA’s advisory services to each investment company client are subject to and limited by the investment objectives and principal investment strategies applicable to the applicable investment company series, and the terms of the respective investment company’s current prospectus and Statement of Additional Information. Discretionary Assets Under Management As of December 31, 2023, MSA had approximately $28.5 billion of assets under management, all of which was managed on a discretionary basis. As of the same date, MSA did not manage client assets on a non- discretionary basis.