Daiwa SB Investments
Kasumigaseki Common Gate West Tower,
2-1 Kasumigaseki 3-Chome,
Chiyoda-ku, Tokyo 100-0013
Japan
Tel: 011-813-6205-0200
Fax: 011-813-6205-0563
E-mail: dsbiusa@dsbiusa.net

The Fund's investment adviser is Daiwa SB Investments Ltd. ("DSBI"), formerly known as Daiwa International Management Corp.  DSBI was established in 1973 as an investment advisory firm specializing in Asian equity management.  DSBI is headquartered in Kasumigaseki Common Gate West Tower, 2-1 Kasumigaseki 3-Chome, Chiyoda-ku, Tokyo 100-0013, Japan.  As of March 31, 2010, DSBI manages approximately $48.74 billion for clients worldwide, of which $8.46 billion is invested on behalf of institutional clients outside of Japan.

Effective January 1, 2000, the Fund will follow an active investment policy.

Mr. Koichi Ogawa, CFA, is the Executive Director and Chief Portfolio Manager of DSBI for all North American clients.   A senior member of the Investment Policy Committee (IPC), Mr. Ogawa possesses 37 years of investment experience and has been responsible for Japan stock selection since 1984.  He spent nine years with Daiwa Securities as an institutional research analyst and three years in New York analyzing U.S. securities.  He graduated form Tohoku University with a BA in Law in 1972.

Mr. Naoto Nagai, CFA is a Senior Portfolio Manager, with a total of 13 years of experience in the Japanese and global equity markets. Prior to joining Daiwa SB Investments in 2006 he was a fund manager and research analyst at Resona Trust Company Japan. In 1996 he earned an MBA from the University of Rochester and in 1991 he graduated from the University of Osaka Prefecture with a B.S. in Chemistry. He assumed the day-to-day portfolio management responsibility for the Fund effective October 18, 2006.

Effective November 2, 2009, Mr. Takahiro Ueno, CFA/CMA, a Senior Portfolio Manager with 15 years of experience joined the investment management team. Prior to joining Daiwa SB Investments in 2001, he was a fixed income trader at Sumitomo Bank. In 1995 he earned a B.S. degree in engineering form Kyoto University.