Nominating and compensation committee charter

Audit committee charter

Proxy Voting Policy

Proxy voting policy of fund and manager

Code of Ethics

Code of ethics

Filings

Martin Gruber

David Harmer

Austin Dowling

Investment Management Products offered in the U.S.

• Pacific Rim/Asian Emerging Markets
• Pacific Basin (Asian Emerging Markets & Japan)
• Japan Equities - Fundamental
• Japan Equities - Small Sized

History, Ownership & Resources

Daiwa SB Investments Ltd. ("DSBI"), formerly known as Daiwa International Capital Management Corp., was established in 1973 as an institutional investment advisory firm specializing in the management of Asian equity strategies. As of March 31, 2008, DSBI managed approximately $52.1 billion for clients worldwide, almost $10 billion of which was invested on behalf of institutional clients outside of Japan. In addition to our Tokyo headquarters, DSBI maintains subsidiaries in New York, London, Hong Kong, and Singapore, all of which are registered as investment advisory firms under the U.S. Investment Advisers Act of 1940, as amended, as well as representative offices in Seoul and Shanghai.

DSBI has built a significant presence throughout Asia based upon our philosophy of local portfolio management. We believe that local portfolio managers and analysts, residing within the markets in which we invest, are essential for successful long-term performance within this region. As of January 1, 2009, DSBI maintains 386 investment professionals, of which 62 are portfolio managers. Its inherent knowledge of the region's languages and cultures, along with access to key corporate executives and government officials, makes DSBI's local presence in Asia a key ingredient in our success. Our expertise in regional management is strengthened by the successful country funds we manage in China, Malaysia, Indonesia, Thailand, Singapore, Taiwan and Japan, as well as the DSBI Asian Growth Fund, which invests primarily in the emerging markets of the Pacific Rim.

A distinguishing characteristic of DSBI's investment capability is its working relationships with two affiliated entities, the Daiwa Institute of Research ("DIR") and Japanese Research Institute ("JRI"). DIR is one of Japan's leading economic and financial research institutions, and DSBI utilizes DIR’s resources as a source of external research for its proprietary database of Asian company fundamentals and country-specific economic forecasting. DIR maintains research facilities worldwide, and its Asian network includes offices in Tokyo, Osaka, Hong Kong, Singapore, Taipei, Shanghai, Melbourne, Seoul, Manila and Beijing. In addition, JRI conducts comprehensive research activities within the Pacific Rim countries, and are also particularly strong in the macroeconomic research function.