UNIVERSAL INVESTMENT FUND (the "Trust")

Change in Investment Manager and Sub-Investment Manager to Strategic Europe Fund and the Europe Premier Fund

State Street Cayman Trust Company, Ltd. (the "Trustee") wishes to announce that pursuant to an Investment Management Agreement dated 9 December 2009 between the Trustee, Schroder Investment Management Limited ("Schroder") and NLI Investments Europe Limited ("NSAM Europe"), Schroder has been appointed as investment manager (the “Investment Manager”) to the Strategic Europe Fund and the Europe Premier Fund (collectively the "Sub-Funds") both being sub-funds of the Trust.

The Trustee wishes to further announce that pursuant to a Sub-Investment Management Agreement dated 9 December, 2009, and made between the Investment Manager and NSAM Europe, the Investment Manager has appointed NSAM Europe to act as the sub-investment manager (the "Sub-Investment Manager") for the Sub-Funds and to have discretion in the selection of portfolio securities.

The Investment Manager was incorporated in the United Kingdom on 7 March, 1985, and is authorised and regulated by the Financial Services Authority in the United Kingdom for the carrying on of regulated activities. The Investment Manager's authorised and issued share capital is GBP 70,000,000 of which GBP 70,000,000 is fully paid up. As at 31 September, 2009, the Investment Manager had assets to the value of GBP 138.9 billion under discretionary management.

The directors of the Investment Manager are as follows:

Alan Brown

Mr. Brown is the Group Chief Investment Officer of the Investment Manager and joined Schroders in 2005. Prior to joining Schroders Mr. Brown was with State Street Global Advisors ("SSgA") from 1995 to 2005, initially as Managing Director of their London office, and later as Group Chief Investment Officer and Vice Chairman of SSgA, and Executive Vice President of State Street Corporation. Mr. Brown joined Posthorn Global Asset Management in 1984 as Head of Fixed Income, moving to PanAgora Asset Management as Chief Investment Officer in 1989. Mr. Brown's investment career commenced in 1974 upon joining Morgan Grenfell as an equity analyst before moving to New York to go through the JP Morgan Commercial Bank Management Program. Mr. Brown returned to London becoming an International Fixed Income Fund Manager, eventually moving up to Director of Investments responsible for all Fixed Income. Mr. Brown has a BA and an MA in Natural Science (Physics) from Cambridge.

Michael Dobson

Mr. Dobson is Chief Executive of Schroders Plc. Mr. Dobson joined Schroders as Chief Executive November 2001. Previously, Mr. Dobson was Chairman of Beaumont Capital Management between 2000 and 2001, a member of the Board of Managing Directors of Deutsche Bank between 1996 and 2000, Chief Executive of Morgan Grenfell Group between 1989 and 1996, Deputy Chief Executive of Morgan Grenfell Group between 1988 and 1989, and Chief Executive of Morgan Grenfell Asset Management between 1987 and 1988. Mr. Dobson joined Morgan Grenfell in 1973. Mr. Dobson has a MA in Modern Languages from Cambridge.

Marco Zwick

Mr. Zwick is Global Head of Compliance and Regional Head of Risk for Continental Europe wfor Schroders Plc and a Compliance and Risk Director of Schroder Investment Management (Luxembourg) S.A. Mr. Zwick joined Schroders in 2005 and was previously with Deutsche Börse Group as Head of Compliance, Clearstream International as Internal Audit Manager and Banque Générale du Luxembourg S.A. in various positions. Mr. Zwick has an MBA from Sheffield Business School and a Diplôme de Fin d’Etudes Secondaires Section B Classique (Mathematics).

Massimo Tosato

Mr. Tosato is Vice Chairman of Schroders Plc and is responsible for Global Distribution and New Finance Capital, based in London. Mr. Tosato was appointed Global Head of Distribution in September 2003, managing Schroders institutional and retail business globally. In 2001 Mr. Tosato was appointed Group Managing Director, for the retail business worldwide. In 2000 Mr. Tosato was appointed Head of Schroders institutional and retail business in continental Europe. In 1999 Mr. Tosato relocated to London and was appointed Managing Director, Europe with overall responsibility for the mutual fund business in Continental Europe. In 1998, Mr. Tosato joined the doard of Schroders Luxembourg. Mr. Tosato initially joined Schroders Italy as Managing Director in 1995 with the responsibility for building the institutional, retail and private banking businesses in Italy. Between 1992 to 1995 Mr. Tosato was Managing Director of Euromercantile, a capital investment firm. Mr. Tosato's career commenced in 1981 when he founded Cominvest, an investment management and investment banking organisation and served as Chief Executive Officer until he sold the business in 1991. Mr. Tosato has an MBA from Columbia Business School.

Markus Ruetimann

Mr. Ruetimann is Group Chief Operating Officer for Schroders Plc, based in London. Mr. Ruetimann's global responsibilities encompass portfolio services, fund services, information technology, change & project management and corporate services. Mr. Ruetimann has been a member of Schroders’ Group Management Committee since June 2005. Mr. Ruetimann was appointed as a director of Schroder & Co Bank AG, Zurich in September 2009. Mr. Ruetimann was appointed Chairman of Schroder Investment Management (Luxembourg) S.A. in January 2005. Mr. Ruetimann joined Schroders in November 2004. Mr. Ruetimann was Global Head of Technology & Portfolio Services at UBS Global Asset Management from 1999 to 2004. Mr. Ruetimann was Chief Operating Officer at Phillips & Drew in London from 1988 to 1998. Mr. Ruetimann held various positions with UBS in Zurich, Geneva, New York and London from 1978 to 1987. Mr. Ruetimann's investment career commenced in 1988 upon joining Phillips & Drew London (now part of UBS Global Asset Management). Mr. Ruetimann has a diploma in accounting, economics, IT and languages from Zurich Business School.

Kevin Parry

Mr. Parry is Chief Financial Officer of Schroders Plc. Mr. Parry is responsible for finance, risk, compliance and corporate development, and is based in London. Previously Mr. Parry was a non-executive director of Schroders, having joined the doard on 1 January 2003. Immediately before joining Schroders, Mr. Parry was the Chief Executive of Management Consulting Group Plc. Mr. Parry qualified as a chartered accountant with KPMG in 1986 and became a partner at the firm's London office in 1994 and a senior partner in 1998. Mr. Parry is a UK Chartered Accountant (FCA).

The Sub-Investment Manager was incorporated in London on 2 February, 1999, and is authorised and regulated by the Financial Services Authority in the United Kingdom for the carrying on of regulated activities. The Sub-Investment Manager is jointly owned by Nippon Life Insurance Company and Schroder. As at 31 October, 2009, the Sub-Investment Manager had assets to the value of USD 534 million under discretionary management.

The directors of the Sub-Investment Manager are as follows:

Keisuke Kawasaki

Mr. Kawasaki has been Chief Executive Officer of the Sub-Investment Manager since March 2007. Mr. Kawasaki joined Nippon Life Insurance Company in 1991. Before becoming Chief Executive Officer of the Sub-Investment Manager Mr. Kawasaki held a number of positions within Nippon Life Insurance Company such as Deputy General Manager of International Planning & Operations Department. Mr. Kawasaki has a B.A. in International Relations from Tsukuba University.

Hiroyuki Nishi

Mr. Nishi has been Chief Representative of Nippon Life Insurance Company's London Office since May 2009. Mr. Nishi joined Nippon Life Insurance Company in 1983 and since held a number of positions such as Deputy General Manager of International Finance Marketing Section, Deputy General Manager of London Representative Office and Director / Executive Vice President of Nissay-SVA Life Insurance Co., Ltd in Shanghai. Before becoming Chief Representative in London Office, Mr. Nishi was General Manager of International Planning & Operations Department / China Department. Mr. Nishi has a B.A. in Business Management from Osaka City University.

Yoshikazu Takeda

Mr. Takeda has been Senior Managing Director & Chief Investment Officer of Nippon Life Insurance Company since March 2009.. Before becoming Senior Managing Director & Chief Investment Officer, Mr. Takeda worked as Managing Director & Chief Investment Officer with Nippon Life Insurance Company and in the New York Representative Office as General Manager for the Americas & Europe, as well as previously holding a number of other positions within the company. Mr Takeda has a B.A. in Law from Kyoto University.

Kazuhide Toda

Mr. Toda is General Manager of the International Planning & Operations Department of Nippon Life Insurance Company. Mr. Toda joined Nippon Life Insurance Company in 1986 as an Associate with the International Investment Department. Before becoming General Manager of the International Planning & Operations Department, Mr. Toda also worked as General Manager of the Credit & Alternative Investment Department, as well as previously holding a number of other positions within the company. Mr. Toda has a B.A. in Economics from Sophia University.

James Stewart

Mr. Stewart was appointed to the position of Chief Operating Officer of the Investment Business Division of Schroder Investment Management Limited in 2003. Mr. Stewart was Deputy Managing Director of the Investment Business Division of Schroder Investment Management Limited between 2000 and 2003. Mr. Stewart began his career at Schroders in 1987, as a US equities research analyst. Mr. Stewart is an Associate of the Society of Investment Professionals in the UK and has a Degree in Geography from Durham University.

John McLaughlin

Mr. McLaughlin was appointed to the position of Head of the UK Multi-Asset and Structured Solutions team of Schroder Investment Management Limited in 2008. Mr. McLaughlin was Head of the Tokyo office of Schroders between 2004 and 2008. Mr. McLaughlin began his career at Schroders in 1993 when he joined J. Henry Schroder & Co. Limited. Mr. McLaughlin has a Doctorate in Mathematics from Oxford University.

For any questions relating to the content of this announcement please contact Una Foley of State Street International (Ireland) Limited on +353 1 853 8612