August 31, 2012

DYNAMIC INCOME PORTFOLIO

Objective: The strategy seeks to provide income of 5% or

more through a multi-asset income approach. The strategy will

allocate to various income generating products, including both

mutual funds and exchange traded funds (ETFs). Some of the

mutual funds and ETFs will have the ability to invest across all

segments of the fixed income market, including but limited to

long and short investments in U.S. Treasuries, Mortgage Backed

Securities, Investment Grade Corporate, High Yield, Municipal

Bonds, Emerging Market Debt (local and USD denominated),

and International Government Bonds. The funds and ETFs may

also allocate to variety of investments in asset classes other than

fixed income, such as equities and alternative investments.

Although the objective of the portfolio is to provide income, it is

not suitable as a conservative investment portfolio as the

underlying funds and ETFs may be more aggressively

positioned to achieve high income in certain market

environments.

Moderate: Income with Moderate Risk

Strategy Characteristics*:

Number of Securities 5-10

Targeted Yield Greater than 5%

Targeted Volatility 5-10%

Risks: Investors in this strategy will be exposed to a variety of

risks, including but not limited to interest rate risk, credit risk,

volatility risk, currency risk, equity risk and loss of principal.

The strategy may not be appropriate for investors:

who are uncomfortable with a portfolio that maintains unique

asset allocation structures and alternative investments

who are uncomfortable with returns that may be significantly

different relative to traditional fixed income market returns

who are looking for traditional asset class exposures through a

fixed asset class weighting structure

who are uncomfortable with security concentration

who are tax-sensitive

Investment Definitions:

Beta is a measure of the volatility of security or a portfolio in

comparison to a market as a whole.

Volatility is defined as the expected annualized standard

deviation of the strategy.

Contribution to Volatility measures the % of the total

portfolio volatility that is attributable to each position.

Portfolio Characteristics (Approximate)*

Disclaimer: This material contains confidential and proprietary

information of The Elements Financial Group, LLC and is intended for

the exclusive use of the person to whom it is provided. It may not be

modified, sold or otherwise provided, in whole or in part, to any other

person or entity without prior written permission from The Elements

Financial Group, LLC. The information contained herein has been

obtained from sources believed to be reliable. The Elements Financial

Group, LLC gives no representations or warranties as to the accuracy

of such information, and accepts no responsibility or liability

(including for indirect, consequential or incidental damages) for any

error, omission or inaccuracy in such information and for results

obtained from its use. Information and opinions are as of the date

indicated, and are subject to change. Past performance does not

guarantee future returns, and processes used may not achieve the

desired results. Sample client portfolios are only provided to

illustrate certain characteristics of various model portfolios.

Actual portfolios and results may vary.

n Fund - Class A Shares (without sales charges) n Lipper Flexible Income Classification Average*

-10.1 -5.6 -24.7 -20.4 43.4 38.4 18.7 14.3 -0.7 1.0 20.1 12.42007 2008 2009 2010 2011 2012

Mutual Funds

Sector Allocation 3

Insurance 45.7%Banks 42.5%Diversified Fin Serv 7.3%REITs 3.4%Utility 1.2%Industrial 0.0%Other/Cash -0.2%

FUND FACTS (as of 9/30/12)Credit Quality3

AAA 1.7%AA 3.1%A 19.7%BBB 59.3%BB 15.2%NR (Not Rated) 1.1%

Ratings shownarethehighest rating givenbyoneof thefollowing national rating agencies:S&P, Moody's orFitch.Credit ratings are subject to change.AAA, AA, A, and BBBareinvestment graderatings;BB, B,CCC/CC/Cand D arebelow-investment graderatings. Bonds backed byU.S.Governmentoragency securities are givenan implied ratingequal to the rating ofsuch securities. Holdings designated NRarenot rated by these national rating agencies.

Portfolio Allocation3

<Institutional ($1000 par or similar) 65.5%<Retail ($25 par or similar) 34.6%

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

1 Since inception returns are as of the Fund's oldest share class.2 Expense ratios are based on the Fund's most recent fiscal year end. The expense ratios shown factor in Total Annual Fund OperatingExpenses including management fees and other fees and expenses.

3 As a percentage of total net assets as of June 30, 2012. Totals may not add up to 100% due to rounding. These positions may changeover time without notice.

4 The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share.* See next page for definitions.

LIPPER RANKINGS AND PERCENTILES (as of 9/30/12)

Lipper Flexible Income Classification*1 Year

Rank %3 Years

Rank %5 Years

Rank %

Class A 2/46 5% 2/27 8% 8/24 32%Class R3 3/46 7% 3/27 11% – –Class I 1/46 3% 1/27 4% 5/24 20%

Lipper rankings are based on total return and relate to Class A, R3 and I shares. The returns assume reinvestment of dividends and donot reflect any applicable sales charge. Absent expense limitation, total return would be less. Past performance is no guarantee of futureresults. You cannot invest directly in an index or Lipper classification average.

A Percentile rank (%) is a percentage value between one and 100 percent assigned to each fund in its respective category. The toppercentile (1) is designated as better performing whereas the bottom percentile (100) is the worst performing.

Expense Ratios2 Class A Class R3 Class I

Gross 1.10% 1.35% 0.85%Net 1.10% 1.35% 0.85%

Performance shown is historical and does not guarantee future results. Current performance may be lower or higher. Because shareprice, principal value, and return will vary, you may have a gain or loss when you sell fund shares. For current month-end performanceinformation, call 800.257.8787. Performance assumes the reinvestment of dividends and capital gains. “Without sales charge”performance does not reflect the current maximum sales charge. Had the sales charge been included, the fund's returns would have beenlower. Returns for Class R3 shares prior to their inception are derived from the historical performance of Class I shares and since inceptionreturns are calculated based on the inception date of Class I shares. Class R3 shares have no sales charge and are available only to certainretirement plan clients. Class I shares have no sales charge and may be purchased by specified classes of investors.

Class A : NPSAX . 670700103 | Class C : NPSCX . 670700301 | Class R3 : NPSTX . 670700509 | Class I : NPSRX . 670700400

NUVEEN ASSET MANAGEMENTSEPTEMBER 30, 2012

AVERAGE ANNUALIZED TOTAL RETURNS (as of 9/30/12)

ReturnsInceptionDate 1 Year 3 Years 5 Years

SinceInception

Class A without sales charge 12/19/06 23.16% 14.50% 7.21% 5.67%Class A with max. 4.75% charge 12/19/06 17.32% 12.67% 6.17% 4.78%Class R3 09/29/09 22.82% 14.24% 6.96% 5.41%Class I 12/19/06 23.40% 14.81% 7.49% 5.94%Lipper Flexible Income Classification Avg* – 15.60% 10.96% 6.39% 5.46%1

Market Benchmark Index* – 16.24% 11.38% 3.64% 2.91%1

NUVEEN PREFERRED SECURITIES FUND

CALENDAR YEAR RETURNS — (%) (as of 9/30/12)

Yields4 A Shares I Shares

SEC 30-Day Yield 4.97% 5.50%

NUVEEN PREFERRED SECURITIES FUND THIRD QUARTER | 9/30/12

Funds distributed by Nuveen Securities, LLC | 333 West Wacker Drive | Chicago, IL 60606 MFS-PS-0912D

PORTFOLIO MANAGEMENT

The Fund features portfolio management byNuveen Asset Management, LLC, an affiliateof Nuveen Securities, LLC.Effective January 31, 2012, BrendaLangenfeld was added as co-portfoliomanager to the Fund.

Douglas Baker, CFA14 years investment experience

Brenda Langenfeld, CFA8 years investment experience

PORTFOLIO CHARACTERISTICS

FundTotal Net Assets (all classes) $933.8 million

FUND DESCRIPTION

A strategy that seeks to provide a high level of current income and total return with at least 80% allocation to preferred and hybridsecurities.

INVESTMENT PROCESS

1. Identify the investible universe of preferred securities.2. Narrow the universe to favored (i.e. highly regulated) industries, such as the banking, utility and insurance sectors.3. Determine relative value across sectors.4. Perform quantitative analysis on individual securities.5. Prioritize securities based upon security structure.6. After narrowing the universe via quantitative analysis, perform fundamental credit research focusing on stable and improving

credits.7. Regularly evaluate investment process and performance via attribution analysis.

MUNICIPAL

FIXEDINCO

ME

TAXABLEFIXED

INCO

ME

GLO

BAL/INTERN

ATIONAL

VALUE

GRO

WTH

CORE

REALASSETS

ASSETALLO

CATION

QUAN

TITATIVEINDEX

CONTACT US . NUVEEN.COM

INVESTORS — 800.257.8787

ADVISORS — 800.752.8700

Top Five Non-Cash Positions 3PortfolioWeight

JPMorgan Chase 4.6%Wells Fargo 4.3%Rabobank Nederland 4.2%Metlife Capital 4.1%Financial Security Assurance 3.5%

PORTFOLIO STATISTICS (as of 9/30/12)

FundNumber of Positions 90Effective Duration (years) 5.87Average Price (% of par) 108.1

This data relates to the portfolio and the underlyingsecurities held in the portfolio. It should not be construedas a measure of performance for the fund itself.

Issuer's Country3

US 65.5%Yankee 34.5%

RISK CONSIDERATIONS

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the fund, are subject to market risk, credit risk, interest rate risk,derivatives risk, illiquid securities risk, concentration risk, non-diversification risk, and income risk. As interest rates rise, bond prices fall. Below investment grade or high yield debt securitiesare subject to liquidity risk and heightened credit risk. Preferred securities are subordinated to bonds and other debt instruments in a company's capital structure and therefore are subject togreater credit risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accountingstandards.

An investor should carefully consider the Fund's objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about theFund, please contact your financial advisor or Nuveen Investments at 800.257.8787. Read the prospectus carefully before you invest or send money.

GLOSSARYEffective Duration is for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change. Thismeasures the responsiveness of a bond's price to interest rate changes, and illustrates the fact that the embedded option will also affect the bond's price. Lipper Flexible IncomeClassification Average represents the average annualized total return for all reporting funds in the Classification.Market Benchmark Index is comprised of a 65% weighting in theBofAMerrill Lynch US Preferred Stock Fixed Rate Index and a 35% weighting in the Barclays USD Capital Securities Index. The BofAMerrill Lynch US Preferred Stock Fixed Rate Index is anunmanaged index consisting of a set of investment grade exchange-traded preferred stocks with outstanding market values of at least $50 million that are covered by Merrill Lynch FixedIncome Research. The Barclays Capital USD Securities Index contains securities generally viewed as hybrid fixed-income securities that either receive regulatory capital treatment or adegree of “equity credit” from the rating agencies. This generally includes Tier 2/Lower Tier 2 bonds, perpetual step-up debt, step-up preferred securities, and term preferred securities.Yankee Bonds are U.S. dollar-denominated bonds issued by foreign entities.

333 S. Grand Ave., 18th Floor Los Angeles, CA 90071

1 (877) DLINE11 or 1 (877) 354-6311 www.doublelinefunds.com fundinfo@doubleline.com

© 2012 DoubleLine Capital LP

Total Return Bond Fund Retail and Institutional Class No Load Mutual Fund

Fund Facts

The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1 (877) 354-6311/ 1 (877) DLINE11, or visiting www.doublelinefunds.com. Read it carefully before investing. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in Asset-Backed and Mortgage-Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. DoubleLine Total Return Bond Fund intends to invest more than 50% of its net assets in mortgage-backed securities of any maturity or type. The Fund therefore potentially is more likely to react to any volatility or changes in the mortgage-backed securities marketplace. DoubleLine Funds are distributed by Quasar Distributors, LLC. While the Fund is no-load, management fees and other expenses still apply. Please refer to the prospectus for further details.

Fund Management DoubleLine Capital LP was founded in 2009. The Total Return Bond Fund Portfolio Managers

have worked together for nearly two decades.

1. Money News on May 26, 2011: Headline of the story: Bond Expert Gundlach: Housing Collapse to Spark Second Financial Meltdown.

Morningstar on January 5, 2012: “….Jeffrey Gundlach, a high-profile fixed-income expert (and a former Morningstar Fund Manager of the Year)…”

Retail Institutional N-share I-share Ticker DLTNX DBLTX Min Investment $2,000 $100,000 Min IRA Investment $500 $5,000 Gross Expense Ratio 0.76% 0.51%

As of 2Q2012

Portfolio Managers

Jeffrey Gundlach

Portfolio Manager

As Chief Executive Officer and Lead Portfolio Manager, Mr. Gundlach has over 28 years of investment experience and over 19 years managing mutual funds implementing his fixed income investment process. He is widely recognized as a leading expert1 of mortgage-backed securities. He is the Lead Portfolio Manager of the Fund.

Philip Barach

Portfolio Manager

As President and Co-Portfolio Manager, Mr. Barach brings with him over 34 years of industry experience including issuing one of the first private CMOs. He has over 19 years of experience co-managing mutual funds implementing his fixed income investment process.

333 S. Grand Ave., 18th Floor Los Angeles, CA 90071

1 (877) DLINE11 or 1 (877) 354-6311 www.doublelinefunds.com fundinfo@doubleline.com

© 2012 DoubleLine Capital LP

Investment Objective The Fund’s objective is to seek to maximize total return.

Investment Approach Invests in, but is not limited to, Agency and non-Agency mortgage-backed securities - Agency mortgages have an implied government guarantee - Non-agency emphasizes Prime and Alt-A pools * Senior tranches with appropriate subordination Seeks to exploit pricing dislocations within the mortgage subsectors. Long-term investment horizon. Successful management of mortgage portfolios is labor and data intensive. DoubleLine possess an experienced

team of portfolio managers, traders, analysts and information systems specialists devoted to the mortgage sector.

Philosophy

DoubleLine’s portfolio management team believes the most reliable way to enhance returns is to exploit inefficiencies within the subsectors of the mortgage market while maintaining active risk management constraints.

Investment Process DoubleLine’s portfolio management team employs a robust investment approach based upon qualitative and quantitative analytical processes:

Qualitative Thorough analysis of market trends and in-depth research contribute to affirming subsector opportunities and assessing risk exposure. Daily risk and analytics reporting Daily informal discussions Research includes loan level detailed analysis and on-site visits to originators

Quantitative Bottom-up security selection based on experience: Prepayment methodologies Method of “stress testing” securities across differentiated interest rate scenarios Subsector tactical allocation decisions at the portfolio level DoubleLine’s technology platform seeks to create efficiency

Total Return Bond Fund Retail and Institutional Class No Load Mutual Fund

Philosophy & Process

Loomis Sayles Strategic Income FundMultisector Bond Fund

Q3/12

Fund Highlights• Diversified fund with flexibility to pursue opportunities globally, where managers find value• Total return focused, investing in issuers using bottom-up process• Run by one of the industry’s most experienced managers, Dan Fuss• Backed by renowned Loomis Sayles research• Has generally outpaced bond market (Barclays U.S. Aggregate Bond Index) since inception

Performance Analysis (as of 9/30/2012)Average annualized total returns†

5.746.636.706.454.932.00Barclays U.S.Universal Bond Index5

5.326.536.195.163.991.58Barclays U.S.Aggregate Bond Index4

11.437.1610.9114.3110.574.19Class Y

10.746.139.3110.006.430.47Class A with 4.50%maximum sales charge

11.13%6.89%10.63%14.02%10.29%4.12%Class A at NAV10 years5 years3 years1 yearYTD3 months

Calendar year returns

7.407.168.602.386.504.972.724.975.829.84Barclays U.S. Univ. BondIndex (%)5

7.846.545.935.246.974.332.434.344.1010.26Barclays U.S. Agg. BondIndex (%)4

3.3513.5339.30-23.157.2611.863.7412.9334.8415.47Class A at NAV (%)

-50

-25

0

25

50

2011201020092008200720062005200420032002

15.47%

34.84%

12.93%3.74%

11.86% 7.26%

-23.15%

39.30%

13.53%3.35%

Investment returnHypothetical growth of $10,000 investment3

9/02 9/129/119/109/099/089/079/069/059/049/03$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$28,733

Morningstar RatingMultisector bond category – Class YBased on risk-adjusted returns (as of 9/30/2012)

★★★★★Ten years out of 107 funds

★★Five years out of 168 funds

★★★★Three years out of 203 funds

★★★★Overall out of 203 funds

CusipTickerShare Class

543487-25-0NEZYXClass Y543487-26-8NECZXClass C543487-28-4NEFZXClass A

Class A maximum sales charge of 4.50%Class C maximum CDSC of 1.00%

Fund FactsObjective Seeks high current income

with a secondary objectiveof capital growth

$14.7 billionTotal net assets

5/1/1995Inception date

552Number of holdings

25%Turnover as of 9/30/2011

6.40 yearsEffective duration

12.96 yearsAverage maturity

3.55%30 Day SEC Yield(Unsubsidized)1

3.55%30 Day SEC Yield(Subsidized)

MonthlyDistribution frequency

0.95%Gross expense ratio2

0.95%Net expense ratio2

Performance data quoted represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when sharesare sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit ngam.natixis.com. Performance for other share classeswill be greater or less than shown based on differences in fees and sales charges. You may not invest directly in an index. †Performance for periods less than one year iscumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any.1 Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund. Gross expenses do not include any fee waivers or reimbursement. 2 Gross expenseratio 0.95% (Class A share) / 0.70% (Class Y share). Net expense ratio 0.95% (Class A share) / 0.70% (Class Y share). Waivers/reimbursements are contractual and are set toexpire 1/31/13. 3 This chart tracks hypothetical growth of a $10,000 investment in Class A shares without the effect of sales charges. If the maximum sales charge wereincluded, returns would have been lower.Class Y shares are not available for purchase by all investors. See the prospectus for more details. Performance reflects waived/reimbursed fees and expenses. Returns would have been lowerwithout these waivers/reimbursements. For funds at least three years old, Morningstar calculates ratings based on a Risk-Adjusted Return measure that accounts for variation in a fund'smonthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10%of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. Overallratings are derived from a weighted average of the performance figures associated with three-, five-, and ten-year (if applicable) Morningstar metrics. © 2012 Morningstar, Inc. All RightsReserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, com-plete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of futureresults.

Loomis Sayles Strategic Income FundMultisector Bond Fund

Portfolio Overview (as of 9/30/2012)

Q3/12

Sector breakdown% of PortfolioSector

Non-US Dollar (exCAD)Preferred/Equity

High Yield CreditInvestment GradeCreditConvertibles

Canadian Dollar

Cash & Equivalents

US Treasury

Bank Loans

MUNIEmerging MarketsDebtCMBS

ABS

MBS 0.03

0.03

0.05

0.13

0.73

1.66

2.86

5.60

7.47

9.16

14.27

18.10

18.12

21.79

Credit quality6

% of Portfolio

Govt./Agency

Aaa

Aa

A

Baa

Ba

B

Caa & Lower

Not Rated 19.03

4.97

10.43

9.56

22.13

8.67

3.83

12.93

2.86

Maturity% of Portfolio

39.2710+ years

19.435 to 10 years

30.051 to 5 years

5.650 to 1 year

Top ten countries% of PortfolioCountry

1.3210. Mexico

1.479. Netherlands

1.698. Supranational

2.097. Australia

2.196. United Kingdom

2.615. Spain

2.954. Norway

3.093. Ireland

8.772. Canada

68.381. United States

Top five currencies% of PortfolioCurrency

3.345. Australian Dollar

4.214. New Zealand Dollar

5.203. Euro

7.472. Canadian Dollar

70.681. U.S. Dollars

Manager OverviewInvestment ManagerLoomis, Sayles & Company has served theneeds of institutional and individual investorsfor more than 80 years. An active, multi-styleinvestment manager, the firm offers both tradi-tional and highly specialized asset classes.Employing an opportunistic approach, balancedwith disciplined, bottom-up research and quan-titative risk analysis, the investment teamsstrive to produce above-average returns acrossasset classes and categories.

Headquarters: Boston, MAFounded: 1926Assets under management: $171.4 billion(as of 6/30/2012)7

Portfolio ManagersDaniel Fuss, CFA, CIC: Vice Chairman; beganinvestment career in 1958; joined LoomisSayles in 1976; has managed Loomis SaylesStrategic Income Fund since 1995; BS, MBA,Marquette University

Matthew Eagan, CFA: Vice President; beganinvestment career in 1989; joined LoomisSayles in 1997; has managed Loomis SaylesStrategic Income Fund since 2007; BA, North-eastern University; MBA, Boston University

Elaine Stokes: Vice President; began investmentcareer in 1987; joined Loomis Sayles in 1988;has managed Loomis Sayles Strategic IncomeFund since 2007; BS, St. Michael's College

Loomis Sayles Strategic Income Fund, Class YRecognized in the Multi-sector IncomeFund category for the 3-year and 10-year period.8

RisksBecause the fund can invest a significant percentage of assets in foreign securities, the value of the fund shares can be adversely affected by changes in currencyexchange rates, political, and economic developments. In emerging markets these risks can be significant. The fund is subject to currency risk, which is the risk that fluc-tuations in exchange rates between the U.S. dollar and foreign currencies may cause the value of a fund’s investments to decline. Funds that invest in securities denomi-nated in, or receive revenues in, foreign currency are subject to currency risk. Accordingly, the purchase of fund shares should be viewed as a long-term investment.Because the fund can invest a significant percentage of assets in debt securities that are rated below investment grade, the value of fund shares can be adversely affectedby changes in economic conditions or other circumstances. These events could reduce or eliminate the capacity of issuers of these securities to make principal and inter-est payments. Lower-rated debt securities have speculative characteristics because of the credit risk of their issuers and may be subject to greater price volatility thanhigher-rated investments. In addition, the secondary market for these securities may lack liquidity which, in turn, may adversely affect the value of these securities andthat of the fund. Mutual funds that invest in bonds can lose their value as interest rates rise, and an investor can lose principal.4 Barclays U.S. Aggregate Bond Index is an unmanaged index that covers the U.S.-dollar denominated, investment-grade, fixed-rate, taxable bond market of SEC-registered securities. The indexincludes bonds from the Treasury, government-related, corporate, mortgage-backed securities, asset-backed securities, and collateralized mortgage-backed securities sectors. You may notinvest directly in an index. 5 Barclays U.S. Universal Bond Index is an unmanaged index that covers U.S. dollar-denominated taxable bonds, including U.S. government and investment grade debt,non-investment grade debt, asset-backed and mortgage-backed securities, Eurobonds, 144A securities and emerging market debt. You may not invest directly in an index. 6 Credit qualityreflects the highest credit rating assigned to individual holdings of the fund among Moody's, S&P or Fitch; ratings are subject to change. The fund's shares are not rated by any rating agency andno credit rating for fund shares is implied. Cash and cash equivalents are excluded from the credit quality presented. Accordingly, the total may not equal 100%. 7 Assets under management(AUM) may include assets for which non-regulatory AUM services are provided. Non-regulatory AUM includes assets which do not fall within the SEC's definition of 'regulatory AUM' in Form ADV,Part 1. 8 Lipper award eligibility is based on risk-adjusted performance of U.S. registered funds within their respective Lipper classification. Funds must have at least 36 months performancehistory as of the end of the respective evaluation year. Lipper fund award winners for each 3-, 5-, and 10-year period are based on all eligible share classes; the award is given to the share classwith the highest Lipper Leader for Consistent Return (Effective Return) value within its eligible classification.Before investing, consider the fund's investment objectives, risk, charges, and expenses. Visit ngam.natixis.com or call 800-225-5478 for aprospectus or a summary prospectus containing this and other information. Read it carefully.NGAM Distribution, L.P. is a limited purpose broker-dealer and the distributor of various registered investment companies for which advisory services are provided byaffiliates of Natixis Global Asset Management, L.P. • NGAM Distribution, L.P. is located at 399 Boylston Street, Boston, MA 02116. • 800-862-4863 • ngam.natixis.comNOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

566311ST59-0912R2

JNKSPDR Barclays Capital High Yield Bond ETF As of 09/30/2012

INDEX TICKER

LHVLTRUUINTRADAY NAV TICKER

JNKIVKEY FEATURES

Low cost±

Low turnoverLiquidityTax efficient*

FUND INCEPTION DATE

11/28/2007OBJECTIVE

The SPDR® Barclays Capital High Yield Bond ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Capital High Yield Very Liquid Index (index ticker: LHVLTRUU).

Ordinary brokerage commissions may apply.

ABOUT THIS BENCHMARK

The SPDR® Barclays Capital High Yield Bond ETF Fund uses a passive management strategy designed to track the price and yield performance of the Barclays Capital High Yield Very Liquid Index. The High Yield Index measures the performance of publicly issued US dollar denominated high yield corporate bonds with above-aver-age liquidity.

PERFORMANCEFUND BEFORE TAXES FUND AFTER TAXES

TOTAL RETURN INDEX (%) MARKET VALUE (%) NAV (%) PRE-LIQUIDATION (%) POST-LIQUIDATION (%)

QTD 4.39 3.67 4.30 3.68 2.79

YTD 11.42 9.61 10.68 8.87 6.90

ANNUALIZED

1 YEAR 20.79 20.23 19.33 16.25 12.58

3 YEAR 13.10 11.38 11.84 8.37 8.08

5 YEAR N/A N/A N/A N/A N/A

SINCE FUND INCEPTION 10.14 7.12 7.07 3.38 3.73

(%)

GROSS EXPENSE RATIO 0.40

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit spdrs.com for most recent month-end performance.

Unless otherwise noted all information contained herein is that of the SPDR Barclays Capital High Yield Bond ETF.*Passive management and the creation/redemption process can help minimize capital gains distributions.After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.±Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.The Fund invests by sampling the Index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics which may cause the fund to experience tracking errors relative to performance of the Index."SPDR" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and has been licensed for use by State Street Corporation. STANDARD & POOR'S, S&P, S&P 500 and S&P MIDCAP 400 are registered trademarks of Standard & Poor's Financial Services LLC. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors' rights are described in the prospectus for the applicable product.Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.ETFs trade like stocks, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.Bond funds contain interest rate risk (as interest rates rise bond prices usually fall); the risk of issuer default; and inflation risk.Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.Investing in high yield fixed income securities, otherwise known as "junk bonds" is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These lower-quality debt securities involve greater risk of default or price change due to potential changes in the credit quality of the issuer.The Fund invests by sampling the Index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics which may cause the fund to experience tracking errors relative to performance of the Index.Barclays Capital is a trademark of Barclays Capital, the investment banking division of Barclays Bank PLC ("Barclays Capital") and has been licensed for use in connection with the listing and trading of the SPDR Barclays Capital ETFs. The products are not sponsored by, endorsed, sold or promoted by Barclays Capital and Barclays Capital makes no representation regarding the advisability of investing in them.Definitions:Pre-liquidation represents returns after taxes on distributions, assuming shares were not sold. Post-liquidation represents the return after taxes on distributions and the sale of fund shares. Market Value is determined by the midpoint between the bid/offer prices as of the closing time of the New York Stock Exchange (typically 4:00PM EST) on business days. NAV is the market value of a mutual fund's and ETFs total assets, minus liabilities, divided by the number of shares outstanding. An Intraday NAV is calculated and published throughout the trading day. It is based on the last trade price of each holding listed in the basket used for creation and redemption including estimated cash amounts. This value is used to provide an intraday relationship between the basket of securities representing the ETF and the market price of the ETF. Index Average Yield to Worst (YTW): A portfolio weighted average of the lowest Internal Rate of Return based on a calculation of yield to call for all possible call dates and the yield to maturity. Modified Option-Adjusted Duration - An option-adjusted measure of a portfolio's sensitivity to changes in interest rates. Calculated as the percentage change of a portfolio's value for a 100 basis point change in yield. 30 Day SEC Yield (Standardized Yield) - An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.Date of First Use: October 2012Expiration Date: 01/20/2013

20121025/11:14

SPDR Barclays Capital High Yield Bond ETF As of 09/30/2012

CHARACTERISTICS

30 DAY SEC YIELD 5.72%

INDEX AVERAGE YIELD TO WORST 6.30%

MODIFIED OPTION-ADJUSTED DURATION 4.20

NUMBER OF HOLDINGS 251

KEY FACTS

BLOOMBERG SPDR

TICKER SYMBOL JNK

CUSIP 78464A417

PRIMARY BENCHMARK Barclays Capital High Yield Very Liquid Index

INVESTMENT MANAGER SSgA Funds Management, Inc.

DISTRIBUTOR State Street Global Markets, LLC

TOP SECTORS (%)

CORPORATE - INDUSTRIAL 87.92

CORPORATE - UTILITY 6.95

CORPORATE - FINANCE 4.09

CASH 1.04

TOP HOLDINGS COUPON MATURITY DATE FUND WEIGHT (%)

SPRINT NEXTEL CORP 9 11/15/2018 1.44

HCA INC 6.5 02/15/2020 1.34

FIRST DATA CORPORATION 12.625 01/15/2021 1.27

ENERGY FUTURE/EFIH FINAN 10 12/01/2020 1.04

SAMSON INVESTMENT COMPAN 9.75 02/15/2020 0.97

CAESARS ENTERTAINMENT OP 11.25 06/01/2017 0.93

ICAHN ENTERPRISES/FIN 8 01/15/2018 0.93

EP ENERGY/EP FINANCE INC 9.375 05/01/2020 0.91

OFFSHORE GROUP INVST LTD 11.5 08/01/2015 0.90

CHS/COMMUNITY HEALTH SYS IN 8 11/15/2019 0.90

ETF-JNK

Monthly Update – Data as of November 30, 2012

JPMorganIncome Builder Fund

Fund highlights

The JPMorgan Income Builder Fund leverages the strength and experience of J.P. Morgan Asset Management (“JPMAM”) to offer a dynamic asset allocation approach to income invest-ing. The fund seeks to maximize income while maintaining prospects for capital appreciation. With the flexibility to invest across a wide spectrum of income-producing securities, the fund can incorporate equity and debt investments in asset classes such as Global Equities, Global REITs, Convertibles, High Yield and Emerging Markets Debt.

OpportunisticThe JPMorgan Income Builder Fund is flexible with respect to geography, asset class, market capitalization and capital structure of the securities selected. Our ability to allocate across the capital structure, while also adjusting asset class weights, will assist in managing downside volatility. A medium term view is taken on asset allocation decisions.

ProcessThe JPMorgan Income Builder Fund investment team employs a disciplined investment process to construct and maintain a well-balanced portfolio, drawing on both qualitative and quantitative inputs.

The investment team is comprised of senior members fromJ.P. Morgan’s Global Multi-Asset Group (“GMAG”) and under-lying portfolio managers representing each asset class sleeve. Managing cross asset class solutions for J.P. Morgan clients, GMAG oversees portfolio construction and risk management for the fund. Underlying portfolio managers access the insights of J.P. Morgan’s 745 investment professionals in 23 countries for the most attractive income opportunities on a global scale. Top-down views from GMAG are combined with bottom-up insights from the asset class portfolio managers in order to determine overall positioning.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

A Shares (JNBAX)C Shares (JNBCX)

Select Shares (JNBSX)

RISKS ASSOCIATED WITH INVESTING IN THE FUND:Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.The Fund’s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund’s investments generally declines.The Fund may invest in securities that are below investment grade (i.e. “high yield” or “junk bonds”) that are generally rated in the fifth or lower rating categories of Standard & Poor’s and Moody’s Investors Service. Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Fund’s share price will decline.The Fund has the ability to invest 0 to 100% of its total assets in high yield securities. Under normal circumstances, the Fund expects to invest no more than 70% of its total assets in such securities.The Fund’s investment in equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. When the value of a fund’s securities goes down, an investment in a fund decreases in value.The Fund may invest up to 60% of its total assets in equity securities.International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Some overseas markets may not be as politically and economically stable as the United States and other nations.The Fund’s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, including default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers.The Fund may invest in derivatives which may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of invest-ments and could result in losses that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives.

Market reviewU.S. and global equities ended November modestly higher. The S&P 500 Index rose by 0.58% while the MSCI World Index also advanced. High-yield bonds, as reflected in the Barclays Capital High Yield Index, were up 0.80% for the month. Emerging market bonds performed well, ahead 1.55%, according to the J.P. Morgan Emerging Market Bond Index. The FTSE Global Real Estate Index also was positive for the month, rising 1.01%.

Key portfolio driversThe JPMorgan Equity Income Fund’s 12-month rolling distribution yield ended November at 5.24%, while the Fund returned 0.77% (Select Class Shares). Year to date through November 30, Select Class Shares were up 15.05%. The Fund’s equity allocation and extended fixed income were the primary drivers behind returns in November. Global equities, high-yield and emerging market debt all had positive performances during the month.

Fund positioningThe election left the political landscape essentially unchanged. Not only did Barack Obama retain the White House, but the Republicans kept their majority in the House of Representatives and the Democrats maintained control of the Senate. With the uncertainty of the election out of the way, markets shifted focus toward the fiscal cliff, which refers to a combination of federal tax hikes and reductions in federal spending slated to begin January 1. If policymakers in Washington do nothing to soften these measures, investor expectations are that the U.S. economy will almost certainly fall back into recession. Our view is that compromise is in both parties’ self-interest, and the oft cited ‘cliff’ may be nothing more than a plateau. While a resolution is likely, there will be no catastrophic effect on January 1 if it has not materialized. Many expiring items may even be implemented retroactively in the spring. While the payroll tax holiday and extended unemployment benefits may end, most of the spending reductions associated with the sequester (automatic across-the-board spending cuts) and expiring 2001/2003 tax provisions are not expected to become law. As the unusual degree of policy uncertainty of the fourth quarter is slowly resolved (with the election outcome being the first of several steps), the hope is that firms then can begin to ramp up capital expenditures and pursue additional avenues to deploy high cash levels. Robust corporate balance sheets, low default rates and well-diversified geographic revenue streams continued to support the Fund’s positions in high-yield fixed income and large-cap equities.

In Europe, funding rates for peripheral countries like Spain and Italy continued to decline in November. The European Central Bank’s (ECB) Outright Monetary Transactions (OMT) facility has greatly reduced the risk of a full blown European crisis. We believe that the mere presence of a credible firewall in place is much more important than its actual use. This can be seen as borrowing costs for most of Europe’s periphery have come down markedly. As noted before, the ECB has given the market what it wants in using the full firepower of its balance sheet to confront the crisis, and it is now up to politicians in financially troubled Eurozone countries to execute this plan by asking for help, if needed. The Fund continued to hold some exposure to the region during November, primarily in European-domiciled equities that have a global orientation.

A Chinese economic slowdown also has been on the 2012 list of investor concerns. In November, the Shanghai Composite Index (Chinese equity market) fell to its lowest level since January 2009. China indulged in unprecedented monetary easing in 2008/2009 that boosted economic growth, and our long-standing thesis stated that the reversal of this easy policy could hurt growth. Nevertheless, after being cautious for some time, we are becoming more constructive. Though it is still early, there are signs of a pickup in the economy. Recent manufacturing data inched back into expansionary territory and exports have rebounded for two-consecutive months. Meanwhile, there is clear evidence of accelerating monetary growth. It is our view that China will not derail current risk appetite for at least the next one-to-two quarters. The Fund has continued to add emerging market exposure, with both equities and fixed income comprising our holdings. Focusing on high-dividend equities has meant lower exposures to some of the more volatile emerging market countries.

It is hard to see how underlying trends in place pre-election have changed. With a backdrop of global central bank support, we continue to believe that investors are likely to benefit from holding high-quality equities and having an overweight in credit on the fixed income side.

GMAG portfolio management teamNeill Nuttall, Managing DirectorJeffrey Geller, Managing DirectorPatrik Jakobson, Managing Director Anne Lester, Managing DirectorMichael Schoenhaut, CFA, Executive Director

Insight + Process = ResultsSM

Portfolio statistics A Shares C Shares Select

Inception date 5/31/2007 5/31/2007 5/31/2007Investment minimum $1,000 $1,000 $1MFund number 3041 3039 3040CUSIP 4812A3288 4812A3270 4812A325430-day SEC yield (%) 4.27 3.98 4.6230-day SEC yield unsubsidized (%) 3.91 3.62 4.3612-month rolling dividend yield (%)† 4.88 4.63 5.22

Key facts

Number of holdings 1,599 Fund assets (in billions) $4.16Total portfolio duration 2.5 yearsFixed income duration 3.7 years

The manager seeks to achieve the stated objectives. There is no guarantee the objectives will be met. The securities highlighted above have been selected based on their significance and are shown for illustrative purposes only. They are not recommendations.

Fund performance* Total returns Average annual total returns Latest Latest Since 5 yr Month-end total returns at NAV (%) as of 11/30/12 month QTR YTD 1 yr 3 yrs 5 yrs inception volatilityA Shares 0.87 3.35 14.91 16.58 9.88 6.03 5.12 12.70C Shares 0.84 3.14 14.45 15.93 9.35 5.51 4.60 12.70Select 0.77 3.28 15.05 16.61 9.99 6.20 5.30 12.70MSCI World Index (net of foreign withholding taxes) 1.28 3.36 13.69 13.62 6.90 -1.80 -1.57 20.90Barclays U.S. Aggregate Index 0.16 0.49 4.36 5.51 5.68 6.04 6.47 3.50Income Builder Composite Benchmark 0.83 2.21 10.11 10.55 6.83 1.80 2.08 12.80Lipper Global Flexible Portfolio Funds Index 0.94 2.52 10.54 9.71 6.13 0.06 0.39 14.80With sales charges (%) A Shares with 4.50% max. sales charge -3.70 -1.30 9.72 11.39 8.20 5.06 4.24 12.70C Shares with 1.00% max. CDSC -0.16 2.14 13.45 14.93 9.35 5.51 4.60 12.70Month-end total returns at NAV (%) as of 9/30/12A Shares 1.76 5.25 13.14 20.21 10.43 5.57 4.97 12.80C Shares 1.62 5.02 12.76 19.53 9.88 5.04 4.45 12.80Select 1.77 5.27 13.38 20.50 10.61 5.78 5.18 12.80MSCI World Index (net of foreign withholding taxes) 2.75 6.71 13.01 21.59 7.48 -2.15 -1.73 21.00Barclays U.S. Aggregate Index 0.14 1.59 3.99 5.16 6.19 6.53 6.61 3.60Income Builder Composite Benchmark 1.70 4.64 9.56 15.12 7.38 1.78 2.05 12.90Lipper Global Flexible Portfolio Funds Index 1.96 5.00 9.94 14.40 6.60 -0.17 0.30 14.80With sales charges (%) A Shares with 4.50% max. sales charge -2.82 0.49 8.03 14.79 8.77 4.59 4.07 12.80C Shares with 1.00% max. CDSC 0.62 4.02 11.76 18.53 9.88 5.04 4.45 12.80Month-end yields (%) as of 11/30/12 A Shares C Shares Select Shares30-Day SEC Yield 4.27 3.98 4.6230-Day SEC Yield (Unsubsidized) 3.91 3.62 4.3612-Month Rolling Dividend Yield† 4.88 4.63 5.22Month-end yields (%) as of 9/30/12 A Shares C Shares Select Shares30-Day SEC Yield 4.58 4.29 4.9230-Day SEC Yield (Unsubsidized) 4.16 3.87 4.6012-Month Rolling Dividend Yield† 4.95 4.69 5.29†Class A Share 12-month rolling yield is calculated by dividing the dividend per share by the public offering price per share on the day of the distribution. Class C and Select Class Shares 12-month rolling yields are calculated by dividing the dividend per share by the NAV per share on the day of the distribution. 12-month rolling yields represent the sum of the monthly dividend yields for the previous 12 months. *The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certainmarket risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performancedata shown. For performance current to the most recent month-end please call 1-800-480-4111.

Annual operating expenses A Shares C Shares Select SharesExpense cap expiration date 2/28/2013 2/28/2013 2/28/2013Expense cap (%) 0.75 1.25 0.60Total annual operating expenses (%)1 1.15 1.66 0.91Fee waivers and/or expense reimbursements (%)1 (0.39) (0.40) (0.30)Net expenses (%)1 0.76 1.26 0.611The Investment Advisor, Administrator and Distributor (the “Service Providers”) have contractually agreed to waive fees and/orreimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividendexpenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees’ deferredcompensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contractcontinues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

JPMorgan Income Builder Fund

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

A Shares (JNBAX)C Shares (JNBCX)

Select Shares (JNBSX)

Monthly update – Data as of November 30, 2012

Must be preceded or accompanied by a prospectus.INDEXES DEFINED:The MSCI World Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets.The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the performance of the Fund reflects thededuction of the mutual fund expenses, including sales charges if applicable. Total return figures assume the reinvestment of dividends. The dividend is reinvested after deduction of withholding tax,applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. An individual cannot invest directly in an index.The Barclays Capital U.S. Aggregate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. The performance of the index does not reflect the deduction of expenses associated with amutual fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the mutual fund expenses, including sales charges if applicable. An individualcannot invest directly in an index.The Income Builder Composite Benchmark is a composite benchmark comprised of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% BarclaysCapital U.S. Aggregate Index. The performance of the composite index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of mutual fund expenses, including sales charges, if applicable. An individual cannot invest directly in an index.The performance of the Lipper Global Flexible Portfolio Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to theexpenses charged by the Fund. An individual cannot invest directly in an index.The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as management fees. By contrast, the performance of the Fund reflects the deduction of the mutual fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.©2012, American Bankers Association, CUSIP Database provided by the Standard & Poor’s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund’s advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc., member FINRA/SIPC.J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.©JPMorgan Chase & Co., December 2012

FC-INCB

Equity sector breakdown (%)* Nov ‘12 Aug ‘12 ChangeConsumer Discretionary 13.8 13.8 0.0 Financials 18.6 17.2 1.4Industrials 12.8 13.5 -0.7Health Care 9.7 9.5 0.2Energy 10.6 9.5 1.1Utilities 5.4 6.5 -1.1Telecomm Services 10.3 11.2 -0.9Information Technology 9.9 8.8 1.1Materials 4.8 5.8 -1.0Consumer Staples 4.1 4.2 -0.1

Fixed income quality (%)*,** Nov ‘12 Aug ‘12 ChangeAAA 2.2 3.6 -1.4AA- to AA+ 0.1 0.0 0.1A- to A+ 0.4 0.7 -0.3BBB- to BBB+ 8.8 6.4 2.4BB- to BB+ 20.4 21.8 1.4B- to B+ 39.5 39.9 -0.4Below B- 22.9 21.9 1.0Not Rated 5.7 5.7 0.0

J.P. Morgan Investment Management (JPMIM) receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies — S&P, Moody’s and Fitch. When calculating the credit quality breakdown, JPMIM selects the middle rating of the agencies when all three agencies rate a security. JPMIM will use the lower of the two ratings if only two agencies rate a security and JPMIM will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.*Due to rounding, values may not total 100%.** Numbers don’t include cash.

Asset allocation (%)* Nov ‘12 Aug ‘12 ChangeGlobal Equity 27.1 25.2 1.9Global REITs 6.0 5.8 0.2Convertible Bonds 4.3 4.8 -0.5Preferred Equity 3.3 0.0 3.3Non Agency Mortgages 11.3 10.8 0.5High Yield 37.9 41.7 -3.8Emerging Markets Debt 8.3 8.8 0.5Cash 1.7 2.9 -1.2

Regional allocation (%)* Nov ‘12 Aug ‘12 ChangeNorth America 66.4 66.9 -0.5Europe 9.6 9.8 -0.2Emerging Markets 17.2 16.6 0.6Australia/New Zealand 2.6 2.7 -0.1Developed Asia ex-Japan 2.0 1.7 0.3Japan 2.3 2.3 0.0

www.blackrock.com

Fact Sheet

Multi-Asset Income Fund*

33QQ 20

12

Investor A: BAICX • Investor C: BCICX • Institutional: BIICX

Fund Highlights

• A Go-Anywhere Income Solution: Tapping the best global income opportunities around the

world and across asset classes

• Flexibility to Manage Volatility: The fund aims to be less volatile than a traditional balanced

portfolio by employing tactical asset allocation to balance risk, return and income

• Global Income Expertise: Managed by BlackRock Multi-Asset Client Solutions, a team of more

than 150 investment professionals specializing in asset allocation

%Average Annual Total Returns (9/30/12)1

5.95——11.2617.59Institutional

4.89——10.1316.39Investor C

5.69——10.9617.23Investor A

Inception10 Years5 Years3 Years1 YearWithout Sales Charge

4.89——10.1315.39Investor C

4.43——9.0011.05Investor A

Inception10 Years5 Years3 Years1 YearWith Sales Charge

———7.2713.48Blended Benchmark3

———7.6313.06Morningstar Avg.

———6.1512.80Lipper Avg.2

%Calendar Year Returns (Fund PerformanceWithout Sales Charges)1

4.8410.715.0712.4725.23——Institutional

4.589.764.1311.3423.94——Investor C

4.8710.454.8512.1425.11——Investor A

3Q12YTD20112010200920082007

4.138.661.349.7318.03——Blended Benchmark3

3.638.291.7010.0320.77——Morningstar Avg.

4.718.40-5.1611.2326.90——Lipper Avg.2

Performance data quoted represents past performance and is no guarantee of future results.Investment returns and principal values may fluctuate so that an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower orhigher than that shown. All returns assume reinvestment of all dividend and capital gain distribu-tions. Refer to www.blackrock.com for current month-end performance. Index performance isshown for illustrative purposes only. You cannot invest directly in an index.

The share classes have different sales charges, ongoing account maintenance and distribution fees and other features. Average annual total returns withsales charge reflect the deduction of current maximum initial sales charge of 5.25% for Investor A shares and payment of applicable contingent deferredsales charges (CDSC) for Investor C shares. The maximum CDSC of 1% for C shares is reduced to 0% after 1 year. Institutional shares have no front- orback-end load.Minimum initial investment for Institutional shares is $2 million. Institutional shares also are available to clients of registered investment advisors with$250,000 invested in the fund, and offered to participants in various wrap fee programs and other sponsored arrangements at various minimums.

Portfolio Allocation (% of Net Assets)High Yield Bonds 29.8

Global Equity 22.5

Floating Rate Loans 13.6

Preferred Stock 11.4

Mortgage-Backed Securities 9.5

MLPs 7.0

Investment Grade Debt 3.9

Emerging Market Debt 2.3

* Prior to 11/28/11, the BlackRock Multi-Asset Income Fund was known as the BlackRock Income Fund.

Lipper Classification2

Global Flexible Portfolio Funds

Morningstar Category

Conservative Allocation

Overall Morningstar Rating™— Institutional

★★★★★Rated against 561 Conservative Allocation Funds, as of 9/30/12, based onrisk-adjusted total return. Ratings are determined monthly and subjectto change. The Overall Morningstar Rating for a fund is derived from aweighted average of the performance figures associated with its 3-, 5-and 10-year (if applicable) Morningstar Rating metrics.‡‡

Objective

Seeks to maximize current income with

consideration for capital appreciation.

Portfolio Management

Justin Christofel

Peter WilkePhilip Brides

Michael FredericksMichael Huebsch

Portfolio Statistics

MonthlyDividend Frequency

$879.4 MSize of Fund

$102.8 BWeighted Avg. Mkt. Cap

714Number of Holdings

4/7/08Inception Date

Fund

Holdings include all equity and fixed income positions including deriva-tives but excluding cash.

Annual Operating Expenses (% of Assets)

0.552.98Institutional

1.554.05Investor C

0.803.26Investor A

NetTotal

Expenses stated as of the fund's most recentprospectus. Net operating expenses excludeinvestment interest expenses, acquired fundfees and certain other fund expenses net of allwaivers and reimbursements. Investor A,Investor C and Institutional have contractualwaivers with an end date of 11/30/2012 ter-minable upon 90 days notice.

Lipper andMorningstar Rankings (9/30/12)2

Quartile RankingsLipper Rankings

10 Year5 Year3 Year1 Year10 Year5 Year3 Year1 Year

——Out of 191Out of 347

——11——1468Institutional

——11——1575Investor A

Quartile RankingsMorningstar Rankings

——Out of 561Out of 656

——11——2785Institutional

——11——3893Investor A

Lipper Category: Global Flexible Portfolio Funds. As of 9/30/12 and may not accurately represent the current composition of the portfolio. All shareclasses of the fund are invested in a common portfolio. Lipper rankings are based on total return excluding sales charges. Data shown represents pastperformance and is not an indication of future results. Morningstar Category: Conservative Allocation.

Distributions (Dollar/Share)

10.740.040.050.040.290.370.39Institutional

10.710.030.040.030.200.250.31Investor C

10.730.040.050.040.270.340.37Investor A

NAV (9/30)Sep 12Aug 12Jul 12201120102009

Top 10 Holdings (% of Net Assets)

0.7Pfizer10.0.7iShares Barclays MBS Bond Fund9.0.7Sanofi8.0.7Access Midstream Partners7.0.8Energy Futures Intermediate Holding6.0.8Oneok Partners5.0.9Plains All American Pipeline4.1.0Markwest Energy Partners3.4.0iShares iBoxx Investment Grade Index2.

11.6iShares iBoxx HY Index1.

RiskMeasures (3-year)5

0.871.34Sharpe Ratio

—90.03%R-Squared

1.000.48Beta

15.58%7.95%Standard Deviation

Benchmark3Fund

Yield (%)

Standardized 30-day yield as of 9/30/12

5.29Institutional

4.26Investor C

4.77Investor A

SEC Yield

Important Risks of the Fund: The fund is actively managed and its characteristics will vary. Any holdings shown are for information only and should notbe deemed as a recommendation to buy or sell the securities mentioned. As a fund of funds, the Portfolio is subject to the risks associated with theunderlying BlackRock funds in which it invests. Stock and bond values fluctuate in price so the value of your investment can go down depending onmarket conditions. International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and thepossibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerg-ing/developing markets or smaller capital markets. The two main risks related to fixed income investing are interest-rate risk and credit risk. Typically,when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the bond issuer will not beable to make principal and interest payments. Asset allocation strategies do not assure profit and do not protect against loss. Non-diversification ofinvestments means that more assets are potentially invested in fewer securities than if investments were diversified, so risk is increased because eachinvestment has a greater effect on performance. Investing in derivatives entails specific risks relating to liquidity, leverage and credit that may reducereturns and/or increase volatility. Investments in non-investment-grade debt securities (“high-yield” or “junk” bonds) may be subject to greater marketfluctuations and risk of default or loss of income and principal than securities in higher rating categories.

You should consider the investment objectives, risks, charges and expenses of the fund carefully before investing. The prospectus and, if available,the summary prospectus contain this and other information about the fund and are available, along with information on other BlackRock funds, bycalling 800-882-0052 or from your financial professional. The prospectus and, if available, the summary prospectus should be read carefully beforeinvesting. Unless noted, all information is as of the publication date of this fact sheet.

1 Institutional shares are sold to a limited group of investors, including certain retirement and certain investment programs. See prospectus for details. 2 Lipper funds’ average returns and rankings are according to Lipper, Inc. LipperGlobal Flexible Portfolio Funds classification consists of all funds tracked by Lipper that allocate investments across various asset classes, including domestic and foreign stocks, bonds and money market instruments, with a focus ontotal return. At least 25% of their portfolio is in securities traded outside of the United States. Lipper category average and rankings reflect total return performance of those funds excluding sales charges. 3 The Blended Benchmarkrepresents 50% MSCI AC World/50% Barclays US Aggregate Index. The Morgan Stanley Capital International (MSCI) AC World Index consists of a market value-weighted average of performance of all securities listed on the stockexchanges of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom andthe United States. The unmanaged, market-weighted Barclays US Aggregate Bond Index comprises investment-grade corporate bonds (rated BBB or better), mortgages and US Treasury and government agency issues with at least 1 yearto maturity. 4 Risk statistics, if any, are measured based on Investor A class monthly returns for the 3-year period at quarter-end. These measures of past risk are not complete or, necessarily, representative measures of future risk andcannot predict a fund’s performance. Benchmark-related risk measures are calculated in relation to 50% MSCI AC World/50% Barclays US Aggregate Index. Standard Deviation is a statistical measure of the volatility of the fund’sreturns. The Sharpe Ratio uses a fund’s standard deviation and its excess return (the difference between the fund’s return and the risk-free return of 90-day Treasury Bills) to determine reward per unit of risk. Beta is a measure of afund’s sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market and a portfolio with a beta less than 1 is less volatile than the market. R-Squared reflects the percentage of a fund’smovements that are explained by movements in its benchmark index, showing the degree of correlation between the fund and the benchmark. This figure also is helpful in assessing how likely it is that beta is statistically significant.‡‡ For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects ofsales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35%receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution per-centages.) BlackRock Multi-Asset Income Fund was rated against the following numbers of US-domiciled Conservative Allocation funds over the following time periods: 561 in the last 3 years. With respect to these Conservative Alloca-tion funds, BlackRock Multi-Asset Income Fund received a Morningstar Rating of 5 stars. Morningstar Rating is for the Institutional share class only; other classes may have different performance characteristics. © 2012 Morningstar,Inc. All rights reserved.

FORMORE INFORMATION: www.blackrock.com

©2012 BlackRock, Inc. All Rights Reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.

Prepared by BlackRock Investments, LLC, member FINRA.

Not FDIC Insured • May Lose Value • No Bank Guarantee

10/12 - Multi-Asset Income Fund / BAICX-0912 USR-0948