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FlexShares Ready Access Variable Income Fund

FlexShares Ready Access Variable Income Fund (RAVI) seeks maximum current income consistent with the preservation of capital and liquidity. RAVI is comprised of investment-grade fixed income instruments, including short-term debt securities, notes and other similar instruments issued by U.S. and non-U.S. public and private entities. The Fund's average effective duration will vary based on Northern Trust's rate and portfolio construction decisions and will not normally exceed one year. The Fund allows for a modest degree of transactional price variability. If occurring, dividends from net investment income, including any net foreign currency gains, are generally declared and paid monthly. Distributions of net realized securities gains, if any, are generally declared and paid once a year, but the Fund may make such distributions on a more frequent basis.

Fund Facts

as of 09/30/2014
Inception10/09/2012
CUSIP33939L886
Total Net Assets$ 71,829,671.43
Shares Outstanding950,001
# of Holdings99
Preliminary NAIC Designation
  Definition
1
Gross Expense Ratio.26%
Net Expense Ratio*.25%
Primary ExchangeNYSE
Options AvailableN
MarginableY
Securities LendingN
*NTI has contractually agreed to reimburse the fees and expenses of the Fund’s independent trustees and independent legal counsel until March 1, 2015.

Tickers

ETF TickerRAVI
NAVRAVI.NV
IOPVRAVI.IV
Shares OutstandingRAVI.SO
Estimated CashRAVI.EU
Total CashRAVI.TC

Effective Duration

as of 09/29/2014
Cash .00
Commercial Paper.03
Corporate.87
Government/Agency.05
MBS/ABS1.04
Municipal.89
Other.08
Total.68

Fund Characteristics

as of 09/29/2014
SEC Subsidized Yield* (as of 08/31/2014).41%
SEC Unsubsidized Yield**
 (as of 08/31/2014)
.40%
Distribution Yield***.56%
12-Month Dividend Yield****.50%
Weighted Avg Price100.23
Weighted Avg Yield to Maturity.78%
Weighted Avg Years to Stated Legal Maturity2.11
Weighted Avg Effective Duration.68
Weighted Avg Spread Duration1.98
View Standardized Performance
*SEC Subsidized Yield
The 30-Day SEC Subsidized Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It is a "subsidized" yield, which means it includes contractual expense reimbursements and it would be lower without those reimbursements. It may also include an inflation adjustment that can cause the yield to vary substantially from one month to the next.
**SEC Unsubsidized Yield
The 30-Day SEC Unsubsidized Yield calculation is also computed under the same SEC standardized formula based on net income earned over the past 30 days, but excludes contractual expense reimbursements, resulting in a lower yield. It may also include an inflation adjustment that can cause the yield to vary substantially from one month to the next.
***Distribution Yield
This yield is calculated by taking the most recent distribution annualized and dividing by the fund NAV from the as of date. For Funds that distribute monthly, an NA will be displayed if the fund has not distributed within the last 35 days.
****Dividend Yield
For an equity security, dividend yield is calculated using the (expected) annual dividend divided by the most recent closing price. To calculate annual dividend, we utilize the most recent dividend payment and multiply that payment by the expected frequency over a year. For example, if the most recent dividend for a company is $2.50 and dividends are expected to be paid quarterly (4 dividend payments/year), the annual expected dividend would be calculated as $2.50 x 4 dividend payments/year, or $10.

Maturity (%)

as of 09/29/2014
0 - 1 Year20.96
1 - 3 Years60.76
3+ Years18.28
Total100.00

Spread Duration

as of 09/29/2014
Cash .00
Commercial Paper.53
Corporate2.41
Government/Agency2.53
MBS/ABS1.04
Municipal.89
Other2.80
Total1.98

SECTOR ALLOCATIONS

SECTOR ALLOCATIONS

COUNTRY ALLOCATIONS

COUNTRY ALLOCATIONS

MARKET ALLOCATIONS

MARKET ALLOCATIONS

Performance information presented on this website is historical, and is not indicative of future results. Investment returns and principal may vary, and at the time of sale an investment may be worth more or worth less than its original value. For most recent month end performance please call 1-855-353-9383 (1-855-FlexETF). All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to 10/11/2012, when the fund first traded on the New York Stock Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. They do not represent the returns you would receive if you traded shares at other times. Index performance does not represent FlexShares fund performance. It is not possible to invest directly in an index.

Month End Performance (%)

as of 08/31/2014
 1 MonthQTDYTD1 YearSince Inception
10/09/2012
Market Price.14.21.771.29.95
NAV.15.13.781.34.90
Barclays 1-3 Month U.S. Treasury Bill Index (LD12TRUU) .00.01.02.03.05

Quarter End Performance (%)

as of 06/30/2014
 1 MonthQTDYTD1 YearSince Inception
10/09/2012
Market Price .00.25.561.17.92
NAV.05.33.651.40.91
Barclays 1-3 Month U.S. Treasury Bill Index (LD12TRUU).01.01.02.04.05
Performance information presented on this website is historical, and is not indicative of future results. Investment returns and principal may vary, and at the time of sale an investment may be worth more or worth less than its original value. For most recent month end performance please call 1-855-353-9383 (1-855-FlexETF). All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. The fund inception date is generally several days prior to when the fund begins trading. NAV prices are used to calculate market price performance prior to 10/11/2012, when the fund first traded on the New York Stock Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. They do not represent the returns you would receive if you traded shares at other times. Index performance does not represent FlexShares fund performance. It is not possible to invest directly in an index.

Expense Ratios

as of 09/30/2014
Gross Expense Ratio.26%
Net Expense Ratio*.25%
*NTI has contractually agreed to reimburse the fees and expenses of the Fund’s independent trustees and independent legal counsel until March 1, 2015.


Definitions

  • Net Asset Value (NAV)
    NAV is a fund’s price per share, which is calculated by dividing the total value of all the securities in the fund’s portfolio plus cash, interest and receivables less any liabilities by the number of fund shares outstanding.
  • Market Price
    Because ETFs trade like stocks, ETF shares trade at market value on the secondary market, which can be a dollar value above (trading at a premium) or below (trading at a discount) the fund’s NAV.

Market Price

as of 09/30/2014
Price$75.69
Price $ Change$-.02
Price % Change-.02%
Avg Bid/Ask Spread$.05
Bid/Ask Midpoint$75.69
Closing Bid Price$75.67
Closing Ask Price$75.71

Trading

as of 09/30/2014
52-Week High$75.99
52-Week Low$74.92
Premium/Discount$.08
Daily Trading Volume (Shares)8,087
Average Trading Volume (Shares)8,924
Shares Outstanding950,001

NAV Price

as of 09/30/2014
Price$75.61
Price $ Change$-.01
Price % Change-.01%

HOLDINGS

as of 09/30/2014
NameFund
Weight %
Shares HeldCouponMaturitySector/TypeCredit Rating (S&P)
TRI-PARTY RBS SECURITIES INC9.88037,100,000.3309/30/2014CashTri-party Repo
TRI-PARTY SG AMERICAS SECURITIES L5.56644,000,000.4309/30/2014CashTri-party Repo
SUMITOMO MITSUI BANKING2.79552,000,000.6601/10/2017CorporateA+
KOREA DEVELOPMENT BANK2.46731,767,000.8601/22/2017CorporateA+
PEMBROKE PINES FLA COMMUNICATIONS1.42431,000,0004.7510/01/2019Corporate
ILLINOIS ST SPORTS FACS AUTH1.41971,000,0003.0006/15/2015MunicipalA
BANQUE FEDERATIVE DU CREDIT MUTUEL1.40531,000,0001.0801/20/2017CorporateA
FORD MOTOR CREDIT COMPANY LLC1.40081,000,0001.0703/12/2019CorporateBBB-
BRANCH BANKING & TRUST1.39921,000,000.6612/01/2016CorporateA
BARCLAYS BANK PLC1.39851,000,000.8102/17/2017CorporateA
NEDERLANDSE WATERSCHAPSBANK NV1.39851,000,000.4602/14/2018OtherAA+
BANK OF AMERICA CORP1.39751,000,000.8508/25/2017CorporateA-
SVENSKA HANDELSBANKEN AB1.39671,000,000.7009/23/2016CorporateAA-
BANK OF TOKYO-MITSUBISHI UFJ LTD1.39611,000,000.6403/10/2017CorporateA+
SINOPEC GROUP OVERSEAS DEVELOPMENT1.39581,000,0001.0104/10/2017OtherA+
AMERICAN EXPRESS CREDIT CORPORATIO1.39551,000,000.7208/15/2019CorporateA-
ENI FINANCE USA INC1.39511,000,000.5404/10/2015Commercial Paper
BANK OF MONTREAL1.39441,000,000.4909/24/2015CorporateA+
AMERICAN HONDA FINANCE CORPORATION1.39391,000,000.4107/14/2017CorporateA+
US BANK NA/CINCINNATI OH1.39011,000,0001.3809/11/2017CorporateAA-
SOUTHERN COMPANY (THE)1.38771,000,0001.3008/15/2017CorporateA-
MONSANTO COMPANY1.38631,000,0001.1506/30/2017CorporateBBB+
EBAY INC.1.38371,000,0002.2008/01/2019CorporateA
NEW JERSEY ST ECON DEV AUTH REVENU1.3531930,0003.6412/15/2015CorporateA-
VERIZON COMMUNICATIONS INC1.3106918,0001.7609/15/2016CorporateBBB+
GENERAL ELECTRIC CAPITAL CORP1.3022928,000.7401/14/2019CorporateAA+
CISCO SYSTEMS INC1.3017928,000.7403/01/2019CorporateAA-
KROGER CO (THE)1.2971928,000.7610/17/2016CorporateBBB
CANADIAN NATURAL RESOURCES LIMITED1.2969928,000.6103/30/2016CorporateBBB+
DUKE ENERGY INDIANA INC1.2959928,000.5807/11/2016CorporateA
WALT DISNEY COMPANY (THE)1.2950928,000.5505/30/2019CorporateA
TOYOTA MOTOR CREDIT CORP1.2944928,000.4305/16/2017CorporateAA-
DE KALB CNTY GA HSG AUTH1.2943928,000.5011/01/2015MunicipalAA+
CITIGROUP INC1.2941928,000.7703/10/2017CorporateA-
FFCB1.2915928,000.2004/17/2017Government/AgencyAA+
STARBUCKS CORPORATION1.2837928,000.8812/05/2016CorporateA-
TEXAS INSTRUMENTS INC1.2835928,000.8803/12/2017CorporateA+
SYNCHRONY FINANCIAL1.2582900,0001.8808/15/2017CorporateBBB-
GOLDMAN SACHS GROUP INC1.2481886,0001.6011/23/2015CorporateA-
US BANCORP1.2163873,000.6304/25/2019CorporateA+
JOHN DEERE CAPITAL CORP1.1986858,0001.0512/15/2016CorporateA
MORGAN STANLEY1.1967847,0001.4902/25/2016CorporateA-
BP CAPITAL MARKETS PLC1.1694835,000.8709/26/2018CorporateA
WHIRLPOOL CORPORATION1.1526835,0001.3503/01/2017CorporateBBB
RABOBANK NEDERLAND1.0493750,000.7103/18/2016CorporateAA-
GLENCORE FUNDING LLC1.0424743,0001.4005/27/2016CorporateBBB
VODAFONE GROUP PLC1.0377743,000.6202/19/2016CorporateA-
BNP PARIBAS1.0352743,000.7203/17/2017CorporateA+
TORONTO-DOMINION BANK/THE1.0198728,000.6909/09/2016CorporateAA-
WESTPAC BANKING CORP1.0183728,000.6711/25/2016CorporateAA-
TRANSCANADA PIPELINES LIMITED0.8170581,000.9106/30/2016CorporateA-
ROYAL BANK OF CANADA0.7793557,000.8010/30/2015CorporateAA-
APPLE INC0.7765557,000.5405/06/2019CorporateAA+
NISSAN MOTOR ACCEPTANCE CORP0.7027503,000.7803/03/2017CorporateA-
INTERNATIONAL BUSINESS MACHINES CO0.7015500,000.6102/12/2019CorporateAA-
WELLS FARGO BANK NA0.6978500,000.5107/20/2015CorporateAA-
MANUFACTURERS AND TRADERS TRUST CO0.6962500,0001.4007/25/2017CorporateA
CATERPILLAR FINANCE CORP0.6927496,000.7011/06/2015CorporateA
APPLE INC0.6657478,000.2905/03/2016CorporateAA+
HOME DEPOT INC0.6630478,0002.0006/15/2019CorporateA
UNITEDHEALTH GROUP INCORPORATED0.6605472,000.8510/15/2015CorporateA
KIMBERLY-CLARK CORPORATION0.6424464,0001.9005/22/2019CorporateA
WALT DISNEY COMPANY (THE)0.6407464,0001.1012/01/2017CorporateA
AUSTRALIA & NEW ZEALAND BANKING GR0.6280450,0001.2501/10/2017CorporateAA-
AMAZONCOM INC0.5615403,000.6511/27/2015CorporateAA-
INTERNATIONAL BUSINESS MACHINES CO0.5571400,000.3102/05/2016CorporateAA-
ELECTRICITE DE FRANCE SA0.5568399,000.6901/20/2017OtherA+
PACCAR FINANCIAL CORP0.5516395,000.7011/16/2015CorporateA+
ROYAL BANK OF CANADA0.5310380,000.6003/08/2016CorporateAA-
MORGAN STANLEY0.5292377,0002.5001/24/2019CorporateA-
GENERAL ELECTRIC CAPITAL CORP0.4824343,000.8807/12/2016CorporateAA+
GENERAL MILLS INC0.4532325,000.5301/29/2016CorporateBBB+
BANK OF NOVA SCOTIA0.4316309,000.6303/15/2016CorporateA+
MCKESSON CORP0.4152297,000.9512/04/2015CorporateBBB+
ROYAL DUTCH SHELL PLC0.3687264,000.4411/15/2016CorporateAA
NET OTHER ASSETS0.3668263,547
PETROBRAS GLOBAL FINANCE BV0.3626260,0001.8505/20/2016CorporateBBB-
BANK OF TOKYO-MITSUBISHI UFJ LTD0.3503250,000.8409/09/2016CorporateA+
CAPITAL ONE BANK USA NA0.3464250,0002.2502/13/2019CorporateBBB+
WAL-MART STORES INC0.2918209,0001.0004/21/2017CorporateAA
BP CAPITAL MARKETS PLC0.2847204,000.7011/06/2015CorporateA
ING BANK NV0.2812200,0001.1803/07/2016CorporateA
AT&T INC0.2694193,000.6202/12/2016CorporateA-
MASTERCARD INC0.2668191,0002.0004/01/2019CorporateA
BNP PARIBAS0.2605186,0002.9812/20/2014CorporateA+
MARATHON OIL CORP0.2134153,000.9011/01/2015CorporateBBB
AMERICAN HONDA FINANCE CORPORATION0.2081150,0001.2007/14/2017CorporateA+
GENERAL ELECTRIC CAPITAL CORP0.2076148,000.8301/08/2016CorporateAA+
JPMORGAN CHASE & CO0.1647116,0001.1301/25/2018CorporateA
VOLKSWAGEN INTERNATIONAL FINANCE N0.1394100,000.8311/20/2014CorporateA
AMXCA_2012-5 A0.1393100,000.5905/15/2018MBS/ABSAAA
GOLDMAN SACHS GROUP INC/THE0.128492,0001.2311/21/2014CorporateA-
TOYOTA MOTOR CREDIT CORP0.109078,000.5205/17/2016CorporateAA-
ABBEY NATIONAL TREASURY SERVICES P0.108878,000.7403/13/2017CorporateA
REYNOLDS AMERICAN INC0.071251,0001.0510/30/2015CorporateBBB-
APPLE INC0.050136,000.4505/03/2016CorporateAA+
BANK OF AMERICA CORP0.027820,0002.6001/15/2019CorporateA-
GEORGIA POWER COMPANY0.019514,000.6311/15/2015CorporateA
JOHN DEERE CAPITAL CORP0.018113,0001.9512/13/2018CorporateA
JPMORGAN CHASE & CO0.00705,0002.3501/28/2019CorporateA
*Please note, Net Other Assets includes, but is not limited to, accrued interest and unsettled activity from both creation/redemption transactions and portfolio-related security trades. The accrual of annual fund operating expenses (after reimbursements) is not included in this amount.

DISTRIBUTION SCHEDULE

View by year:
Ex-DateRecord DatePayable DateIncomeShort-Term
Capital Gains
Long-Term
Capital Gains
Return of CapitalTotal Distribution
12/29/201412/31/201401/05/2015
12/01/201412/03/201412/05/2014
11/03/201411/05/201411/07/2014
10/01/201410/03/201410/07/2014
09/02/201409/04/201409/08/20140.0347290000.034729
08/01/201408/05/201408/07/20140.0336280000.033628
07/01/201407/03/201407/08/20140.0353690000.035369
06/02/201406/04/201406/06/20140.0316400000.031640
05/01/201405/05/201405/07/20140.0361790000.036179
04/01/201404/03/201404/07/20140.0342760000.034276
03/03/201403/05/201403/07/20140.0299500000.029950
02/03/201402/05/201402/07/20140.0284540000.028454
12/27/201312/31/201301/03/20140.0055480000.005548
12/02/201312/04/201312/06/20130.0547760000.054776
11/01/201311/05/201311/07/20130.0297200000.029720
10/01/201310/03/201310/07/20130.0207970000.020797
09/03/201309/05/201309/09/20130.0287880000.028788
08/01/201308/05/201308/07/20130.0309660000.030966
07/01/201307/03/201307/08/20130.0273520000.027352
06/03/201306/05/201306/07/20130.0124080000.012408
05/01/201305/03/201305/07/20130.0318430000.031843
04/01/201304/03/201304/05/20130.0277330000.027733
03/01/201303/05/201303/07/20130.0243660000.024366
02/01/201302/05/201302/07/20130.0182310000.018231
12/27/201212/31/201201/03/20130.0430600000.043060
12/03/201212/05/201212/07/20120.0115340000.011534
11/01/201211/05/201211/07/20120.0024720000.002472