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RAVI
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FlexShares Ready Access Variable Income Fund
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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 Asset Management’s rate and portfolio construction decisions and will not normally exceed one year. The Fund allows for a modest degree of transactional price variability. Dividend payments of income are anticipated monthly with realized capital gains dividends anticipated at least annually.
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| Inception | 10/09/2012 |
| CUSIP | 33939L886 |
| Total Net Assets | $22,564,607.72 |
| Shares Outstanding | 300,001 |
| # of Holdings | 52 |
| Gross Expense Ratio | .27% |
| Net Expense Ratio | .25% |
| Primary Exchange | NYSE |
| Options Available | N |
| Marginable | Y |
| Securities Lending | N |
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*NTI has contractually agreed to reimburse the fees and expenses of the Fund’s independent trustees and independent legal counsel until March 1, 2014.
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| ETF Ticker | RAVI |
| NAV | RAVI.NV |
| IOPV | RAVI.IV |
| Shares Outstanding | RAVI.SO |
| Estimated Cash | RAVI.EU |
| Total Cash | RAVI.TC |
| 30-Day SEC Yield(as of 05/31/2013) | .39% |
| Distribution Yield | .20% |
| 12-Month Dividend Yield | NA | Weighted Avg Price | 100.27 |
| Weighted Avg Yield to Maturity | .78% |
| Weighted Avg Years to Stated Legal Maturity | 2.06 |
| Weighted Avg Effective Duration | .81 |
| Weighted Avg Spread Duration | 2.00 |
| View Standardized Performance |
| % of Fund | |
| 0 - 1 Year | 22.50 |
| 1 - 3 Years | 74.46 |
| 3+ Years | 3.04 |
| Total | 100.00 |
| Cash | .01 |
| Commercial Paper | .59 |
| Corporate | 2.43 |
| Government/Agency | .00 |
| MBS/ABS | 2.31 |
| Total | 2.00 |
| Cash | .01 |
| Commercial Paper | .59 |
| Corporate | .95 |
| Government/Agency | 2.90 |
| MBS/ABS | 2.31 |
| Total | .81 |
| FlexShares Ready Access Variable Income Fund (RAVI) | |||||
| 1 Month | QTD | YTD | 1 Year | Since Inception 10/09/2012 |
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| Market Price | .02 | .21 | .55 | N/A | .60 |
| NAV | .02 | .17 | .48 | N/A | .51 |
| Barclays Capital 1-3 Month US Treasury Bill Index (LD12TRUU) | .01 | .01 | .03 | N/A | .05 |
| FlexShares Ready Access Variable Income Fund (RAVI) | |||||
| 1 Month | QTD | YTD | 1 Year | Since Inception 10/09/2012 |
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|---|---|---|---|---|---|
| Market Price | .11 | .34 | .34 | N/A | .39 |
| NAV | .03 | .31 | .31 | N/A | .33 |
| Barclays Capital 1-3 Month US Treasury Bill Index (LD12TRUU) | .02 | .02 | .02 | N/A | .04 |
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.
| Gross Expense Ratio | .27% |
| Net Expense Ratio | .25% |
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.
| Price | $75.28 |
| Price $ Change | $-.02 |
| Price % Change | -.03% |
| Avg Bid/Ask Spread | $.04 |
| Bid/Ask Midpoint | $75.28 |
| Closing Bid Price | $75.26 |
| Closing Ask Price | $75.30 |
| Price | $75.22 |
| Price $ Change | $.01 |
| Price % Change | .01% |
| 52-Week High | $75.34 |
| 52-Week Low | $74.97 |
| Premium/Discount | $.06 |
| Daily Trading Volume (Shares) | 531 |
| Average Trading Volume (Shares) | 9,425 |
| Shares Outstanding | 300,001 |
| Name | Fund Weight % | Shares Held | Coupon | Maturity | Sector/Type | Credit Rating (S&P) |
|---|---|---|---|---|---|---|
| TRI-PARTY RBS SECURITIES INC | 14.7397 | 3,700,000 | .45 | 06/18/2013 | Cash | |
| PETROBRAS GLOBAL FINANCE BV | 3.9995 | 1,000,000 | 1.89 | 05/20/2016 | Corporate | BBB |
| MERCK & CO INC | 3.9914 | 1,000,000 | .46 | 05/18/2016 | Corporate | AA |
| SVENSKA HANDELSBANKEN/NEW YORK NY | 3.9825 | 1,000,000 | -99.00 | 12/19/2014 | Corporate | |
| GLENCORE FUNDING LLC | 3.9592 | 1,000,000 | 1.43 | 05/27/2016 | Corporate | BBB |
| FORD MOTOR CREDIT CO LLC | 3.3106 | 825,000 | 1.53 | 05/09/2016 | Corporate | BB+ |
| IBM CORP | 3.1987 | 800,000 | .55 | 02/06/2015 | Corporate | AA- |
| VODAFONE GROUP PLC | 3.1875 | 800,000 | .66 | 02/19/2016 | Corporate | A- |
| AT&T INC | 3.1503 | 750,000 | 2.95 | 05/15/2016 | Corporate | A- |
| RABOBANK NEDERLAND | 3.0073 | 750,000 | .76 | 03/18/2016 | Corporate | AA- |
| NET OTHER ASSETS | 2.8449 | 714,132 | ||||
| UNITEDHEALTH GROUP INCORPORATED | 2.8000 | 700,000 | .85 | 10/15/2015 | Corporate | A |
| PACCAR FINANCIAL CORP | 2.7832 | 700,000 | .70 | 11/16/2015 | Corporate | A+ |
| GOLDMAN SACHS GROUP INC | 2.4400 | 607,000 | 1.60 | 11/23/2015 | Corporate | A- |
| ROYAL BANK OF CANADA | 2.3918 | 600,000 | .80 | 10/30/2015 | Corporate | AA- |
| CATERPILLAR FINANCE CORP | 2.3912 | 600,000 | .70 | 11/06/2015 | Corporate | A |
| BAXTER INTERNATIONAL INC | 2.3897 | 600,000 | .44 | 12/11/2014 | Corporate | A |
| APPLE INC | 2.0192 | 510,000 | .45 | 05/03/2016 | Corporate | AA+ |
| DAIMLER FINANCE NORTH AMERICA LLC | 2.0037 | 500,000 | 1.06 | 04/10/2014 | Corporate | A- |
| RIO TINTO FINANCE (USA) LIMITED | 1.9919 | 500,000 | 1.11 | 06/17/2016 | Corporate | |
| BB&T CORP | 1.9919 | 500,000 | 1.13 | 06/15/2018 | Corporate | A- |
| ENI FINANCE USA INC | 1.9870 | 500,000 | .00 | 01/17/2014 | Commercial Paper | |
| AMAZONCOM INC | 1.9865 | 500,000 | .65 | 11/27/2015 | Corporate | AA- |
| APPLE INC | 1.5348 | 385,000 | .32 | 05/03/2016 | Corporate | AA+ |
| GENERAL MILLS INC | 1.3972 | 350,000 | .58 | 01/29/2016 | Corporate | BBB+ |
| MCKESSON CORP | 1.2766 | 320,000 | .95 | 12/04/2015 | Corporate | A- |
| BANK OF NOVA SCOTIA | 1.2170 | 305,000 | .67 | 03/15/2016 | Corporate | A+ |
| BNP PARIBAS | 1.2018 | 300,000 | 1.18 | 01/10/2014 | Corporate | A+ |
| TOYOTA MOTOR CREDIT CORP | 1.1971 | 300,000 | .56 | 05/17/2016 | Corporate | AA- |
| BANK OF NEW YORK MELLON CORP/THE | 1.1012 | 276,000 | .51 | 10/23/2015 | Corporate | A+ |
| MORGAN STANLEY | 1.0808 | 270,000 | 1.52 | 02/25/2016 | Corporate | A- |
| KIMBERLY-CLARK CORPORATION | .9974 | 250,000 | .39 | 05/15/2016 | Corporate | A |
| MARATHON OIL CORP | .8562 | 215,000 | .90 | 11/01/2015 | Corporate | BBB |
| ROYAL BANK OF CANADA | .8376 | 210,000 | .64 | 03/08/2016 | Corporate | AA- |
| BNP PARIBAS | .8293 | 200,000 | 3.03 | 12/20/2014 | Corporate | A+ |
| JPMORGAN CHASE & CO | .8115 | 200,000 | 1.88 | 03/20/2015 | Corporate | A |
| VOLKSWAGEN INTL FIN NV | .7995 | 200,000 | .89 | 04/01/2014 | Corporate | A- |
| AT&T INC | .7986 | 200,000 | .66 | 02/12/2016 | Corporate | A- |
| ING BANK NV | .7981 | 200,000 | 1.22 | 03/07/2016 | Corporate | A+ |
| TREASURY NOTE | .7919 | 200,000 | .25 | 05/15/2016 | Government/Agency | |
| BB&T CORP | .7284 | 180,000 | 3.38 | 09/25/2013 | Corporate | A- |
| GENERAL ELECTRIC CAPITAL CORP | .6424 | 160,000 | .88 | 01/08/2016 | Corporate | AA+ |
| JPMORGAN CHASE & CO | .5622 | 140,000 | 1.18 | 01/25/2018 | Corporate | A |
| GENERAL ELECTRIC CAPITAL CORP | .4020 | 100,000 | .88 | 12/11/2015 | Corporate | AA+ |
| TOTAL CAPITAL CANADA LTD | .4011 | 100,000 | .66 | 01/15/2016 | Corporate | AA- |
| GOLDMAN SACHS GROUP INC/THE | .4010 | 100,000 | 1.27 | 11/21/2014 | Corporate | A- |
| VOLKSWAGEN INTERNATIONAL FINANCE N | .4002 | 100,000 | .87 | 11/20/2014 | Corporate | A- |
| REYNOLDS AMERICAN INC | .3999 | 100,000 | 1.05 | 10/30/2015 | Corporate | BBB- |
| ORANGE CNTY CALIF PENSION | .3995 | 100,000 | .58 | 08/01/2013 | Cash | A+ |
| AMXCA_2012-5 A | .3982 | 100,000 | .59 | 05/15/2018 | MBS/ABS | AAA |
| BP CAPITAL MARKETS PLC | .3975 | 100,000 | .70 | 11/06/2015 | Corporate | A |
| ALABAMA POWER COMPANY | .3969 | 100,000 | .55 | 10/15/2015 | Corporate | A |
| GEORGIA POWER COMPANY | .3967 | 100,000 | .63 | 11/15/2015 | Corporate | A |
*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. |
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| Ex-Date | Record Date | Payable Date | Income | Short-Term Capital Gains | Long-Term Capital Gains | Total Distribution |
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| 02/01/2013 | 02/05/2013 | 02/07/2013 | .018231 | 0 | 0 | .018231 |
| 03/01/2013 | 03/05/2013 | 03/07/2013 | .024366 | 0 | 0 | .024366 |
| 04/01/2013 | 04/03/2013 | 04/05/2013 | .027733 | 0 | 0 | .027733 |
| 05/01/2013 | 05/03/2013 | 05/07/2013 | .031843 | 0 | 0 | .031843 |
| 06/03/2013 | 06/05/2013 | 06/07/2013 | .012408 | 0 | 0 | .012408 |
| 07/01/2013 | 07/03/2013 | 07/08/2013 | ||||
| 08/01/2013 | 08/05/2013 | 08/07/2013 | ||||
| 09/03/2013 | 09/05/2013 | 09/09/2013 | ||||
| 10/01/2013 | 10/03/2013 | 10/07/2013 | ||||
| 11/01/2013 | 11/05/2013 | 11/07/2013 | ||||
| 12/02/2013 | 12/04/2013 | 12/06/2013 | ||||
| 12/27/2013 | 12/31/2013 | 01/03/2014 |
Carefully consider the FlexShares Funds’ investment objectives, risk factors and charges and expenses before investing. This and other information can be found in the prospectus, which may be obtained by calling 1-855-353-9383 (1-855 FlexETF) or by downloading a Prospectus. Read the prospectus carefully before investing; investing involves risk, including possible loss of principal.
Investment Products and Services are:
An investment in FlexShares is subject to investment risk, including the possible loss of principal amount invested. Fund returns may not match the return of its respective index. The Funds may invest in emerging and foreign markets, derivatives and concentrated sectors. In addition, the Funds may be subject to asset class risk, small cap stock risk, value investing risk, non-diversification risk, fluctuation of yield, income risk, interest rate/maturity risk, currency risk, passive investment risk, inflation protected security risk, market risk and manager risk. For a complete description of risks associated with each Fund, please refer to the prospectus.
The FlexShares Ready Access Variable Income Fund is actively managed and does not seek to replicate a specified index. Additionally, the Fund may invest without limitation in the fixed-income and debt securities of foreign issuers in both developed and emerging markets. The Fund is at increased credit and default risk, where there is an inability or unwillingness by the issuer of a fixed-income security to meet its financial obligations, debt extension risk, where an issuer may exercise its right to pay principal on an obligation later than expected, as well as interest rate/maturity risk, where the value of the Fund’s fixed-income assets will decline because of rising interest rates. The Fund may also be subject to increased concentration risk as it may invest more than 25% of its assets into the securities of a single developed market. Additionally, the Fund may invest without limitation in mortgage or asset-backed securities which puts it at increased risk for interest rate/maturity risk, debt extension risk, and prepayment (or call) risk. Also, the Fund is “non-diversified” under the Investment Company Act of 1940, and may invest more of its assets in fewer issuers than diversified funds.Shares of FlexShares may be sold throughout the day on the exchange through any brokerage account. However, shares may only be redeemed directly from the Fund by Authorized Participants, in very large creation/redemption units. There can be no assurance that an active trading market for shares of an ETF will develop or be maintained.
All registered investment companies, including FlexShares, are obliged to distribute portfolio gains to shareholders at year-end regardless of performance. Trading FlexShares Funds will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer.
The FlexShares Funds, registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940 (“Funds”) are distributed by Foreside Fund Services, LLC , not affiliated with Northern Trust.
© Northern Trust 2013