Unit Trusts

UIT

European Dividend Builders Portfolio, 3Q 2014



Portfolio Holdings

NameSymbolSectorWeight
AstraZeneca plcAZNHealth Care4.34 %
ELEKTA ABEKTAB SSHealth Care4.34 %
NOVARTIS AG-ADRNVSHealth Care4.32 %
Aker Solutions ASA AKSO NOEnergy3.18 %
AMEC PLCAMEC LNEnergy3.17 %
BP PLCBPEnergy3.14 %
British American Tobacco PLC BTIConsumer Staples2.25 %
KONINKLIJKE AHOLD-SP ADRAHONYConsumer Staples2.24 %
Tate & Lyle PLCTATE LNConsumer Staples2.24 %
J Sainsbury PLCSBRY LNConsumer Staples2.23 %
TESCO PLC-SPONSORED ADRTSCDYConsumer Staples2.23 %
UNILEVER N V -NY SHARESUNConsumer Staples2.23 %
Infineon Technologies AGIFX GYInformation Technology1.65 %
GIVAUDAN-REGGIVN VXMaterials1.64 %
Cap GeminiCAP FPInformation Technology1.64 %
BASF SEBASFYMaterials1.63 %
Telenor ASA TEL NOTelecommunication Services1.63 %
KONINKLIJKE DSM NVDSM NAMaterials1.63 %
TeliaSonera ABTLSN SSTelecommunication Services1.63 %
DEUTSCHE TELEKOM AG-SPON ADRDTEGYTelecommunication Services1.63 %
CRH PLC-SPONSORED ADRCRHMaterials1.62 %
Yara International ASAYAR NOMaterials1.62 %
Hannover Rueck SEHNR1 GYFinancials1.61 %
Investec PLC INVP LNFinancials1.61 %
DIRECT LINE INSURANCE GROUPDLG LNFinancials1.60 %
AgeasAGS BBFinancials1.60 %
SCOR SE SCR FPFinancials1.60 %
Legal & General Group PLCLGEN LNFinancials1.60 %
Mapfre SAMAP SQFinancials1.60 %
Zurich Insurance Group AGZURVYFinancials1.59 %
Natixis SAKN FPFinancials1.59 %
AXA SAAXAHYFinancials1.59 %
Standard Chartered plcSTAN LNFinancials1.59 %
NORDEA BANK ABNDA1V FHFinancials1.59 %
Old Mutual PLCOML LNFinancials1.59 %
Standard Life PLCSL/ LNFinancials1.59 %
Enagas SAENG SQUtilities1.44 %
Centrica PLC CNA LN Utilities1.44 %
SSE PLC-SPN ADRSSEZYUtilities1.44 %
Persimmon plcPSN LNConsumer Discretionary1.12 %
William Hill PLCWMH LNConsumer Discretionary1.12 %
DAIMLER AGDDAIYConsumer Discretionary1.11 %
BRITISH SKY BROADCAST-SP ADRBSYBYConsumer Discretionary1.11 %
REED ELSEVIER PLC-SPONS ADRRUKConsumer Discretionary1.11 %
Tui Travel PLCTT/ LNConsumer Discretionary1.11 %
Kingfisher PLCKGFHYConsumer Discretionary1.11 %
WPP PLC WPPGYConsumer Discretionary1.11 %
Christian Dior SACDI FPConsumer Discretionary1.09 %
Koninklijke Boskalis Westminster NV BOKA NAIndustrials0.94 %
Compagnie de Saint-GobainSGO FPIndustrials0.93 %
Smiths Group PLCSMIN LNIndustrials0.93 %
Deutsche Post AG DPSGYIndustrials0.93 %
easyJet PLCEZJ LNIndustrials0.93 %
Legrand S.A. LR FPIndustrials0.93 %
IMI PLCIMI LNIndustrials0.93 %
Meggitt plcMGGT LNIndustrials0.93 %
ABB LimitedABBIndustrials0.92 %
Randstad Holding nvRAND NAIndustrials0.92 %
Thales SAHO FPIndustrials0.92 %
Geberit AG GEBN VXIndustrials0.90 %

Data used for the Portfolio Holdings and Portfolio Allocation Characteristics is from Bloomberg Finance L.P. Portfolio holdings are provided for informational purposes only and should not be deemed as a recommendation to buy or sell individual securities. Portfolio Holdings and Portfolio Allocation Characteristics are as of deposit day and are subject to change and may vary thereafter.

The style and capitalization characteristics are designed to help investors understand how they fit into an overall investment plan. Value, blend and growth are types of investment styles. Growth Investing generally seeks stocks that offer the potential for greater-than-average earnings growth, and may entail greater risk than value or blend investing. Value investing generally seeks stocks that may be sound investments but are temporarily out of favor in the marketplace, and may entail less risk than growth investing. A blend investment combines the two styles. Market capitalization is determined by the following criteria: Large Cap: Greater than $10 billion, Mid Cap: $2 billion-$10 billion, Small Cap: $250 million-$2 billion Micro Cap: Below $250 million.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Risk Considerations
There is no assurance that a unit investment trust will achieve its investment objective. An investment in this unit investment trust is subject to market risk, which is the possibility that the market values of securities owned by the trust will decline and that the value of trust units may therefore be less than what you paid for them. This trust is unmanaged. Accordingly, you can lose money investing in this trust.

Common stocks do not assure dividend payments. Dividends are paid only when declared by an issuer’s board of directors and the amount of any dividend may vary over time.

Investing in foreign securities involves certain risks not typically associated with investing solely in the United States. This may magnify volatility due to changes in foreign exchange rates, the political and economic uncertainties in foreign countries, U.S. or foreign tax treatment, and the potential lack of liquidity, government supervision and regulation.

The trust invests in securities issued by companies operating in Europe and, therefore, is subject to certain risks associated specifically with Europe. European Union member states no longer control their own monetary policies and such control is exercised by the European Central Bank. Furthermore, the European sovereign debt crisis and the related austerity measures in certain countries have had, and continues to have, a significant negative impact on the economies of certain European countries and their future economic outlooks.

Although this trust’s life is approximately 15 months, this strategy should be considered as part of a long-term investment strategy and investors should consider their ability to pursue investing in successive portfolios at the applicable sales charge, if available. There may be tax consequences associated with an investment from one series to the next unless units are purchased in an IRA or other qualified tax-deferred account. Investors should consult their tax advisor or attorney to determine tax consequences associated with an investment from one portfolio to the next.

The portfolio is selected on the basis of data as of a given date and used values that can be calculated differently.

The stocks in the portfolio are not weighted in the same manner as the basket.

NOT FDIC INSURED - NOT BANK GUARANTEED - MAY LOSE VALUE

Incapital Unit Trust, Series 54, is a unit investment trust that consists of the European Dividend Builders Portfolio, Series 3Q 2014. Incapital LLC serves as the Sponsor to the Trust.

The portfolio is not sponsored, endorsed, sold or promoted by Goldman Sachs. Goldman Sachs makes no representation or warranty, express or implied, regarding (i) the advisability of investing in the portfolio, (ii) the ability of the portfolio to track the basket performance, or (iii) the reliability and accuracy of the information from third parties used to calculate the basket. Goldman Sachs’ only relationship to Incapital in connection with the Trust is the grant of a license and the payment of certain start-up costs and expenses for the trust, which is composed and calculated by Goldman Sachs, or its agent, without regard to Incapital or the portfolio. Goldman Sachs has no obligation, involvement or liability in connection with the selection, administration, marketing or trading of the portfolio. Incapital and Goldman Sachs have other business relationships which include Goldman Sachs providing investment products, such as structured notes, structured bank certificates of deposit and insurance products, for distribution by Incapital to its clients. In addition, as of the date of the prospectus and as disclosed therein, Goldman Sachs holds a minority, non-voting membership interest in the parent company of Incapital LLC.

Goldman Sachs is not responsible for any investment decisions, damages or other losses resulting from use of the portfolio or any information provided in conjunction with it. Goldman Sachs does not guarantee the accuracy, completeness or timeliness of the portfolio methodology or any portion of it and will not be liable for any errors, omissions or interruptions arising from its use. Goldman Sachs makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use, with respect to the portfolio methodology or any portion of it.

The MSCI indices are the exclusive property of MSCI Inc. (“MSCI”). MSCI and the MSCI index names are service marks of MSCI or its affiliates and are licensed for use for certain purposes by The Goldman Sachs Group, Inc. and its affiliates. No purchaser, seller or holder of the securities, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote the securities without first contacting MSCI to determine whether MSCI’s permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI. The basket is not sponsored, endorsed, sold or promoted by MSCI and MSCI does not make any representation regarding the advisability of investing in the securities.

© 2013 Goldman Sachs. All rights reserved.


Trust Summary

Trust NameEuropean Dividend Builders Portfolio, 3Q 2014
Series Name3Q 2014
Trust SymbolEDB3Q14
Nasdaq SymbolINEDIX
Trust StatusTerminated
Initial Offer Date09/10/2014
Termination Date12/09/2015
First Income Record Date11/10/2014
Distibution FrequencyQuarterly
Tax StructureRIC
Liquidation Price1$8.7827
Cash CUSIP45329A106
Reinvest CUSIP45329A114
Fee Cash CUSIP45329A122
Fee Reinvest CUSIP45329A130

1. Represents the value per unit that a unitholder would receive if the unitholder redeemed or sold units. This price is equal to the net asset value per unit plus any remaining organization costs and creation & development fee. This price reflects any remaining non-contingent deferred sales charges payable in connection with a liquidation of units.

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