Unit Trusts

UIT

North American Dividend Builders Portfolio, 4Q 2013



Portfolio Holdings

NameSymbolSectorWeight
GENWORTH MI CANADA INCMIC CTFinancials2.38 %
POWER FINANCIAL CORPPWF CTFinancials2.38 %
Bank of Nova ScotiaBNS CTFinancials2.38 %
H&R REAL ESTATE INV-REIT UTSHR-U CTFinancials2.36 %
SUN LIFE FINANCIAL INCSLF CTFinancials2.35 %
THOMSON REUTERS CORPTRI CTConsumer Discretionary1.82 %
ELI LILLY & COLLYHealth Care1.78 %
Johnson & JohnsonJNJHealth Care1.77 %
MERCK & CO. INC.MRKHealth Care1.76 %
ABBVIE INCABBV UNHealth Care1.76 %
PFIZER INCPFEHealth Care1.76 %
EXXON MOBIL CORPXOMEnergy1.75 %
OCCIDENTAL PETROLEUM CORPOXYEnergy1.74 %
Phillips 66PSXEnergy1.73 %
HELMERICH & PAYNEHPEnergy1.72 %
PHILIP MORRIS INTERNATIONALPMConsumer Staples1.70 %
CLOROX COMPANYCLXConsumer Staples1.70 %
ROGERS COMMUNICATIONS INC-BRCI/B CTTelecommunication Services1.70 %
LORILLARD INCLOConsumer Staples1.68 %
MICROSOFT CORPMSFTInformation Technology1.68 %
INTEL CORPINTCInformation Technology1.67 %
CA INCCAInformation Technology1.67 %
KLA-TENCOR CORPKLACInformation Technology1.67 %
ANALOG DEVICES INCADIInformation Technology1.67 %
DR PEPPER SNAPPLE GROUP INCDPSConsumer Staples1.66 %
SYMANTEC CORPSYMCInformation Technology1.65 %
CISCO SYSTEMS INCCSCOInformation Technology1.65 %
AT&T INCTTelecommunication Services1.59 %
BLACKROCK INCBLKFinancials1.49 %
CME GROUP INCCMEFinancials1.40 %
HUSKY ENERGY INCHSE CTEnergy1.38 %
MULLEN GROUP LTDMTL CTEnergy1.36 %
CINCINNATI FINANCIAL CORPCINFFinancials1.36 %
GIBSON ENERGY INCGEI CTEnergy1.36 %
SUNCOR ENERGY INCSU CTEnergy1.36 %
PARKLAND FUEL CORPPKI CTEnergy1.36 %
PNC FINANCIAL SERVICES GROUPPNCFinancials1.35 %
INVESCO LTDIVZFinancials1.35 %
WELLS FARGO & COWFCFinancials1.35 %
US BANCORPUSBFinancials1.35 %
BB&T CORPBBTFinancials1.34 %
TRANSFORCE INCTFI CTIndustrials1.31 %
PACIFIC RUBIALES ENERGY CORPPRE CTEnergy1.31 %
CAE INCCAE CTIndustrials1.31 %
CATERPILLAR INCCATIndustrials1.23 %
UNITED PARCEL SERVICE-CL BUPSIndustrials1.21 %
C.H. ROBINSON WORLDWIDE INCCHRWIndustrials1.20 %
Raytheon CompanyRTNIndustrials1.20 %
EMERSON ELECTRIC COEMRIndustrials1.20 %
GENERAL DYNAMICS CORPGDIndustrials1.20 %
LOBLAW COMPANIES LTDL CTConsumer Staples1.04 %
OMNICOM GROUPOMCConsumer Discretionary0.95 %
MCDONALDS CORPMCDConsumer Discretionary0.94 %
GENUINE PARTS COGPCConsumer Discretionary0.94 %
COACH INCCOHConsumer Discretionary0.94 %
INTL GAME TECHNOLOGYIGTConsumer Discretionary0.93 %
MATTEL INCMATConsumer Discretionary0.93 %
CATAMARAN CORPCCT CTHealth Care0.92 %
FORD MOTOR COFConsumer Discretionary0.92 %
KOHLS CORPKSSConsumer Discretionary0.92 %
H&R BLOCK INCHRBConsumer Discretionary0.92 %
DOW CHEMICAL CO/THEDOWMaterials0.80 %
DU PONT (E.I.) DE NEMOURSDDMaterials0.79 %
INTERNATIONAL PAPER COIPMaterials0.78 %
ENTERGY CORPETRUtilities0.68 %
AMERICAN ELECTRIC POWERAEPUtilities0.67 %
EXELON CORPEXCUtilities0.67 %
AGRIUM INCAGU CTMaterials0.67 %
WEST FRASER TIMBER CO LTDWFT CTMaterials0.66 %
TECK RESOURCES LTD-CLS BTCK/B CTMaterials0.65 %
METHANEX CORPMX CTMaterials0.65 %
POTASH CORP OF SASKATCHEWANPOT CTMaterials0.65 %
NORBORD INCNBD CTMaterials0.64 %
CONSTELLATION SOFTWARE INCCSU CTInformation Technology0.63 %
SUPERIOR PLUS CORPSPB CTUtilities0.60 %

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.

Stocks of small companies are often more volatile than those of larger companies as a result of several factors such as limited trading volumes, products or financial resources, management inexperience and less publicly available information.

A portfolio concentrated in a single market sector may present more risk than a portfolio broadly diversified over several sectors.  This trust is concentrated in the financial sector. There are certain risks specific to the financials sector including the potential adverse effects of economic recession, volatile interest rates, and state and federal regulations.

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.

This trust invests in securities issued by issuers operating in Canada and is subject to Canadian country risk and may be particularly susceptible to changes in the political, diplomatic and economic conditions of Canada.

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 was 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 38, is a unit investment trust that consists of multiple portfolios, including the North American Dividend Builders Portfolio, Series 4Q 2013. 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.

“Standard & Poor’s®,” “S&P®” and “S&P/TSX Composite®” are registered trademarks of Standard & Poor’s Financial Services LLC (“Standard & Poor’s”). The basket is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s does not make any representation regarding the advisability of investing in the securities.

© 2013 Goldman Sachs. All rights reserved.


Trust Summary

Trust NameNorth American Dividend Builders Portfolio, 4Q 2013
Series Name4Q 2013
Trust SymbolNDB4Q13
Nasdaq SymbolINNDFX
Trust StatusTerminated
Initial Offer Date12/10/2013
Termination Date03/09/2015
First Income Record Date12/18/2013
Distibution FrequencyQuarterly
Tax StructureRIC
Liquidation Price1$9.9345
Cash CUSIP45326E143
Reinvest CUSIP45326E150
Fee Cash CUSIP45326E168
Fee Reinvest CUSIP45326E176

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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