Unit Trusts


Balanced Risk Allocation Portfolio, 2Q 2013

Pricing as of 8/08/2014

Net Asset Value$9.1594
Liquidation Price$9.1594

Product Price History


Past performance is no indication of future results. Investment return and principal value will fluctuate with changes in market conditions. Units when redeemed may be worth more or less than their original cost.

This page contains historical pricing or historical distributions information for the unit investment trust listed above. It should not be used for federal or state tax purposes, please contact your financial advisor for tax information.

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. You can lose money investing in this Trust.

The portfolio invests in shares of exchange-traded funds. Exchange-traded funds are subject to various risks, including management’s ability to meet the fund’s investment objective, and to manage the fund’s portfolio when the underlying securities are redeemed or sold, during periods of market turmoil and as investors’ perceptions regarding ETFs or their underlying investments change. ETFs may, in some circumstances, trade at a discount from their net asset value in the secondary market.

You will bear not only your share of the trust’s expenses, but also those of the underlying exchange-traded funds. By investing in other exchange-traded funds, the trust incurs greater expenses than you would incur if you invested directly in the exchange-traded funds.

Certain ETFs in the portfolio invest in common stocks. 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.

Certain ETFs in the portfolio invest in stocks of small capitalization companies. 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.

Certain ETFs in the portfolio invest in fixed income securities. Fixed income securities are subject to various risks, including interest rate, credit, call and quality risk. In general, the value of the fixed income securities will fall if interest rates rise. Additionally, a security issuer may be unable to make interest and/or principal payments in the future.

Certain ETFs in the portfolio invest in U.S. Treasury Securities and TIPS (Treasury Inflation-Protected Securities). U.S. Treasury obligations and TIPS are direct obligations of the United States that are backed by the full faith and credit of the United States. As with other fixed income securities, U.S. Treasury bonds and TIPS are subject to interest rate and credit risk. TIPS are also subject to changes in the CPI. The relationship between TIPS and the CPI affects both the sum that holders are paid when the TIPS mature and the amount of interest that a TIPS pays.

Certain ETFs in the portfolio invest in high yield securities. High yield bonds are generally below investment grade quality (“junk” bonds). Investing in such bonds should be viewed as speculative and you should review your ability to assume the risks associated with investments which utilize such bonds. Junk bonds are subject to numerous risks including higher interest rates, economic recession, deterioration of the junk bond market, possible downgrades and defaults of interest and/or principal. Junk bond prices tend to fluctuate more than higher rated bonds and are affected by short-term credit developments to a greater degree.

Certain ETFs in the portfolio invest in foreign securities. Investing in trusts that hold foreign securities involves certain risks not typically associated with investing in securities that provide exposure solely to 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.

Certain ETFs in the portfolio invest in emerging markets. Countries with emerging markets may have relatively unstable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may also trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. Even though the securities in which the Trust invests are issued by U.S. issuers and are traded on U.S. exchanges, the fact that they track securities of emerging markets will expose them to these risks and could materially adversely impact their value.

Certain ETFs in the portfolio invest in preferred securities. Preferred securities are equity securities of the issuing company that pay income in the form of dividends. Trust preferred securities are limited-life preferred securities generally issued in the form of interest-bearing notes or preferred securities, distributions that are treated as interest rather than dividends for federal tax purposes in some cases. They are sensitive to interest rate changes and the market price generally falls with rising interest rates. In addition, they are more likely to be called for redemption in a declining interest rate environment. In the event of an issuers bankruptcy, preferred securities will not be repaid until the issuer’s other debt securities, which have priority, have been satisfied. Income payments on preferred securities may generally be deferred without default, although such payments will continue to accrue until paid.

Certain ETFs in the portfolio invest in REITs and real estate companies. Many factors can have an impact on the performance of REITs and real estate companies, including cash available for distribution, the credit quality of a particular REIT, or the real estate industry in general. Risks associated with ownership of real estate include global and local economic conditions, decline in real estate values, changes in interest rates, and the strength or weakness of the real estate market.

Certain ETFs in the portfolio invest in MLPs. Most MLPS operate in the energy, natural resources, or real estate sectors and are subject to the risks generally applicable to those sectors, including commodity price risk, supply and demand risk, depletion risk and exploration risk. MLPs are also subject to the risk that U.S. taxing authorities could challenge the tax treatment of MLPs for federal income tax purposes, which could have a negative impact on the after-tax income available for distribution by the MLPs.

Certain ETFs in the portfolio invest in Gold. Gold investments are subject to risks including competition of methods to invest in gold, crises that may motivate large-scale sales of gold that could decrease the price of gold, or the possibility of a large-scale distress sales of gold in times of crisis may have short-term negative impact on the price of gold.

The portfolio is selected by Incapital, sponsor of the Trust, on the basis of data as of a given date and used values that can be calculated differently. The portfolio will not be re-balanced or revised to reflect changes in the market or changes to the basket made by Goldman Sachs.The ETFs in the portfolio are not weighted in the same manner as the basket.

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.


Incapital Unit Trust, Series 25, is a unit investment trust that consists of the Balanced Risk Allocation Portfolio, 2Q 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.

© 2012 Goldman Sachs. All rights reserved.

Index Disclaimers
“Vanguard” is a trademark of The Vanguard Group, Inc.

The MSCI indices are the exclusive property of MSCI Inc. (“MSCI”). MSCI and the MSCI index names are service mark 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.

“iShares” is a registered trademark of BlackRock Institutional Trust Company, N.A. (“BITC”). The iShares Russell 1000 Index Fund, iShares Russell 2000 Index Fund, iShares Barclays 7-10 Year Treasury Bond Fund, iShares Barclays TIPS Bond Fund, iShares Barclays Aggregate Bond Fund, iShares iBoxx $ High Yield Corporate Bond Fund, iShares MSCI EAFE Index Fund, iShares JPMorgan USD Emerging Markets Bond Fund, iShares Dow Jones U.S. Real Estate Index Fund, iShares S&P GSCI Commodity-Indexed Trust and the iShares S&P U.S. Preferred Stock Index Fund are not sponsored, endorsed, sold, or promoted by Goldman Sachs. Goldman Sachs makes no representations or warranties to the owners of the Index or any member of the public regarding the advisability of investing in iShares. BITC has not sponsored, endorsed, sold, or promoted the Trust or the basket. BITC has no obligation or liability in connection with the operation, marketing, trading or sale of the Trust or development or use of the basket.

“SPDR®” is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC. The Trust is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates make any representation regarding the advisability of investing in the [products].

WisdomTree® is a registered mark of WisdomTree Investment, Inc. Wisdom Tree Funds are distributed by ALPS Distributers, Inc. Neither the Trust nor the basket is sponsored, endorsed, developed, sold or promoted by WisdomTree.

PowerShares® is a registered trademark of Invesco PowerShares Capital Management LLC (Invesco PowerShares). Invesco PowerShares Capital Management LLC and Invesco Distributors, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd. PowerShares makes no representations or warranties to the owners of the Trust or any member of the public regarding the advisability of investing in the Trust units. PowerShares has no obligation or liability in connection with the operation, marketing, trading or sale of the PowerShares DB Gold Fund.

Trust Summary

Trust NameBalanced Risk Allocation Portfolio, 2Q 2013
Series Name2Q 2013
Trust SymbolBRA2Q13
Nasdaq SymbolINBRCX
Trust StatusTerminated
Initial Offer Date05/10/2013
Termination Date08/08/2014
First Income Record Date06/10/2013
Distibution FrequencySemi-annually
Tax StructureRIC
Liquidation Price1$9.1594
Cash CUSIP45328E109
Reinvest CUSIP45328E117
Fee Cash CUSIP45328E125
Fee Reinvest CUSIP45328E133

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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