Dear Valued Client:

This annual statement contains importantinformation about your investment.

The UBS Unit Trust thanks you for making thisPathfinders Trust a part of your financial plan. Ifyou have any questions, your Financial Advisor isthere to help you. You may also call the Trustee at1-800-356-2754.

The Sponsor has created over $10 Billion in UnitTrust Investments since 1966 and created the firstPathfinders Series back in 1985. The dependabilityand professional selection that you enjoyed in thisFund are also available in our other types ofsponsored and co-sponsored unit trusts. Foradditional information, consult your FinancialAdvisor or visit: www.ubs.com/UIT.

Distribution(s) from the Income Account

Year paid: 1998 0.00099

1999 0.00376

2000 0.00414

2001 0.00239

2002 0.00513

2003 0.00551

Distribution(s) from the Capital Account

NONE

UBS Pathfinders Trust,Treasury and Growth StockSeries 23

Investment Objective

Preservation of capital and capital appreciationthrough an investment in ‘‘zero coupon’’ UnitedStates Treasury notes or bonds and equity stocks,which in the Sponsor’s opinion on the initial date ofdeposit, have potential for capital appreciation.

Year-End Per Unit Values

As of December 31, 2003:

Net Asset Value $1.26910

Fund Performance*

Since Trust Inception (04/15/98):

Total Return +29.26%

Average Annualized Total Return + 4.59%

One Year Ended (12-31-03):

Total Return +11.09%

* Total return calculations assume units were purchasedat original offering price including maximum sales charge.If applicable, one year performance is gross return.Calculations do not assume any reinvestment of distributions.Past performance is not indicative of future results.

The information presented on page one of this statement was prepared by the Sponsor. The Trustee cannot makeany representation as to the completeness or accuracy of the Sponsor’s information. This information is providedto holders of this Series, and is not authorized for distribution to prospective investors.

UBS PATHFINDERS TRUSTTREASURY AND GROWTH STOCK SERIES 23

2003 Annual Report

Income Account Summary

Balance, January 1, 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,536.93Income received

Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.00Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,192.66Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 117,192.66

Expenses paidTrustee fee and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (19,362.35)Evaluator fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Sponsor fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,924.50)Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,285.31) (32,572.16)

4. Plus Balance in account as of close of preceeding yearReceived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.00Repaid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 0.00

Transfers from (to) capital cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Purchased Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Available for distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $135,157.43Distributions paid

To unitholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (74,053.70)On redemption of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,320.00) (75,373.70)

Balance, December 31, 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 59,783.73

Income cash per unit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $.0047

Distribution(s) from the Income AccountDate Paid Amount Per Unit

01/03 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,009.60 $ .0012804/03 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,497.60 .0012807/03 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,241.50 .0014510/03 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,305.00 .00150

$74,053.70 $0.00551

01073

Capital Account Summary

Balance, January 1, 2003 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,830.92Proceeds received from portfolio transactions, net of $1,660,940.00 used for redemption of

1,400,000 units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (288.65)Receipts from Supplemental Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Funds used for purchase of securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Transfer from (to) income cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Available for distribution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,542.27Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00

Distributions to Sponsor for Creation and Development Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Distributions to Sponsor for Deferred Sales Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Balance, December 31, 2003. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,542.27

Capital cash per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $.0002

Cash Capital Changes

Date SecurityShare

Amount Proceeds Transaction

08/27/03 Medco Health Solutions Inc . . . . . . . . . . 0.214 $5.85 Sale of fractional share

$5.85

Non-Cash Capital Changes

Date SecurityShare

Amount Transaction

01/27/03 Altria Group Inc (Formerly Philip Morris Co,Inc) . . . . . . . . . . . . . . . . . . . . . . . . . . 3,972.000 Name Change: Formerly Philip Morris

Companies Inc

02/18/03 Microsoft Corp . . . . . . . . . . . . . . . . . . . . 3,636.000 2:1 Stock Split

08/20/03 Medco Health Solutions Inc . . . . . . . . . . . 285.219 Spinoff: Received .1206 shares for eachshare Merck & Co Inc held

10/16/03 Time Warner Inc (Formerly AOL TimeWarner Inc) . . . . . . . . . . . . . . . . . . . . 5,442.000 Name Change: Formerly AOL Time

Warner

Accretion of Original Issue Discount

From ThroughDaily Income

Factor Per Unit

January 1 May 14 $.0000971May 15 November 14 .0000980November 15 December 31 .0001016

Original Issue Discount. This fund contains Original Issue Discount (‘‘OID’’) instrument(s). The above information represents average daily income factors basedon average holdings for the trust as a whole. Unitholders should refer to their 1099-OID form (or equivalent) for amounts reported as taxable income and shouldincrease the cost basis of their units appropriately.

Portfolio TransactionsJanuary 29 February 28 April 15

SecurityShares orPar Value Proceeds

Shares orPar Value Proceeds

Shares orPar Value Proceeds

AOL Time Warner Inc . . . . . . . . . . . . . . 84 1,173.44 87 889.98 86 1,077.52AT&T Corp. . . . . . . . . . . . . . . . . . . . . . 12 240.71 12 216.35 12 167.99AT&T Wireless Services Inc . . . . . . . . . . 18 115.91 19 113.80 19 122.16Abbott Laboratories . . . . . . . . . . . . . . . 60 2,248.73 62 2,115.37 61 2,438.05Agilent Technologies Inc . . . . . . . . . . . . 14 239.25 15 190.19 15 210.44Altria Group Inc (Formerly Philip Morris

Co, Inc) . . . . . . . . . . . . . . . . . . . . . . 56 2,177.21 58 2,178.41 57 1,716.75American International Group Inc . . . . . . 43 2,422.54 44 2,173.53 44 2,342.01Bank Of America Corp . . . . . . . . . . . . . 28 1,965.82 29 1,969.91 29 2,047.88Boeing Co . . . . . . . . . . . . . . . . . . . . . . 44 1,375.83 46 1,293.48 45 1,195.14Bristol-Myers Squibb Co . . . . . . . . . . . . 44 1,043.64 46 1,059.80 45 994.45Cendant Corp . . . . . . . . . . . . . . . . . . . 62 693.13 64 731.49 63 796.28Chevrontexaco Corp . . . . . . . . . . . . . . . 29 1,845.21 30 1,925.04 30 1,913.31Cisco Systems Inc . . . . . . . . . . . . . . . . 203 2,829.73 211 2,894.83 208 2,699.69Citigroup Inc . . . . . . . . . . . . . . . . . . . . 68 2,420.72 70 2,232.93 69 2,552.88Coca-Cola Co . . . . . . . . . . . . . . . . . . . 32 1,378.83 33 1,309.73 33 1,372.07Comcast Corp - Cl A . . . . . . . . . . . . . . . 19 494.55 19 500.44 19 554.77Computer Associates International Inc . . 42 608.98 44 571.98 43 574.88The Walt Disney Co . . . . . . . . . . . . . . . 54 909.33 56 913.33 55 943.20Eastman Chemical Co . . . . . . . . . . . . . 32 1,121.88 33 1,042.43 33 955.96Exxon Mobil Corp . . . . . . . . . . . . . . . . . 68 2,212.65 70 2,366.62 69 2,378.31Federal National Mortgage Association . . 38 2,506.78 39 2,456.92 39 2,646.80Ford Motor Co . . . . . . . . . . . . . . . . . . . 81 794.58 84 680.37 83 650.68Hewlett-Packard Co . . . . . . . . . . . . . . . 131 2,490.23 137 2,431.67 134 2,074.22Honeywell International Inc . . . . . . . . . . 48 1,136.60 50 1,145.46 49 1,076.32Intel Corp . . . . . . . . . . . . . . . . . . . . . . . 120 1,910.94 124 2,013.69 122 2,045.84JP Morgan Chase & Co . . . . . . . . . . . . 107 2,557.22 111 2,445.25 109 2,788.08Johnson & Johnson . . . . . . . . . . . . . . . 64 3,425.17 66 3,405.49 65 3,723.02Lowe’s Companies Inc . . . . . . . . . . . . . 136 4,666.01 141 5,305.67 139 6,026.75Medtronic Inc . . . . . . . . . . . . . . . . . . . . 88 3,968.68 92 4,040.51 90 4,241.50Merck & Co Inc . . . . . . . . . . . . . . . . . . 36 1,923.06 37 1,924.68 37 2,044.15Microsoft Corp . . . . . . . . . . . . . . . . . . . 52 2,622.28 108 2,544.40 106 2,593.83Pepsico Inc . . . . . . . . . . . . . . . . . . . . . 56 2,283.61 58 2,222.49 57 2,271.91Procter & Gamble Co . . . . . . . . . . . . . . 28 2,364.52 29 2,381.98 29 2,579.13Royal Dutch Petroleum, ADR . . . . . . . . . 40 1,621.15 41 1,620.68 41 1,719.45SBC Communications Inc . . . . . . . . . . . 56 1,359.07 58 1,210.42 57 1,187.25Sara Lee Corp . . . . . . . . . . . . . . . . . . . 72 1,509.79 75 1,488.70 74 1,448.11JM Smucker Co . . . . . . . . . . . . . . . . . . 1 40.19 1 35.08 1 35.86Travelers Property Casualty Corp-Cl A . . 3 48.41 3 45.29 3 45.53Travelers Property Casualty Corp-Cl B . . 6 96.83 6 90.65 6 91.31U.S. Treasury Zero Cpn Notes 05/15/10 . 200,000 151,226.00 200,000 153,762.00 200,000 153,406.00Unocal Corp . . . . . . . . . . . . . . . . . . . . . 58 1,619.31 60 1,590.55 59 1,554.57Verizon Communications Inc . . . . . . . . . 79 2,795.72 82 2,846.13 81 2,714.99Visteon Corp . . . . . . . . . . . . . . . . . . . . 6 41.57 6 38.51 6 38.03Wachovia Corp . . . . . . . . . . . . . . . . . . . 38 1,375.93 39 1,352.47 39 1,364.15Wal-Mart Stores Inc . . . . . . . . . . . . . . . 88 4,181.63 91 4,362.40 90 4,826.47Zimmer Holdings Inc . . . . . . . . . . . . . . . 4 156.67 5 220.54 4 188.35

Total Proceeds . . . . . . . . . . . . . . . . . $226,240.04 $228,351.64 $230,436.04

Per Unit . . . . . . . . . . . . . . . . . . . . . . $ 0.01608 $ 0.01646 $ 0.01686

Units outstanding . . . . . . . . . . . . . . . 14,070,000 13,870,000 13,670,000

Portfolio Transactions (Continued)

June 2 August 11 September 30

SecurityShares orPar Value Proceeds

Shares orPar Value Proceeds

Shares orPar Value Proceeds

AOL Time Warner Inc . . . . . . . . . . . . . . 85 1,263.04 85 1,268.14 84 1,315.37AT&T Corp. . . . . . . . . . . . . . . . . . . . . . 12 225.10 12 250.06 12 264.34AT&T Wireless Services Inc . . . . . . . . . . 19 144.58 19 149.90 19 160.73Abbott Laboratories . . . . . . . . . . . . . . . 61 2,625.92 61 2,323.99 60 2,540.88Agilent Technologies Inc . . . . . . . . . . . . 15 262.03 15 307.18 14 325.06Altria Group Inc (Formerly Philip Morris

Co, Inc) . . . . . . . . . . . . . . . . . . . . . . 57 2,370.51 57 2,284.24 56 2,466.68American International Group Inc . . . . . . 43 2,451.74 43 2,662.43 42 2,450.58Bank Of America Corp . . . . . . . . . . . . . 28 2,099.06 28 2,249.13 28 2,208.81Boeing Co . . . . . . . . . . . . . . . . . . . . . . 45 1,353.53 45 1,424.63 44 1,509.56Bristol-Myers Squibb Co . . . . . . . . . . . . 45 1,115.49 45 1,148.79 44 1,152.30Cendant Corp . . . . . . . . . . . . . . . . . . . 63 1,039.45 63 1,058.35 62 1,138.26Chevrontexaco Corp . . . . . . . . . . . . . . . 30 2,123.60 30 2,123.60 29 2,099.50Cisco Systems Inc . . . . . . . . . . . . . . . . 207 3,359.45 207 3,640.95 203 4,080.10Citigroup Inc . . . . . . . . . . . . . . . . . . . . 69 2,839.90 69 3,004.80 68 3,148.93Coca-Cola Co . . . . . . . . . . . . . . . . . . . 33 1,467.77 32 1,406.65 32 1,379.45Comcast Corp - Cl A . . . . . . . . . . . . . . . 19 565.98 19 551.54 19 587.64Computer Associates International Inc . . 43 927.46 43 1,019.91 42 1,118.40The Walt Disney Co . . . . . . . . . . . . . . . 55 1,053.20 55 1,179.69 54 1,102.62Eastman Chemical Co . . . . . . . . . . . . . 34 1,091.68 32 1,119.30 32 1,063.63Exxon Mobil Corp . . . . . . . . . . . . . . . . . 69 2,522.52 69 2,454.21 68 2,538.32Federal National Mortgage Association . . 39 2,853.49 39 2,509.14 38 2,618.83Ford Motor Co . . . . . . . . . . . . . . . . . . . 83 853.19 82 867.51 81 905.53Hewlett-Packard Co . . . . . . . . . . . . . . . 134 2,524.44 134 2,611.53 131 2,551.76Honeywell International Inc . . . . . . . . . . 49 1,265.12 49 1,346.45 48 1,273.38Intel Corp . . . . . . . . . . . . . . . . . . . . . . . 122 2,411.82 122 2,952.26 120 3,367.04JP Morgan Chase & Co . . . . . . . . . . . . 109 3,547.38 109 3,581.57 107 3,725.56Johnson & Johnson . . . . . . . . . . . . . . . 65 3,490.33 65 3,260.24 64 3,171.05Lowe’s Companies Inc . . . . . . . . . . . . . 138 5,750.19 138 6,327.00 136 7,301.49Medco Health Solutions Inc . . . . . . . . . . 0 0.00 0 0.00 4 95.99Medtronic Inc . . . . . . . . . . . . . . . . . . . . 90 4,424.19 90 4,675.28 88 4,221.16Merck & Co Inc . . . . . . . . . . . . . . . . . . 37 2,077.45 36 1,936.34 36 1,820.79Microsoft Corp . . . . . . . . . . . . . . . . . . . 106 2,610.65 106 2,720.89 104 2,985.70Pepsico Inc . . . . . . . . . . . . . . . . . . . . . 57 2,504.46 57 2,541.51 56 2,543.96Procter & Gamble Co . . . . . . . . . . . . . . 28 2,543.68 28 2,476.76 28 2,578.11Royal Dutch Petroleum, ADR . . . . . . . . . 41 1,874.43 41 1,780.54 40 1,808.31SBC Communications Inc . . . . . . . . . . . 57 1,446.02 57 1,329.74 56 1,239.78Sara Lee Corp . . . . . . . . . . . . . . . . . . . 73 1,298.60 73 1,370.87 72 1,357.13JM Smucker Co . . . . . . . . . . . . . . . . . . 1 36.97 1 38.10 0 0.00Travelers Property Casualty Corp-Cl A . . 3 48.80 3 47.90 3 46.25Travelers Property Casualty Corp-Cl B . . 6 97.67 6 95.75 6 92.63U.S. Treasury Zero Cpn Notes 05/15/10 . 200,000 159,958.00 200,000 152,006.00 200,000 156,312.00Unocal Corp . . . . . . . . . . . . . . . . . . . . . 59 1,753.98 59 1,694.99 58 1,832.13Verizon Communications Inc . . . . . . . . . 80 3,004.65 80 2,855.86 79 2,583.96Visteon Corp . . . . . . . . . . . . . . . . . . . . 6 36.77 6 35.51 6 40.31Wachovia Corp . . . . . . . . . . . . . . . . . . . 39 1,546.66 39 1,663.27 38 1,594.02Wal-Mart Stores Inc . . . . . . . . . . . . . . . 89 4,740.80 89 4,939.26 88 5,050.96Zimmer Holdings Inc . . . . . . . . . . . . . . . 4 183.43 4 198.47 4 219.86

Total Proceeds . . . . . . . . . . . . . . . . . $243,785.18 $237,490.23 $243,988.85

Per Unit . . . . . . . . . . . . . . . . . . . . . . $ 0.01810 $ 0.01790 $ 0.01867

Units outstanding . . . . . . . . . . . . . . . 13,470,000 13,270,000 13,070,000

Portfolio Transactions (Continued)

December 22

SecurityShares orPar Value Proceeds

AT&T Corp. . . . . . . . . . . . . . . . . . . . . . 12 226.30AT&T Wireless Services Inc . . . . . . . . . . 18 130.67Abbott Laboratories . . . . . . . . . . . . . . . 61 2,780.24Agilent Technologies Inc . . . . . . . . . . . . 15 407.08Altria Group Inc (Formerly Philip Morris

Co, Inc) . . . . . . . . . . . . . . . . . . . . . . 56 3,030.57American International Group Inc . . . . . . 43 2,751.01Bank Of America Corp . . . . . . . . . . . . . 28 2,178.01Boeing Co . . . . . . . . . . . . . . . . . . . . . . 44 1,795.99Bristol-Myers Squibb Co . . . . . . . . . . . . 44 1,184.86Cendant Corp . . . . . . . . . . . . . . . . . . . 62 1,296.97Chevrontexaco Corp . . . . . . . . . . . . . . . 29 2,374.69Cisco Systems Inc . . . . . . . . . . . . . . . . 205 4,821.37Citigroup Inc . . . . . . . . . . . . . . . . . . . . 68 3,224.40Coca-Cola Co . . . . . . . . . . . . . . . . . . . 32 1,605.68Comcast Corp - Cl A . . . . . . . . . . . . . . . 19 595.81Computer Associates International Inc . . 42 1,020.97The Walt Disney Co . . . . . . . . . . . . . . . 54 1,234.38Eastman Chemical Co . . . . . . . . . . . . . 32 1,214.34Exxon Mobil Corp . . . . . . . . . . . . . . . . . 68 2,643.03Federal National Mortgage Association . . 38 2,648.47Ford Motor Co . . . . . . . . . . . . . . . . . . . 82 1,201.24Hewlett-Packard Co . . . . . . . . . . . . . . . 132 2,897.26Honeywell International Inc . . . . . . . . . . 48 1,447.61Intel Corp . . . . . . . . . . . . . . . . . . . . . . . 120 3,629.82JP Morgan Chase & Co . . . . . . . . . . . . 108 3,850.01Johnson & Johnson . . . . . . . . . . . . . . . 64 3,150.57Lowe’s Companies Inc . . . . . . . . . . . . . 137 7,523.68Medco Health Solutions Inc . . . . . . . . . . 4 136.19Medtronic Inc . . . . . . . . . . . . . . . . . . . . 89 4,271.79Merck & Co Inc . . . . . . . . . . . . . . . . . . 36 1,587.88Microsoft Corp . . . . . . . . . . . . . . . . . . . 104 2,807.86Pepsico Inc . . . . . . . . . . . . . . . . . . . . . 56 2,638.03Procter & Gamble Co . . . . . . . . . . . . . . 28 2,755.63Royal Dutch Petroleum, ADR . . . . . . . . . 40 1,989.90SBC Communications Inc . . . . . . . . . . . 56 1,401.05Sara Lee Corp . . . . . . . . . . . . . . . . . . . 72 1,516.96Time Warner Inc (Formerly AOL Time

Warner Inc) . . . . . . . . . . . . . . . . . . . . 84 1,470.77Travelers Property Casualty Corp-Cl A . . 3 47.93Travelers Property Casualty Corp-Cl B . . 6 95.93U.S. Treasury Zero Cpn Notes 05/15/10 . 200,000 157,388.00Unocal Corp . . . . . . . . . . . . . . . . . . . . . 58 2,045.56Verizon Communications Inc . . . . . . . . . 79 2,701.67Visteon Corp . . . . . . . . . . . . . . . . . . . . 6 55.43Wachovia Corp . . . . . . . . . . . . . . . . . . . 38 1,738.79Wal-Mart Stores Inc . . . . . . . . . . . . . . . 88 4,564.34Zimmer Holdings Inc . . . . . . . . . . . . . . . 4 274.78

Total Proceeds . . . . . . . . . . . . . . . . . $250,353.52

Per Unit . . . . . . . . . . . . . . . . . . . . . . $ 0.01945

Units outstanding . . . . . . . . . . . . . . . 12,870,000

Portfolio of SecuritiesAs of December 31, 2003

Shares orPar Value Security Market Value

736 AT&T Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 14,940.801,168 AT&T Wireless Services Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,332.323,826 Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,291.60

923 Agilent Technologies Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,988.523,575 Altria Group Inc (Formerly Philip Morris Co, Inc) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,551.502,719 American International Group Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180,215.321,785 Bank Of America Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143,567.552,808 Boeing Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,329.122,804 Bristol-Myers Squibb Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,194.403,955 Cendant Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,077.851,867 Chevrontexaco Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161,290.13

13,018 Cisco Systems Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316,207.224,340 Citigroup Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,663.602,042 Coca-Cola Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103,631.501,194 Comcast Corp - Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,246.782,679 Computer Associates International Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73,243.863,443 The Walt Disney Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,325.192,041 Eastman Chemical Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,680.734,340 Exxon Mobil Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,940.002,424 Federal National Mortgage Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,945.445,184 Ford Motor Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,944.008,403 Hewlett-Packard Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 193,016.913,065 Honeywell International Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,462.957,654 Intel Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246,458.806,838 JP Morgan Chase & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251,159.744,085 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,031.108,685 Lowe’s Companies Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 481,062.15

277 Medco Health Solutions Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,415.235,633 Medtronic Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273,820.132,293 Merck & Co Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,936.606,638 Microsoft Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182,810.523,575 Pepsico Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166,666.501,785 Procter & Gamble Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,285.802,552 Royal Dutch Petroleum, ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,699.283,575 SBC Communications Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,200.254,598 Sara Lee Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99,822.58

32 JM Smucker Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,449.285,358 Time Warner Inc (Formerly AOL Time Warner Inc) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,390.42

187 Travelers Property Casualty Corp-Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,137.86386 Travelers Property Casualty Corp-Cl B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,550.42

12,670,000 U.S. Treasury Zero Cpn Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,949,155.513,704 Unocal Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,418.325,040 Verizon Communications Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176,803.20

388 Visteon Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,039.082,424 Wachovia Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,934.165,619 Wal-Mart Stores Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,087.95

283 Zimmer Holdings Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,923.20

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,076,345.37

2003 Year End SummaryUnits outstanding at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,670,000Year end unit value:

Portfolio securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.2690Other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0001

$ 1.2691

TREASURY AND GROWTH STOCKSERIES 23

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2003ANNUALREPORT

Sponsor:UBS Financial Services Inc.1285 Avenue of the AmericasNew York, New York 10019www.ubs.com/UIT

Trustee:Investors Bank & Trust CompanyP.O. Box 9130Boston, Massachusetts 02117(800) 356-2754

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