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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
IN
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OR
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TR
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CO
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Y
P.O.
Box
9130B
oston,M
assachusetts02117
CU
SIP
90348B321
01073
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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IL
U.S
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