UBS Pathfinders Trust, Treasury and Growth Stock Series 23

Dear Valued Client: This annual statement contains important information about your investment. The UBS Unit Trust thanks you for making this Pathfinders Trust a part of your financial plan. If you have any questions, your Financial Advisor is there to help you. You may also call the Trustee at 1-800-356-2754. The Sponsor has created over $10 Billion in Unit Trust Investments since 1966 and created the first Pathfinders Series back in 1985. The dependability and professional selection that you enjoyed in this Fund are also available in our other types of sponsored and co-sponsored unit trusts. For additional information, consult your Financial Advisor 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 UBS Pathfinders Trust, Treasury and Growth Stock Series 23 Investment Objective Preservation of capital and capital appreciation through an investment in zero coupon United States Treasury notes or bonds and equity stocks, which in the Sponsor s opinion on the initial date of deposit, 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% NONE * Total return calculations assume units were purchased at 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 make any representation as to the completeness or accuracy of the Sponsor s information. This information is provided to holders of this Series, and is not authorized for distribution to prospective investors.

01073 UBS PATHFINDERS TRUST TREASURY AND GROWTH STOCK SERIES 23 2003 Annual Report Income Account Summary Balance, January 1, 2003.............. $ 50,536.93 Income received Interest... $ 0.00 Dividends.... 117,192.66 Other.... 0.00 117,192.66 Expenses paid Trustee fee and expenses.......... $(19,362.35) Evaluator fee... 0.00 Sponsor fee... (4,924.50) Other.... (8,285.31) (32,572.16) 4. Plus Balance in account as of close of preceeding year Received..... $ 0.00 Repaid.... 0.00 0.00 Transfers from (to) capital cash......... 0.00 Purchased Interest... 0.00 Available for distribution... $135,157.43 Distributions 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 Account Date Paid Amount Per Unit 01/03.... $18,009.60 $.00128 04/03.... 17,497.60.00128 07/03.... 19,241.50.00145 10/03.... 19,305.00.00150 $74,053.70 $0.00551

Capital Account Summary Balance, January 1, 2003... $2,830.92 Proceeds received from portfolio transactions, net of $1,660,940.00 used for redemption of 1,400,000 units.... (288.65) Receipts from Supplemental Deposits......... 0.00 Funds used for purchase of securities.... 0.00 Transfer from (to) income cash.................. 0.00 Available for distribution.... $2,542.27 Distributions... 0.00 Distributions to Sponsor for Creation and Development Fee... 0.00 Distributions to Sponsor for Deferred Sales Charge... 0.00 Balance, December 31, 2003........... $2,542.27 Capital cash per unit... $.0002 Cash Capital Changes Date Security Share 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 Security Share 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 each share Merck & Co Inc held 10/16/03 Time Warner Inc (Formerly AOL Time Warner Inc)............ 5,442.000 Name Change: Formerly AOL Time Warner Accretion of Original Issue Discount From Through Daily Income Factor Per Unit January 1 May 14 $.0000971 May 15 November 14.0000980 November 15 December 31.0001016

Original Issue Discount. This fund contains Original Issue Discount ( OID ) instrument(s). The above information represents average daily income factors based on 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 should increase the cost basis of their units appropriately. Portfolio Transactions January 29 February 28 April 15 Security Par Value Proceeds Par Value Proceeds Par Value Proceeds AOL Time Warner Inc... 84 1,173.44 87 889.98 86 1,077.52 AT&T Corp.... 12 240.71 12 216.35 12 167.99 AT&T Wireless Services Inc... 18 115.91 19 113.80 19 122.16 Abbott Laboratories... 60 2,248.73 62 2,115.37 61 2,438.05 Agilent Technologies Inc........ 14 239.25 15 190.19 15 210.44 Altria Group Inc (Formerly Philip Morris Co, Inc).... 56 2,177.21 58 2,178.41 57 1,716.75 American International Group Inc...... 43 2,422.54 44 2,173.53 44 2,342.01 Bank Of America Corp............. 28 1,965.82 29 1,969.91 29 2,047.88 Boeing Co... 44 1,375.83 46 1,293.48 45 1,195.14 Bristol-Myers Squibb Co... 44 1,043.64 46 1,059.80 45 994.45 Cendant Corp... 62 693.13 64 731.49 63 796.28 Chevrontexaco Corp..... 29 1,845.21 30 1,925.04 30 1,913.31 Cisco Systems Inc... 203 2,829.73 211 2,894.83 208 2,699.69 Citigroup Inc... 68 2,420.72 70 2,232.93 69 2,552.88 Coca-Cola Co... 32 1,378.83 33 1,309.73 33 1,372.07 Comcast Corp - Cl A... 19 494.55 19 500.44 19 554.77 Computer Associates International Inc.. 42 608.98 44 571.98 43 574.88 The Walt Disney Co... 54 909.33 56 913.33 55 943.20 Eastman Chemical Co............. 32 1,121.88 33 1,042.43 33 955.96 Exxon Mobil Corp.... 68 2,212.65 70 2,366.62 69 2,378.31 Federal National Mortgage Association.. 38 2,506.78 39 2,456.92 39 2,646.80 Ford Motor Co... 81 794.58 84 680.37 83 650.68 Hewlett-Packard Co... 131 2,490.23 137 2,431.67 134 2,074.22 Honeywell International Inc.......... 48 1,136.60 50 1,145.46 49 1,076.32 Intel Corp..... 120 1,910.94 124 2,013.69 122 2,045.84 JP Morgan Chase & Co........... 107 2,557.22 111 2,445.25 109 2,788.08 Johnson & Johnson... 64 3,425.17 66 3,405.49 65 3,723.02 Lowe s Companies Inc... 136 4,666.01 141 5,305.67 139 6,026.75 Medtronic Inc... 88 3,968.68 92 4,040.51 90 4,241.50 Merck & Co Inc... 36 1,923.06 37 1,924.68 37 2,044.15 Microsoft Corp... 52 2,622.28 108 2,544.40 106 2,593.83 Pepsico Inc... 56 2,283.61 58 2,222.49 57 2,271.91 Procter & Gamble Co... 28 2,364.52 29 2,381.98 29 2,579.13 Royal Dutch Petroleum, ADR......... 40 1,621.15 41 1,620.68 41 1,719.45 SBC Communications Inc........... 56 1,359.07 58 1,210.42 57 1,187.25 Sara Lee Corp... 72 1,509.79 75 1,488.70 74 1,448.11 JM Smucker Co... 1 40.19 1 35.08 1 35.86 Travelers Property Casualty Corp-Cl A.. 3 48.41 3 45.29 3 45.53 Travelers Property Casualty Corp-Cl B.. 6 96.83 6 90.65 6 91.31 U.S. Treasury Zero Cpn Notes 05/15/10. 200,000 151,226.00 200,000 153,762.00 200,000 153,406.00 Unocal Corp... 58 1,619.31 60 1,590.55 59 1,554.57 Verizon Communications Inc......... 79 2,795.72 82 2,846.13 81 2,714.99 Visteon Corp... 6 41.57 6 38.51 6 38.03 Wachovia Corp... 38 1,375.93 39 1,352.47 39 1,364.15 Wal-Mart Stores Inc... 88 4,181.63 91 4,362.40 90 4,826.47 Zimmer 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 Security Par Value Proceeds Par Value Proceeds Par Value Proceeds AOL Time Warner Inc... 85 1,263.04 85 1,268.14 84 1,315.37 AT&T Corp.... 12 225.10 12 250.06 12 264.34 AT&T Wireless Services Inc... 19 144.58 19 149.90 19 160.73 Abbott Laboratories... 61 2,625.92 61 2,323.99 60 2,540.88 Agilent Technologies Inc........ 15 262.03 15 307.18 14 325.06 Altria Group Inc (Formerly Philip Morris Co, Inc).... 57 2,370.51 57 2,284.24 56 2,466.68 American International Group Inc...... 43 2,451.74 43 2,662.43 42 2,450.58 Bank Of America Corp............. 28 2,099.06 28 2,249.13 28 2,208.81 Boeing Co... 45 1,353.53 45 1,424.63 44 1,509.56 Bristol-Myers Squibb Co... 45 1,115.49 45 1,148.79 44 1,152.30 Cendant Corp... 63 1,039.45 63 1,058.35 62 1,138.26 Chevrontexaco Corp..... 30 2,123.60 30 2,123.60 29 2,099.50 Cisco Systems Inc... 207 3,359.45 207 3,640.95 203 4,080.10 Citigroup Inc... 69 2,839.90 69 3,004.80 68 3,148.93 Coca-Cola Co... 33 1,467.77 32 1,406.65 32 1,379.45 Comcast Corp - Cl A... 19 565.98 19 551.54 19 587.64 Computer Associates International Inc.. 43 927.46 43 1,019.91 42 1,118.40 The Walt Disney Co... 55 1,053.20 55 1,179.69 54 1,102.62 Eastman Chemical Co............. 34 1,091.68 32 1,119.30 32 1,063.63 Exxon Mobil Corp.... 69 2,522.52 69 2,454.21 68 2,538.32 Federal National Mortgage Association.. 39 2,853.49 39 2,509.14 38 2,618.83 Ford Motor Co... 83 853.19 82 867.51 81 905.53 Hewlett-Packard Co... 134 2,524.44 134 2,611.53 131 2,551.76 Honeywell International Inc.......... 49 1,265.12 49 1,346.45 48 1,273.38 Intel Corp..... 122 2,411.82 122 2,952.26 120 3,367.04 JP Morgan Chase & Co........... 109 3,547.38 109 3,581.57 107 3,725.56 Johnson & Johnson... 65 3,490.33 65 3,260.24 64 3,171.05 Lowe s Companies Inc... 138 5,750.19 138 6,327.00 136 7,301.49 Medco Health Solutions Inc........ 0 0.00 0 0.00 4 95.99 Medtronic Inc... 90 4,424.19 90 4,675.28 88 4,221.16 Merck & Co Inc... 37 2,077.45 36 1,936.34 36 1,820.79 Microsoft Corp... 106 2,610.65 106 2,720.89 104 2,985.70 Pepsico Inc... 57 2,504.46 57 2,541.51 56 2,543.96 Procter & Gamble Co... 28 2,543.68 28 2,476.76 28 2,578.11 Royal Dutch Petroleum, ADR......... 41 1,874.43 41 1,780.54 40 1,808.31 SBC Communications Inc........... 57 1,446.02 57 1,329.74 56 1,239.78 Sara Lee Corp... 73 1,298.60 73 1,370.87 72 1,357.13 JM Smucker Co... 1 36.97 1 38.10 0 0.00 Travelers Property Casualty Corp-Cl A.. 3 48.80 3 47.90 3 46.25 Travelers Property Casualty Corp-Cl B.. 6 97.67 6 95.75 6 92.63 U.S. Treasury Zero Cpn Notes 05/15/10. 200,000 159,958.00 200,000 152,006.00 200,000 156,312.00 Unocal Corp... 59 1,753.98 59 1,694.99 58 1,832.13 Verizon Communications Inc......... 80 3,004.65 80 2,855.86 79 2,583.96 Visteon Corp... 6 36.77 6 35.51 6 40.31 Wachovia Corp... 39 1,546.66 39 1,663.27 38 1,594.02 Wal-Mart Stores Inc... 89 4,740.80 89 4,939.26 88 5,050.96 Zimmer 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 Security Par Value Proceeds AT&T Corp.... 12 226.30 AT&T Wireless Services Inc... 18 130.67 Abbott Laboratories... 61 2,780.24 Agilent Technologies Inc........ 15 407.08 Altria Group Inc (Formerly Philip Morris Co, Inc).... 56 3,030.57 American International Group Inc...... 43 2,751.01 Bank Of America Corp............. 28 2,178.01 Boeing Co... 44 1,795.99 Bristol-Myers Squibb Co... 44 1,184.86 Cendant Corp... 62 1,296.97 Chevrontexaco Corp..... 29 2,374.69 Cisco Systems Inc... 205 4,821.37 Citigroup Inc... 68 3,224.40 Coca-Cola Co... 32 1,605.68 Comcast Corp - Cl A... 19 595.81 Computer Associates International Inc.. 42 1,020.97 The Walt Disney Co... 54 1,234.38 Eastman Chemical Co............. 32 1,214.34 Exxon Mobil Corp.... 68 2,643.03 Federal National Mortgage Association.. 38 2,648.47 Ford Motor Co... 82 1,201.24 Hewlett-Packard Co... 132 2,897.26 Honeywell International Inc.......... 48 1,447.61 Intel Corp..... 120 3,629.82 JP Morgan Chase & Co........... 108 3,850.01 Johnson & Johnson... 64 3,150.57 Lowe s Companies Inc... 137 7,523.68 Medco Health Solutions Inc........ 4 136.19 Medtronic Inc... 89 4,271.79 Merck & Co Inc... 36 1,587.88 Microsoft Corp... 104 2,807.86 Pepsico Inc... 56 2,638.03 Procter & Gamble Co... 28 2,755.63 Royal Dutch Petroleum, ADR......... 40 1,989.90 SBC Communications Inc........... 56 1,401.05 Sara Lee Corp... 72 1,516.96 Time Warner Inc (Formerly AOL Time Warner Inc)...... 84 1,470.77 Travelers Property Casualty Corp-Cl A.. 3 47.93 Travelers Property Casualty Corp-Cl B.. 6 95.93 U.S. Treasury Zero Cpn Notes 05/15/10. 200,000 157,388.00 Unocal Corp... 58 2,045.56 Verizon Communications Inc......... 79 2,701.67 Visteon Corp... 6 55.43 Wachovia Corp... 38 1,738.79 Wal-Mart Stores Inc... 88 4,564.34 Zimmer Holdings Inc... 4 274.78 Total Proceeds... $250,353.52 Per Unit... $ 0.01945 Units outstanding... 12,870,000

Portfolio of Securities As of December 31, 2003 Par Value Security Market Value 736 AT&T Corp.......... $ 14,940.80 1,168 AT&T Wireless Services Inc....... 9,332.32 3,826 Abbott Laboratories.......... 178,291.60 923 Agilent Technologies Inc........... 26,988.52 3,575 Altria Group Inc (Formerly Philip Morris Co, Inc)... 194,551.50 2,719 American International Group Inc..... 180,215.32 1,785 Bank Of America Corp...... 143,567.55 2,808 Boeing Co..................... 118,329.12 2,804 Bristol-Myers Squibb Co... 80,194.40 3,955 Cendant Corp.............. 88,077.85 1,867 Chevrontexaco Corp............ 161,290.13 13,018 Cisco Systems Inc............. 316,207.22 4,340 Citigroup Inc..... 210,663.60 2,042 Coca-Cola Co............. 103,631.50 1,194 Comcast Corp - Cl A......... 39,246.78 2,679 Computer Associates International Inc....... 73,243.86 3,443 The Walt Disney Co.......... 80,325.19 2,041 Eastman Chemical Co......... 80,680.73 4,340 Exxon Mobil Corp.................. 177,940.00 2,424 Federal National Mortgage Association... 181,945.44 5,184 Ford Motor Co......... 82,944.00 8,403 Hewlett-Packard Co.................. 193,016.91 3,065 Honeywell International Inc..... 102,462.95 7,654 Intel Corp............... 246,458.80 6,838 JP Morgan Chase & Co............. 251,159.74 4,085 Johnson & Johnson............. 211,031.10 8,685 Lowe s Companies Inc........ 481,062.15 277 Medco Health Solutions Inc......... 9,415.23 5,633 Medtronic Inc..................... 273,820.13 2,293 Merck & Co Inc........... 105,936.60 6,638 Microsoft Corp.... 182,810.52 3,575 Pepsico Inc....... 166,666.50 1,785 Procter & Gamble Co....... 178,285.80 2,552 Royal Dutch Petroleum, ADR......... 133,699.28 3,575 SBC Communications Inc........... 93,200.25 4,598 Sara Lee Corp.... 99,822.58 32 JM Smucker Co.......... 1,449.28 5,358 Time Warner Inc (Formerly AOL Time Warner Inc)...... 96,390.42 187 Travelers Property Casualty Corp-Cl A... 3,137.86 386 Travelers Property Casualty Corp-Cl B... 6,550.42 12,670,000 U.S. Treasury Zero Cpn Notes..... 9,949,155.51 3,704 Unocal Corp............... 136,418.32 5,040 Verizon Communications Inc........ 176,803.20 388 Visteon Corp.................... 4,039.08 2,424 Wachovia Corp............. 112,934.16 5,619 Wal-Mart Stores Inc..... 298,087.95 283 Zimmer Holdings Inc.... 19,923.20 Total... $16,076,345.37

2003 Year End Summary Units outstanding at year end.......... 12,670,000 Year end unit value: Portfolio securities... $ 1.2690 Other assets, net... 0.0001 $ 1.2691

CUSIP 90348B321 01073 BANK &TRUST COMPANY P.O. Box 9130 Boston, Massachusetts 02117 INVESTORS TREASURY AND GROWTH STOCK SERIES 23 2003 ANNUAL REPORT Sponsor: UBS Financial Services Inc. 1285 Avenue of the Americas New York, New York 10019 www.ubs.com/uit PERMIT No. 903 NEWARK, N.J. PAID U.S. POSTAGE FIRST CLASS MAIL Trustee: Investors Bank & Trust Company P.O. Box 9130 Boston, Massachusetts 02117 (800) 356-2754