UBS PaineWebber Pathfinders Trust, Treasury and Growth Stock, Series 14

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1 Dear Valued Client: This annual statement contains important information about your investment. The UBS PaineWebber 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 The Sponsor has created over $9 Billion in Unit Trust Investments since 1966 and created the first Pathfinders Series back in 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: The indenture has been amended as of January 23, 2003 to clarify that, if so directed by the Sponsor, the Trustee or an affiliate of the Trustee may provide brokerage services to the Trust provided that any commissions paid to the Trustee or its affiliates for such services do not exceed the usual and customary broker s commission. Distribution(s) from the Income Account Year paid: UBS PaineWebber Pathfinders Trust, Treasury and Growth Stock, Series 14 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, 2002: Net Asset Value $ Fund Performance* Since Trust Inception (03/30/93): Total Return % Average Annualized Total Return % One Year Ended ( ): Total Return -8.65% * Total return calculations assume units were purchased at original offering price including maximum sales charge. One year performance is gross return. Calculations do not assume any reinvestment of distributions. Past performance is not indicative of future results. Distribution(s) from the Capital Account Year paid: 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.

2 01064 UBS PAINEWEBBER PATHFINDERS TRUST TREASURY AND GROWTH STOCK SERIES Annual Report Income Account Summary Balance, January 1, $ 31, Income received Interest... $ 0.00 Dividends , Other , Expenses paid Trustee fee and expenses... $ (15,660.00) Evaluator fee Sponsor fee... (2,850.00) Other... (9,901.19) (28,411.19) 4. Plus Balance in account as of close of preceeding year Received... $ Repaid.... (806.23) 0.00 Transfersfrom(to)capitalcash PurchasedInterest Availablefordistribution... $142, Distributions paid Tounitholders... $(117,372.00) On redemption of units... (1,620.00) (118,992.00) Balance, December 31, $ 23, Incomecashperunit... $.0023 Distribution(s) from the Income Account Date Paid Amount Per Unit 01/02... $ 28, $ / , / , / , $117, $

3 Capital Account Summary Balance, January 1, $ 2, Proceeds received from portfolio transactions, net of $2,256, used for redemption of 1,400,000 units , Receipts from Supplemental Deposits Funds used for purchase of securities.... (705,174.47) Transfer from (to) income cash Availablefordistribution... $ 12, Distributions Distributions to Sponsor for Creation and Development Fee Distributions to Sponsor for Deferred Sales Charge Balance, December 31, $ 12, Capitalcashperunit... $.0013 Cash Capital Changes Date Share Amount Proceeds Transaction 03/05/02 Imperial Chemical Inds PLC... 1, $12, Sale of security per Trust Indenture 06/10/02 JM Smucker Co Saleoffractional share 06/10/02 Agere Systems Inc- Class A Saleoffractional share 06/10/02 Agere Systems Inc- Class B Saleoffractional share 07/01/02 WorldcomInc... 35, , Sale of security per Trust Indenture 07/01/02 WorldcomInc-MCIGroup... 1, Sale of security per Trust Indenture 08/28/02 Travelers Property Casualty Corp - Class A... Sale of fractional share 08/28/02 Travelers Property Casualty Corp - Class B... Sale of fractional share 11/26/02 Comcast Corp - Cl A Saleoffractional share $15, Non-Cash Capital Changes Date Share Amount Transaction 02/27/02 Imperial Chemical Inds PLC... 1, Exchange: Received 7 rights for every 11 shares of Imperial Chemical Inds Plc-ADR held 04/24/02 Dean Foods Co... 5, :1StockSplit 05/17/02 Yum! Brands Inc (Formerly Tricon Global Restaurants Inc)... 1, Name Change: Formerly Tricon Global Restaurants Inc 06/03/02 Agere Systems Inc- Class A Spinoff: Received shares for each share of Lucent Technologies, Inc. held

4 Non-Cash Capital Changes (Continued) Date Share Amount Transaction 06/03/02 Agere Systems Inc- Class B... 1, Spinoff: Received shares for each share of Lucent Technologies, Inc. held 06/03/02 JM Smucker Co Spinoff: Received.02 shares for each share of Proctor & Gamble held 06/18/02 Yum! Brands Inc (Formerly Tricon Global Restaurants Inc)... 1, :1StockSplit 08/21/02 Travelers Property Casualty Corp - Class A Spinoff: Received shares for each share of Citigroup, Inc. held 08/21/02 Travelers Property Casualty Corp - Class B Spinoff: Received shares for each share of Citigroup, Inc. held 11/19/02 AT&TCorp.... 1, :5ReverseStockSplit 11/19/02 Comcast Corp - Cl A... 1, Spinoff: Received.3235 shares for each share of AT&T Corp. held 12/16/02 Reader s Digest Association (Formerly Reader s Digest Association-Cl A)... 4, Reclassification: Received 1 share for each share of Readers Digest Assocation Class A held Accretion of Original Issue Discount From Through Daily Income Factor Per Unit January 1 May 14 $ May 15 November November 15 December 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 24 April 10 June 12 Par Value Proceeds Par Value Proceeds Par Value Proceeds AT&TCorp , , , AT&T Wireless Services Inc Agere Systems Inc- Class A Agere Systems Inc- Class B Allen Telecom Inc , , , AmericaMovilSAdeCV , , , AstraZeneca PLC ADR , , , AvayaInc Bristol-Myers Squibb Co , , , Citigroup Inc , , , Coca-ColaCo , , ,504.78

5 Portfolio Transactions (Continued) January 24 April 10 June 12 Par Value Proceeds Par Value Proceeds Par Value Proceeds Dean Foods Co , , , TheWaltDisneyCo , , , Eastman Chemical Co Eastman Kodak Co , , , FordMotorCo , , , General Electric Co , , , Goodyear Tire & Rubber Co , , , Honeywell International Inc , , , Imperial Chemical Industries PLC-Rights 55 1, , , Lucent Technologies Inc Merck&CoInc , , , NCRCorp Owens Corning Pepsico Inc , , , Procter & Gamble Co , , , Reader s Digest Association (Formerly Reader s Digest Association-Cl A) , , , JM Smucker Co Syngenta AG ADR Telefonos de Mexico ADR , , , TransproInc Tricon Global Restaurants Inc , U.S. Treasury Note Strips 11/15/ , , , , , , VisteonCorp WorldcomInc , , WorldcomInc-MCIGroup Yum! Brands Inc (Formerly Tricon Global RestaurantsInc) , , Zimmer Holdings Inc Total Proceeds... $339, $339, $323, PerUnit... $ $ $ Units outstanding... 11,400,000 11,200,000 11,000,000 July 17 August 29 October 16 Par Value Proceeds Par Value Proceeds Par Value Proceeds AT&TCorp , , , AT&T Wireless Services Inc Agere Systems Inc- Class A Agere Systems Inc- Class B Allen Telecom Inc , , , AmericaMovilSAdeCV , , , AstraZeneca PLC ADR , , , AvayaInc Bristol-Myers Squibb Co , , , Citigroup Inc , , , Coca-ColaCo , , , Dean Foods Co , , , TheWaltDisneyCo , , , Eastman Chemical Co Eastman Kodak Co , , , FordMotorCo , , , General Electric Co , , , Goodyear Tire & Rubber Co , , Honeywell International Inc , , ,791.44

6 Portfolio Transactions (Continued) July 17 August 29 October 16 Par Value Proceeds Par Value Proceeds Par Value Proceeds Imperial Chemical Industries PLC-Rights 55 1, Lucent Technologies Inc Merck&CoInc , , , NCRCorp Owens Corning Pepsico Inc , , , Procter & Gamble Co , , , Reader s Digest Association (Formerly Reader s Digest Association-Cl A) , , , JM Smucker Co Syngenta AG ADR Telefonos de Mexico ADR , , , TransproInc Travelers Property Casualty Corp - Class A Travelers Property Casualty Corp - Class B U.S. Treasury Note Strips 11/15/ , , , , , , VisteonCorp Yum! Brands Inc (Formerly Tricon Global RestaurantsInc) , , Zimmer Holdings Inc , , Total Proceeds... $ 311, $318, $304, PerUnit... $ $ $ Units outstanding... 10,800,000 10,600,000 10,400,000 December 18 Par Value Proceeds AT&TCorp AT&T Wireless Services Inc Agere Systems Inc- Class A Agere Systems Inc- Class B Allen Telecom Inc , AmericaMovilSAdeCV , AstraZeneca PLC ADR , AvayaInc Bristol-Myers Squibb Co , Citigroup Inc , Coca-ColaCo , Comcast Corp - Cl A Dean Foods Co , TheWaltDisneyCo , Eastman Chemical Co Eastman Kodak Co , FordMotorCo , General Electric Co , Goodyear Tire & Rubber Co Honeywell International Inc , Imperial Chemical Industries PLC-Rights Lucent Technologies Inc Merck&CoInc , NCRCorp Owens Corning Pepsico Inc ,994.95

7 Portfolio Transactions (Continued) December 18 Par Value Proceeds Procter & Gamble Co , Reader s Digest Association (Formerly Reader s Digest Association-Cl A) , JM Smucker Co Syngenta AG ADR Telefonos de Mexico ADR , Travelers Property Casualty Corp - Class A Travelers Property Casualty Corp - Class B U.S. Treasury Note Strips 11/15/ , , VisteonCorp Yum! Brands Inc (Formerly Tricon Global RestaurantsInc) Zimmer Holdings Inc , Total Proceeds... $314, PerUnit... $ Units outstanding... 10,200,000 Portfolio of Securities As of December 31, 2002 Par Value Market Value 1,040 AT&TCorp.... $ 27, ,673 AT&TWirelessServicesInc... 9, Agere Systems Inc- Class A ,203 Agere Systems Inc- Class B... 1, ,290 AllenTelecomInc , ,310 America Movil SA de CV , ,110 AstraZeneca PLC ADR , AvayaInc ,878 Bristol-Myers Squibb Co , ,973 Citigroup Inc , ,711 Coca-ColaCo , ,682 Comcast Corp - Cl A... 39, ,381 Dean Foods Co , ,986 TheWaltDisneyCo , Eastman Chemical Co... 33, ,675 Eastman Kodak Co , ,529 FordMotorCo , ,366 General Electric Co , ,559 Goodyear Tire & Rubber Co... 37, ,308 Honeywell International Inc , ,775 Imperial Chemical Industries PLC-Rights... 39, ,545 Lucent Technologies Inc... 5, ,891 Merck&CoInc , NCRCorp... 5, ,565 Owens Corning... 1, ,507 Pepsico Inc , ,326 Procter & Gamble Co , ,266 Reader s Digest Association (Formerly Reader s Digest Association-Cl A)... 64, JMSmuckerCo... 6,688.08

8 Portfolio of Securities (Continued) As of December 31, 2002 Par Value Market Value 1,378 Syngenta AG ADR... 15, ,310 Telefonos de Mexico ADR , ,195 TransproInc... 17, Travelers Property Casualty Corp - Class A... 1, Travelers Property Casualty Corp - Class B... 3, ,000,000 U.S. Treasury Note Strips... 9,908, ,014 VisteonCorp... 7, ,904 Yum! Brands Inc (Formerly Tricon Global Restaurants Inc)... 46, ,386 Zimmer Holdings Inc... 57, Total... $15,611, Year End Summary Units outstanding at year end... 10,000,000 Year end unit value: Portfolio securities... $ Otherassets,net $

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12 CUSIP 90348B BANK &TRUST COMPANY P.O. Box 9130 Boston, Massachusetts INVESTORS TREASURY AND GROWTH STOCK SERIES ANNUAL REPORT Sponsor: UBS PaineWebber Incorporated 1285 Avenue of the Americas New York, New York PERMIT No. 903 NEWARK, N.J. PAID U.S. POSTAGE FIRST CLASS MAIL Trustee: Investors Bank & Trust Company P.O. Box 9130 Boston, Massachusetts (800)