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Dear Valued Client:
This annual statement contains importantinformation about your investment.
The UBS Unit Trust thanks you for making thisGrowth Stock 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 $11 Billion in UnitTrust Investments since 1966 and created the firstGrowth Stock Series back in 1986. Thedependability and professional selection that youenjoyed in this Fund are also available in our othertypes of sponsored and co-sponsored unit trusts. Foradditional information, consult your FinancialAdvisor or visit: www.ubs.com/UIT.
Distribution(s) from the Income Account
Year paid: 2004 0.00071
Distribution(s) from the Capital Account
NONE
UBS Equity Trust, GrowthStock Series 27 (GlobalTechnology Portfolio)
Investment Objective
To provide for capital appreciation through aninvestment in equity stocks which have, in theSponsor’s opinion on the Date of Deposit, anabove-average potential for capital appreciation.
Year-End Per Unit Values
As of December 31, 2004:
Net Asset Value $1.78950
Fund Performance*
Since Trust Inception (09/13/02):
Total Return +79.02%
Average Annualized Total Return +28.79%
One Year Ended (12-31-04):
Total Return +12.36%
* 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 EQUITY TRUST GROWTH STOCK SERIES 27GROWTH STOCK SERIES 27
2004 Annual Report
Income Account Summary
Balance, January 1, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.00Income received
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.00Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,629.48Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00 58,629.48
Expenses paidTrustee fee and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (10,453.73)Evaluator fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Sponsor fee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,347.65)Other. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,752.01) (23,553.39)
4. Plus Balance in account as of close of preceeding yearReceived . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 21,934.76Repaid. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (47,273.80) (25,339.04)
Transfers from (to) capital cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Purchased Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Available for distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9,737.05Distributions paid
To unitholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (3,828.72)On redemption of units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (242.00) (4,070.72)
Balance, December 31, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,666.33
Income cash per unit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $.0011
Distribution(s) from the Income AccountDate Paid Amount Per Unit
12/04 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,828.72 $ .00071
$3,828.72 $0.00071
01121
Capital Account Summary
Balance, January 1, 2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,241.15Proceeds received from portfolio transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,083,752.48Receipts from Supplemental Deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Funds used for purchase of securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Redemption of 1,315,000 units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,087,160.00)Transfer from (to) income cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Available for distribution. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,833.63Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00
Distributions to Sponsor for Creation and Development Fee . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Distributions to Sponsor for Deferred Sales Charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.00Balance, December 31, 2004. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,833.63
Capital cash per unit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $.0003
Cash Capital Changes
Date SecurityShare
Amount Proceeds Transaction
12/10/04 Freescale Semiconductor-B . . . . . . . . . . 0.185 $3.03 Sale of fractional share
$3.03
Non-Cash Capital Changes
Date SecurityShare
Amount Transaction
12/03/04 Freescale Semiconductor-B . . . . . . . . . . . 2,015.185 Spinoff: Received .110415 for each shareMotorola Inc held
Portfolio TransactionsFebruary 9 March 24 April 16
SecurityShares orPar Value Proceeds
Shares orPar Value Proceeds
Shares orPar Value Proceeds
Adobe Systems Inc . . . . . . . . . . . . . . . . 309 11,741.45 314 12,455.89 413 17,492.33Apple Computer Inc . . . . . . . . . . . . . . . 405 8,836.68 413 10,749.97 542 14,639.07Applied Materials Inc . . . . . . . . . . . . . . . 449 9,536.31 457 9,464.10 600 13,487.68Broadcom Corporation -Cl A . . . . . . . . . 378 14,586.33 385 15,060.61 505 21,320.60Canon Inc -Spons ADR . . . . . . . . . . . . . 169 8,382.00 172 8,377.79 226 11,340.41Cisco Systems Inc . . . . . . . . . . . . . . . . 439 10,855.96 446 10,253.13 586 13,975.77Dassault Systemes SA-ADR . . . . . . . . . 205 8,808.43 209 8,495.51 274 11,284.56Dell Inc . . . . . . . . . . . . . . . . . . . . . . . . 216 7,030.47 220 7,288.31 289 10,265.03Intel Corp . . . . . . . . . . . . . . . . . . . . . . . 364 11,076.00 370 10,011.80 486 13,500.76International Business Machines Corp . . 79 7,864.87 81 7,462.23 106 9,854.58JDS Uniphase Corp . . . . . . . . . . . . . . . 2,224 10,897.08 2,262 9,138.12 2,971 12,567.03KLA-Tencor Corp . . . . . . . . . . . . . . . . . 182 10,095.06 185 9,434.63 243 12,798.51Lexmark International Group Inc . . . . . . 121 10,115.12 123 10,944.11 162 15,619.67Microsoft Corp . . . . . . . . . . . . . . . . . . . 242 6,553.05 247 6,127.83 324 8,265.04Motorola Inc . . . . . . . . . . . . . . . . . . . . . 489 7,872.53 498 8,455.70 654 11,497.05Network Appliance Inc . . . . . . . . . . . . . . 629 13,044.84 640 12,863.49 841 18,476.33Nokia Corp-Spons ADR . . . . . . . . . . . . . 410 8,400.50 417 8,272.95 548 9,118.50Novellus Systems Inc . . . . . . . . . . . . . . 242 7,852.53 247 7,486.27 324 10,941.22Rockwell Collins Inc . . . . . . . . . . . . . . . 268 8,894.50 273 8,263.38 359 11,724.66
Portfolio Transactions (Continued)
February 9 March 24 April 16
SecurityShares orPar Value Proceeds
Shares orPar Value Proceeds
Shares orPar Value Proceeds
SAP AG-Spons ADR . . . . . . . . . . . . . . . 358 14,734.58 364 13,933.37 478 19,707.47Siebel Systems Inc . . . . . . . . . . . . . . . . 688 9,198.12 700 7,832.69 920 11,131.73Sun Microsystems Inc . . . . . . . . . . . . . . 1,775 9,318.31 1,806 7,422.36 2,372 10,744.90Texas Instruments Inc . . . . . . . . . . . . . . 297 9,016.49 302 8,585.52 397 11,465.09Xerox Corp . . . . . . . . . . . . . . . . . . . . . 844 12,051.75 859 12,214.50 1,128 16,152.58Check Point Software Tech . . . . . . . . . . 328 6,783.90 333 7,279.06 438 10,243.17
Total Proceeds . . . . . . . . . . . . . . . . . $243,546.86 $237,873.32 $327,613.74
Per Unit . . . . . . . . . . . . . . . . . . . . . . $ 0.03631 $ 0.03627 $ 0.05113
Units outstanding . . . . . . . . . . . . . . . 6,707,575 6,557,575 6,407,575
May 28 September 10 October 8
SecurityShares orPar Value Proceeds
Shares orPar Value Proceeds
Shares orPar Value Proceeds
Adobe Systems Inc . . . . . . . . . . . . . . . . 314 13,799.97 508 23,946.55 300 15,341.64Apple Computer Inc . . . . . . . . . . . . . . . 412 11,511.01 667 23,958.07 393 15,385.58Applied Materials Inc . . . . . . . . . . . . . . . 456 8,695.71 738 11,630.60 436 7,499.02Broadcom Corporation -Cl A . . . . . . . . . 384 16,089.22 622 15,960.14 367 10,752.84Canon Inc -Spons ADR . . . . . . . . . . . . . 172 8,393.40 278 13,579.98 164 8,014.49Cisco Systems Inc . . . . . . . . . . . . . . . . 446 9,771.63 721 13,713.09 425 8,104.56Dassault Systemes SA-ADR . . . . . . . . . 208 9,078.98 337 14,467.07 199 9,826.38Dell Inc . . . . . . . . . . . . . . . . . . . . . . . . 220 7,721.81 356 12,541.58 210 7,543.02Intel Corp . . . . . . . . . . . . . . . . . . . . . . . 370 10,307.95 598 11,941.78 353 7,494.01International Business Machines Corp . . 81 7,121.35 131 11,142.59 77 6,728.87JDS Uniphase Corp . . . . . . . . . . . . . . . 2,260 6,983.23 3,656 11,223.65 2,159 7,146.12KLA-Tencor Corp . . . . . . . . . . . . . . . . . 185 8,421.00 299 11,032.84 177 7,671.00Lexmark International Group Inc . . . . . . 123 11,603.54 199 16,492.73 117 10,100.37Microsoft Corp . . . . . . . . . . . . . . . . . . . 246 6,363.87 399 10,876.48 236 6,688.08Motorola Inc . . . . . . . . . . . . . . . . . . . . . 497 9,765.82 804 12,879.77 475 8,967.78Network Appliance Inc . . . . . . . . . . . . . . 639 12,504.93 1,034 21,063.73 610 15,158.14Nokia Corp-Spons ADR . . . . . . . . . . . . . 416 5,545.14 674 8,424.80 398 5,746.98Novellus Systems Inc . . . . . . . . . . . . . . 246 7,465.92 399 9,360.32 236 6,572.44Rockwell Collins Inc . . . . . . . . . . . . . . . 273 8,083.34 441 15,831.52 261 9,714.19SAP AG-Spons ADR . . . . . . . . . . . . . . . 364 14,224.42 588 21,679.05 347 14,139.91Siebel Systems Inc . . . . . . . . . . . . . . . . 700 6,873.83 1,132 8,704.87 668 6,272.37Sun Microsystems Inc . . . . . . . . . . . . . . 1,804 7,504.46 2,918 11,438.29 1,723 7,219.19Texas Instruments Inc . . . . . . . . . . . . . . 302 7,555.86 489 9,202.76 289 6,539.91Xerox Corp . . . . . . . . . . . . . . . . . . . . . 858 11,342.49 1,388 18,543.24 820 11,660.12Check Point Software Tech . . . . . . . . . . 333 7,818.65 539 9,597.80 318 5,866.96
Total Proceeds . . . . . . . . . . . . . . . . . $234,547.53 $349,233.30 $226,153.97
Per Unit . . . . . . . . . . . . . . . . . . . . . . $ 0.03778 $ 0.05765 $ 0.03894
Units outstanding . . . . . . . . . . . . . . . 6,207,575 6,057,575 5,807,575
November 19 December 7
SecurityShares orPar Value Proceeds
Shares orPar Value Proceeds
Adobe Systems Inc . . . . . . . . . . . . . . . . 314 18,252.39 249 15,478.96Apple Computer Inc . . . . . . . . . . . . . . . 412 22,556.47 327 21,414.72Applied Materials Inc . . . . . . . . . . . . . . . 456 7,633.26 362 6,392.77Broadcom Corporation -Cl A . . . . . . . . . 384 11,681.00 305 10,198.96Canon Inc -Spons ADR . . . . . . . . . . . . . 172 8,825.11 136 6,907.27
Portfolio Transactions (Continued)
November 19 December 7
SecurityShares orPar Value Proceeds
Shares orPar Value Proceeds
Cisco Systems Inc . . . . . . . . . . . . . . . . 446 8,638.81 353 6,780.97Dassault Systemes SA-ADR . . . . . . . . . 208 10,464.23 165 8,423.05Dell Inc . . . . . . . . . . . . . . . . . . . . . . . . 220 8,889.99 174 7,224.31Intel Corp . . . . . . . . . . . . . . . . . . . . . . . 369 8,785.68 293 6,730.05International Business Machines Corp . . 81 7,699.67 64 6,136.81JDS Uniphase Corp . . . . . . . . . . . . . . . 2,259 7,138.27 1,792 5,626.74KLA-Tencor Corp . . . . . . . . . . . . . . . . . 185 8,421.00 146 6,966.95Lexmark International Group Inc . . . . . . 123 10,564.22 98 8,658.09Microsoft Corp . . . . . . . . . . . . . . . . . . . 246 6,691.04 195 5,296.07Motorola Inc . . . . . . . . . . . . . . . . . . . . . 497 8,930.88 0 0.00Network Appliance Inc . . . . . . . . . . . . . . 639 15,968.23 507 17,044.94Nokia Corp-Spons ADR . . . . . . . . . . . . . 416 6,809.76 330 5,494.37Novellus Systems Inc . . . . . . . . . . . . . . 246 6,821.42 195 5,572.96Rockwell Collins Inc . . . . . . . . . . . . . . . 273 10,873.33 216 8,780.19SAP AG-Spons ADR . . . . . . . . . . . . . . . 364 16,201.26 288 13,043.21Siebel Systems Inc . . . . . . . . . . . . . . . . 699 6,717.23 555 5,683.06Sun Microsystems Inc . . . . . . . . . . . . . . 1,803 8,996.75 1,430 7,636.02Texas Instruments Inc . . . . . . . . . . . . . . 302 7,389.76 240 5,999.85Xerox Corp . . . . . . . . . . . . . . . . . . . . . 858 13,659.03 680 10,614.55Check Point Software Tech . . . . . . . . . . 333 7,673.14 264 6,393.93
Total Proceeds . . . . . . . . . . . . . . . . . $256,281.93 $208,498.80
Per Unit . . . . . . . . . . . . . . . . . . . . . . $ 0.04530 $ 0.03786
Units outstanding . . . . . . . . . . . . . . . 5,657,575 5,507,575
Portfolio of SecuritiesAs of December 31, 2004
Shares orPar Value Security Market Value
11,269 Adobe Systems Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $707,017.0614,801 Apple Computer Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 953,184.4016,378 Applied Materials Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 280,063.8013,800 Broadcom Corporation -Cl A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445,464.006,161 Canon Inc -Spons ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334,295.86
16,012 Cisco Systems Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309,031.607,479 Dassault Systemes SA-ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 377,465.137,901 Dell Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332,948.142,015 Freescale Semiconductor-B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,995.40
13,274 Intel Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310,478.862,897 International Business Machines Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,586.26
81,163 JDS Uniphase Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257,286.716,637 KLA-Tencor Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309,151.464,427 Lexmark International Group Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376,295.008,850 Microsoft Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236,383.50
18,251 Motorola Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,917.2022,966 Network Appliance Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 762,930.5214,958 Nokia Corp-Spons ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,391.868,847 Novellus Systems Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 246,742.839,796 Rockwell Collins Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 386,354.24
13,061 SAP AG-Spons ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 577,426.8125,123 Siebel Systems Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 263,791.5064,784 Sun Microsystems Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348,537.9210,852 Texas Instruments Inc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267,176.24
Portfolio of Securities (Continued)As of December 31, 2004
Shares orPar Value Security Market Value
30,814 Xerox Corp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 524,146.1411,955 Check Point Software Tech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294,451.65
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,771,514.09
2004 Year End SummaryUnits outstanding at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,392,575Year end unit value:
Portfolio securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.7892Other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0003
$ 1.7895
GROWTH STOCK SERIES 27
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P.O.
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90347U288
01121
2004ANNUALREPORT
Sponsor:UBS Financial Services Inc.1000 Harbor BoulevardWeehawken, New Jersey 07086www.ubs.com/UIT
Trustee:Investors Bank & Trust CompanyP.O. Box 9130Boston, Massachusetts 02117(800) 356-2754
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