Equity Opportunity Trust, Blue Chip Series 2003B

Dear Valued Client: This annual statement contains important information about your investment. The UBS Unit Trust thanks you for making this Blue Chip 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 $11 Billion in Unit Trust Investments since 1966 and created the first Blue Chip Series in 2001. 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: 2003 0.00397 2004 0.01697 Distribution(s) from the Capital Account NONE Equity Opportunity Trust, Blue Chip Series 2003B Investment Objective To provide for total return through an investment in equity stocks which have, in the Sponsor s opinion on the Date of Deposit, potential for capital appreciation and, to a lesser extent, dividend income. Year-End Per Unit Values As of December 31, 2004: Net Asset Value $1.13610 Fund Performance* Since Trust Inception (08/26/03): Total Return +15.70% Average Annualized Total Return +11.40% One Year Ended (12-31-04): Total Return + 6.15% * 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.

01152 EQUITY OPPORTUNITY TRUST BLUE CHIP SERIES 2003B 2004 Annual Report Income Account Summary Balance, January 1, 2004.............. $ 2,888.62 Income received Interest... $ 0.00 Dividends.... 796,916.15 Other.... 1,267.86 798,184.01 Expenses paid Trustee fee and expenses.......... $ (68,239.78) Evaluator fee... 0.00 Sponsor fee... (13,427.21) Other.... (80,951.08) (162,618.07) 4. Plus Balance in account as of close of preceeding year Received..... $ 22,931.32 Repaid.... (22,931.32) 0.00 Transfers from (to) capital cash......... 0.00 Purchased Interest... 0.00 Available for distribution... $ 638,454.56 Distributions paid To unitholders.... $(610,673.76) On redemption of units..... (6,345.00) (617,018.76) Balance, December 31, 2004...................... $ 21,435.80 Income cash per unit...... $.0006 Distribution(s) from the Income Account Date Paid Amount Per Unit 03/04.... $ 67,930.95 $.00178 06/04.... 124,753.30.00333 09/04.... 135,759.42.00376 12/04.... 282,230.09.00810 $610,673.76 $0.01697

Capital Account Summary Balance, January 1, 2004... $ 11,924.42 Proceeds received from portfolio transactions....... 4,784,467.41 Receipts from Supplemental Deposits......... 1,340,849.22 Funds used for purchase of securities.... (1,344,383.39) Redemption of 3,850,000 units.... (4,116,575.00) Transfer from (to) income cash.................. 0.00 Available for distribution.... $ 676,282.66 Distributions... 0.00 Distributions to Sponsor for Creation and Development Fee... (201,162.65) Distributions to Sponsor for Deferred Sales Charge... (469,741.03) Balance, December 31, 2004........... $ 5,378.98 Capital cash per unit... $.0002 Non-Cash Capital Changes Date Share Amount Transaction 01/15/04 Apache Corp................. 22,291.000 2:1 Stock Split 06/21/04 Procter & Gamble Co......... 16,578.000 2:1 Stock Split 08/30/04 Bank Of America Corp............ 18,028.000 2:1 Stock Split Portfolio Transactions March 8 March 10 April 2 American International Group Inc...... 128 9,493.38 121 9,012.93 129 9,171.54 Apache Corp... 228 9,575.62 214 9,039.13 229 9,819.13 Bank Of America Corp............. 97 7,945.92 92 7,599.82 98 7,997.46 Citigroup Inc... 179 8,940.70 168 8,433.27 179 9,223.51 Dell Inc..... 241 7,916.54 227 7,359.05 242 8,130.88 Du Pont (E.I.) de Nemours & Co...... 173 7,762.20 163 7,243.27 174 7,339.36 Emerson Electric Co.... 142 8,797.97 134 8,400.13 142 8,594.92 Exxon Mobil Corp.... 210 8,739.85 198 8,406.75 211 8,739.27 Fifth Third Bancorp... 134 7,526.48 126 7,143.92 135 7,420.66 First Data Corporation... 200 8,353.67 188 8,250.99 201 8,451.72 Gannett Co... 101 8,678.59 95 8,172.53 101 8,911.89 General Electric Co... 259 8,437.89 243 7,961.94 259 7,891.42 Hewlett-Packard Co... 397 8,971.84 373 8,476.23 398 9,074.04 Home Depot Inc... 237 8,778.13 223 8,333.18 238 8,853.25 Intel Corp..... 282 8,138.20 265 7,703.24 283 7,688.80 Microsoft Corp... 288 7,551.06 271 7,151.41 289 7,250.72 Pepsico Inc... 177 9,193.02 167 8,697.02 178 9,481.68 Pfizer Inc... 259 9,471.26 243 9,054.89 259 8,992.12 Procter & Gamble Co... 87 8,912.80 82 8,316.93 88 9,254.59 Target Corp... 198 8,580.98 187 8,098.65 199 8,978.52 3MCo... 100 7,899.69 95 7,508.50 101 8,222.08 Unitedhealth Group Inc... 158 9,767.17 148 9,375.43 158 9,999.42 Wal-Mart Stores Inc... 130 7,832.19 123 7,449.81 131 7,846.59 Wells Fargo & Co... 156 8,950.93 146 8,542.12 156 8,849.53 Wyeth Corp... 185 7,364.56 174 6,916.23 185 6,848.43 Total Proceeds... $213,580.64 $202,647.37 $213,031.53

Portfolio Transactions (Continued) March 8 March 10 April 2 Per Unit... $ 0.00557 $ 0.00531 $ 0.00558 Units outstanding... 38,363,456 38,163,456 38,163,456 April 28 May 27 June 14 American International Group Inc...... 162 11,974.75 161 11,274.56 129 9,479.98 Apache Corp... 288 12,363.55 286 11,505.51 229 9,157.35 Bank Of America Corp............. 123 9,986.13 122 9,947.64 98 8,212.20 Citigroup Inc... 226 11,103.12 224 10,173.84 180 8,508.40 Dell Inc..... 305 10,900.44 302 10,412.71 243 8,495.08 Du Pont (E.I.) de Nemours & Co...... 219 9,719.52 216 9,134.42 174 7,643.64 Emerson Electric Co.... 179 11,026.14 178 10,231.20 143 8,677.03 Exxon Mobil Corp.... 266 11,384.53 263 11,256.13 211 9,095.99 Fifth Third Bancorp... 170 9,414.37 168 8,979.38 135 7,507.17 First Data Corporation... 253 11,627.60 251 10,677.28 201 8,829.72 Gannett Co... 128 11,390.45 127 11,075.41 102 8,899.29 General Electric Co... 327 10,020.18 324 9,949.80 260 8,163.80 Hewlett-Packard Co... 502 10,727.48 497 10,213.11 399 8,813.70 Home Depot Inc... 300 10,895.74 298 10,271.81 239 8,467.57 Intel Corp..... 357 9,763.72 353 9,781.40 284 8,125.04 Microsoft Corp... 364 10,006.12 361 9,309.97 290 7,661.62 Pepsico Inc... 224 12,328.67 221 11,814.38 178 9,715.01 Pfizer Inc... 327 11,869.82 324 11,151.81 260 9,307.78 Procter & Gamble Co... 111 11,635.85 110 11,715.82 88 9,735.21 Target Corp... 251 11,249.55 248 10,760.46 200 9,173.78 3MCo... 127 11,110.96 126 10,450.19 101 8,677.71 Unitedhealth Group Inc... 199 13,087.92 198 12,539.04 158 10,230.26 Wal-Mart Stores Inc... 165 9,721.57 163 8,941.97 131 7,475.99 Wells Fargo & Co... 197 11,090.84 195 11,397.48 157 9,140.32 Wyeth Corp... 234 9,327.02 231 8,583.75 186 6,744.20 Total Proceeds... $273,726.04 $261,549.07 $215,937.84 Per Unit... $ 0.00721 $ 0.00694 $ 0.00576 Units outstanding... 37,963,456 37,713,456 37,463,456 June 23 July 20 August 5 American International Group Inc...... 131 9,473.69 193 13,388.09 130 9,206.38 Apache Corp... 232 10,108.00 343 15,774.20 231 10,526.42 Bank Of America Corp............. 99 8,370.25 146 12,278.31 99 8,410.84 Citigroup Inc... 182 8,637.51 269 11,838.41 181 7,940.28 Dell Inc..... 245 8,564.99 362 12,655.22 244 8,695.95 Du Pont (E.I.) de Nemours & Co...... 176 7,789.57 260 11,083.54 175 7,500.18 Emerson Electric Co.... 144 8,595.15 213 12,992.69 144 8,730.51 Exxon Mobil Corp.... 214 9,606.23 316 14,374.50 213 9,778.60 Fifth Third Bancorp... 137 7,444.40 202 10,366.39 136 6,636.64 First Data Corporation... 204 8,949.27 301 12,945.70 203 8,661.80 Gannett Co... 103 8,990.65 152 12,337.55 103 8,662.09 General Electric Co... 263 8,531.52 389 12,941.72 262 8,685.09 Hewlett-Packard Co... 404 8,455.52 596 11,776.68 402 8,043.83

Portfolio Transactions (Continued) June 23 July 20 August 5 Home Depot Inc... 241 8,555.29 357 12,244.81 241 8,135.96 Intel Corp..... 287 7,987.02 424 9,929.84 286 6,989.67 Microsoft Corp... 293 8,183.29 433 12,145.36 292 8,269.24 Pepsico Inc... 180 9,883.56 266 13,805.07 179 9,037.49 Pfizer Inc... 263 9,288.94 389 13,105.10 262 8,424.86 Procter & Gamble Co... 89 9,901.01 263 14,509.37 177 9,506.44 Target Corp... 202 9,358.44 298 12,727.28 201 8,871.93 3MCo... 102 8,850.33 151 13,397.91 102 8,455.60 Unitedhealth Group Inc... 160 10,241.36 237 15,407.00 160 10,050.96 Wal-Mart Stores Inc... 133 7,434.52 196 10,299.55 132 7,026.19 Wells Fargo & Co... 158 9,301.24 234 13,494.46 158 9,056.34 Wyeth Corp... 188 6,984.03 278 9,729.77 187 6,610.29 Total Proceeds... $219,485.78 $315,548.52 $ 211,913.58 Per Unit... $ 0.00589 $ 0.00850 $ 0.00576 Units outstanding... 37,263,456 37,106,229 36,806,229 August 17 September 8 September 27 American International Group Inc...... 227 15,310.79 98 6,950.97 194 13,571.92 Apache Corp... 403 17,489.79 173 7,943.97 344 16,982.88 Bank Of America Corp............. 172 14,669.53 148 6,439.32 294 12,876.89 Citigroup Inc... 317 13,992.05 136 6,348.33 271 12,064.63 Dell Inc..... 427 14,197.41 183 6,443.27 365 12,814.84 Du Pont (E.I.) de Nemours & Co...... 307 12,503.81 132 5,591.38 261 10,981.18 Emerson Electric Co.... 251 14,976.81 108 6,716.36 215 13,426.43 Exxon Mobil Corp.... 371 16,735.41 160 7,471.82 317 15,462.89 Fifth Third Bancorp... 238 11,366.61 102 4,973.40 202 10,010.88 First Data Corporation... 354 14,616.31 152 6,496.32 303 13,080.20 Gannett Co... 179 14,656.17 77 6,536.37 153 12,949.61 General Electric Co... 458 14,619.01 197 6,485.08 390 13,181.69 Hewlett-Packard Co... 702 11,393.19 302 5,408.69 599 11,141.13 Home Depot Inc... 420 13,897.47 181 6,792.77 358 13,707.49 Intel Corp..... 499 10,862.97 215 4,626.69 426 8,766.87 Microsoft Corp... 510 13,861.47 219 6,007.02 435 11,801.27 Pepsico Inc... 314 16,079.56 135 6,813.29 267 13,034.63 Pfizer Inc... 458 14,637.33 197 6,347.19 390 11,777.72 Procter & Gamble Co... 310 16,918.47 133 7,459.79 264 14,313.74 Target Corp... 351 15,008.40 151 6,870.33 299 13,601.19 3MCo... 178 13,999.37 76 6,294.17 152 12,205.31 Unitedhealth Group Inc... 279 17,850.00 120 8,053.01 238 16,792.88 Wal-Mart Stores Inc... 231 12,268.12 99 5,210.24 197 10,186.63 Wells Fargo & Co... 276 15,850.30 118 6,990.15 235 13,775.37 Wyeth Corp... 326 11,624.88 141 5,314.16 279 10,582.22 Total Proceeds... $359,385.23 $160,584.09 $319,090.49 Per Unit... $ 0.00982 $ 0.00443 $ 0.00884 Units outstanding... 36,606,229 36,256,229 36,106,229

Portfolio Transactions (Continued) October 12 October 13 October 27 American International Group Inc...... 128 8,431.16 277 18,630.58 131 7,122.30 Apache Corp... 228 11,864.84 493 25,885.74 232 12,267.87 Bank Of America Corp............. 195 8,753.34 420 18,879.18 198 8,670.21 Citigroup Inc... 179 7,951.92 387 17,337.38 182 7,740.27 Dell Inc..... 241 8,740.86 521 18,969.16 246 8,602.41 Du Pont (E.I.) de Nemours & Co...... 173 7,551.27 374 16,392.48 176 7,397.10 Emerson Electric Co.... 142 9,025.30 307 19,459.56 145 8,997.03 Exxon Mobil Corp.... 210 10,455.65 454 22,567.08 214 10,430.11 Fifth Third Bancorp... 135 6,714.69 290 14,532.54 137 6,568.99 First Data Corporation... 200 8,779.79 433 18,737.46 204 7,990.49 Gannett Co... 101 8,601.96 219 18,792.13 103 8,244.95 General Electric Co... 259 8,852.41 559 19,052.11 263 8,634.08 Hewlett-Packard Co... 397 7,503.12 857 16,155.01 404 7,247.59 Home Depot Inc... 238 9,415.05 513 20,281.03 242 9,469.23 Intel Corp..... 282 5,910.58 609 12,947.03 287 6,127.30 Microsoft Corp... 289 8,187.17 622 17,571.08 293 8,112.97 Pepsico Inc... 178 8,748.49 382 18,698.46 180 8,724.39 Pfizer Inc... 259 8,023.63 559 16,595.59 263 7,284.92 Procter & Gamble Co... 175 9,477.77 378 20,429.70 178 9,451.57 Target Corp... 199 9,320.94 429 20,460.33 202 9,623.05 3MCo... 100 7,952.81 217 17,487.08 102 7,718.15 Unitedhealth Group Inc... 158 11,747.02 340 25,364.22 160 11,146.93 Wal-Mart Stores Inc... 130 6,965.23 282 15,145.86 133 6,911.84 Wells Fargo & Co... 156 9,406.57 336 20,270.40 158 9,159.04 Wyeth Corp... 185 7,066.83 399 14,882.35 188 6,937.03 Total Proceeds... $215,448.40 $465,523.54 $210,579.82 Per Unit... $ 0.00600 $ 0.01304 $ 0.00590 Units outstanding... 35,893,221 35,693,221 35,693,221 November 1 November 18 December 6 American International Group Inc...... 161 9,756.37 126 7,881.11 127 8,130.34 Apache Corp... 286 14,774.41 225 11,060.74 226 11,995.79 Bank Of America Corp............. 244 10,804.06 192 9,075.62 193 8,885.51 Citigroup Inc... 224 9,788.57 177 8,269.24 177 8,016.14 Dell Inc..... 302 10,467.07 238 9,676.85 239 9,767.70 Du Pont (E.I.) de Nemours & Co...... 217 9,259.17 170 7,556.32 171 7,790.57 Emerson Electric Co.... 178 11,550.14 140 9,486.17 141 9,459.46 Exxon Mobil Corp.... 264 12,861.77 207 10,177.95 208 10,717.98 Fifth Third Bancorp... 168 8,220.04 132 6,792.56 133 6,822.74 First Data Corporation... 251 10,308.32 197 8,466.86 198 8,208.88 Gannett Co... 127 10,501.38 100 8,278.80 100 8,282.80 General Electric Co... 324 10,912.06 255 9,169.58 256 9,177.38 Hewlett-Packard Co... 497 9,104.82 391 7,557.85 393 7,899.11 Home Depot Inc... 298 12,032.95 234 10,227.90 236 9,944.80 Intel Corp..... 353 7,688.15 278 6,566.20 280 6,378.25 Microsoft Corp... 361 10,165.52 283 7,717.22 286 7,716.09 Pepsico Inc... 222 10,962.10 174 9,025.16 176 8,873.71 Pfizer Inc... 324 9,340.70 255 7,076.08 256 7,249.75 Procter & Gamble Co... 219 11,335.17 172 9,330.78 173 9,398.86 Target Corp... 248 12,129.39 195 10,247.01 197 10,200.42 3MCo... 126 9,691.69 100 8,204.80 100 7,988.81 Unitedhealth Group Inc... 197 14,321.56 155 12,602.75 156 12,802.62

Portfolio Transactions (Continued) November 1 November 18 December 6 Wal-Mart Stores Inc... 163 8,697.47 128 7,400.78 129 6,830.39 Wells Fargo & Co... 195 11,514.48 153 9,519.43 154 9,578.57 Wyeth Corp... 231 9,184.34 182 7,410.86 184 7,433.42 Total Proceeds... $265,371.70 $218,778.62 $219,550.09 Per Unit... $ 0.00748 $ 0.00621 $ 0.00627 Units outstanding... 35,493,221 35,243,221 35,043,221 December 17 Par Value Proceeds American International Group Inc...... 128 8,327.48 Apache Corp... 227 11,610.77 Bank Of America Corp............. 194 8,890.81 Citigroup Inc... 178 8,337.32 Dell Inc..... 240 10,149.36 Du Pont (E.I.) de Nemours & Co...... 172 8,166.89 Emerson Electric Co.... 141 9,771.07 Exxon Mobil Corp.... 209 10,566.79 Fifth Third Bancorp... 134 6,360.83 First Data Corporation... 199 8,371.73 Gannett Co... 101 8,167.67 General Electric Co... 258 9,633.49 Hewlett-Packard Co... 395 8,136.80 Home Depot Inc... 236 10,041.56 Intel Corp..... 281 6,510.61 Microsoft Corp... 287 7,800.47 Pepsico Inc... 176 9,107.78 Pfizer Inc... 258 7,048.39 Procter & Gamble Co... 174 9,830.76 Target Corp... 198 10,273.97 3MCo... 100 7,861.81 Unitedhealth Group Inc... 157 13,584.89 Wal-Mart Stores Inc... 130 6,930.13 Wells Fargo & Co... 155 9,763.22 Wyeth Corp... 184 7,490.46 Total Proceeds... $222,735.06 Per Unit... $ 0.00639 Units outstanding... 34,843,221 Portfolio of Securities As of December 31, 2004 Par Value Market Value 22,479 American International Group Inc..... $1,476,195.93 39,917 Apache Corp.... 2,018,602.69 34,063 Bank Of America Corp...... 1,600,620.37 31,334 Citigroup Inc..... 1,509,672.12 42,233 Dell Inc.... 1,779,698.62

Portfolio of Securities (Continued) As of December 31, 2004 Par Value Market Value 30,313 Du Pont (E.I.) de Nemours & Co... 1,486,852.65 24,863 Emerson Electric Co............. 1,742,896.30 36,781 Exxon Mobil Corp.................. 1,885,394.06 23,497 Fifth Third Bancorp...... 1,110,938.16 35,079 First Data Corporation.... 1,492,260.66 17,711 Gannett Co.... 1,446,988.70 45,301 General Electric Co................ 1,653,486.50 69,484 Hewlett-Packard Co.................. 1,457,079.48 41,547 Home Depot Inc......... 1,775,718.78 49,387 Intel Corp............... 1,155,161.93 50,405 Microsoft Corp.... 1,346,317.55 30,992 Pepsico Inc....... 1,617,782.40 45,301 Pfizer Inc... 1,218,143.89 30,653 Procter & Gamble Co....... 1,688,367.24 34,739 Target Corp....... 1,803,996.27 17,599 3M Co... 1,444,349.93 27,591 Unitedhealth Group Inc........ 2,428,835.73 22,818 Wal-Mart Stores Inc..... 1,205,246.76 27,251 Wells Fargo & Co........ 1,693,649.65 32,354 Wyeth Corp......... 1,377,956.86 Total... $39,416,213.23 2004 Year End Summary Units outstanding at year end.......... 34,643,221 Year end unit value: Portfolio securities... $ 1.1349 Other assets, net... 0.0012 $ 1.1361

CUSIP 294947221 01152 BANK &TRUST COMPANY P.O. Box 9130 Boston, Massachusetts 02117 INVESTORS BLUE CHIP SERIES 2003B 2004 ANNUAL REPORT Sponsor: UBS Financial Services Inc. 1000 Harbor Boulevard Weehawken, New Jersey 07086 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