UBS Trumbull Property Fund

UBS Trumbull Property Fund

Financial statements for the quarter ended June 30, 2014

Supplemental information for the quarter ended June 30, 2014

UBS-TPF

UBS Trumbull Property Fund (UBS-TPF)

Contents Financial statements 1 Schedule of Real Estate Investments (unaudited) 21 Performance matrix 29 Confidential Information

All information furnished in this report is and shall be deemed confidential and proprietary information of the clients of the fund that is

the subject of this report and/or UBS Realty Investors LLC. This material should not be disseminated to third parties without the prior

written permission of UBS Realty Investors LLC.

Forward-looking statements

Sections of this report relating to future prospects that are “forward-looking statements” are based upon certain assumptions, the result

of which may differ materially from the actual results. Variances may include, but are not necessarily limited to, forecast versus actual of

revenues, market rents, lease renewals, operating expenses, capital expenditures, discount rates and capitalization rates. The material

content of this report is based upon information obtained by UBS Realty Investors LLC through June 30, 2014. Any updates to the

information will be made in the next supplemental information package.

UBS Realty Investors LLC www.ubs.com\realestate

UBS (US) Trumbull Property Fund LP

June 30, December 31,(Dollars in thousands) 2014 2013

(Unaudited)

Assets:Real estate investments at fair value:

Properties

(cost: $12,136,600; $11,518,803) 13,507,187$ 12,532,415$

Investments in unconsolidated joint ventures

and related notes receivable

(cost plus equity in undistributed

earnings: $1,463,689; $1,353,213) 1,792,454 1,672,935

Mortgage investments

(cost: $876,278; $876,278) 1,000,000 976,600

Total real estate investments at fair value

(cost: $14,476,567; $13,748,294) 16,299,641 15,181,950

Cash and cash equivalents 349,745 411,385

Prepaid expenses and other assets 59,011 48,917

Investment income receivable, net 43,800 43,861

Total assets 16,752,197$ 15,686,113$

Liabilities and capital:

Liabilities:Mortgage loans and other debt at fair value 1,633,963$ 1,516,524$

Accrued expenses and other liabilities 90,176 96,763

Real estate taxes payable 45,666 50,734

Rental security and other deposits 27,711 26,045

Accrued advisory fees 32,330 30,716

Distributions payable 110,965 103,227

Total liabilities 1,940,811 1,824,009

Capital:Fund capital/net assets 14,664,861 13,765,213

Noncontrolling interests in consolidated joint ventures 146,525 96,891

Total capital 14,811,386 13,862,104

Total liabilities and capital 16,752,197$ 15,686,113$

See accompanying notes to consolidated financial statements.

Consolidated Statements of Assets, Liabilities and Capital

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UBS (US) Trumbull Property Fund LP Consolidated Statements of Operations For the quarter and six months ended June 30, 2014 (Unaudited)

(Dollars in thousands) Quarter Six months

Investment income:Income from properties 305,462$ 602,451$ Equity in income of unconsolidated joint ventures 24,762 46,865Interest from mortgage investments 13,313 26,382Interest on cash and cash equivalents 382 750

Total 343,919 676,448

Expenses:Real estate operating 94,793 189,680Real estate taxes 39,463 78,890Interest 18,556 37,325General and administrative 1,921 3,736

Total 154,733 309,631

Net investment income, before advisory fees 189,186 366,817

Advisory fees 32,330 63,488

Net investment income 156,856 303,329

Net realized and unrealized gain (loss):Net proceeds from investment transactions 935 935 Less cost of investments sold or repaid 776 776

159 159 Less realization of previously recorded unrealized loss on investment transactions (169) (169)

Net realized gain from real estate transactions 328 328

Change in net unrealized gain on investments 179,038 389,440 Change in net unrealized loss on debt (800) (5,600)

Net realized and unrealized gain 178,566 384,168

Increase in capital resulting from operations 335,422 687,497

Less portion attributable to noncontrolling interests in consolidated joint ventures 12,875 39,434

Increase in capital resulting from operations attributable to the Fund 322,547$ 648,063$

Operations attributable to the Fund: Net investment income 155,065$ 299,778$ Net realized and unrealized gain 167,482 348,285

Increase in capital resulting from operations attributable to the Fund 322,547$ 648,063$


2

UBS (US) Trumbull Property Fund LP Consolidated Statements of Changes in Capital For the quarter and six months ended June 30, 2014 (Unaudited)


Fund capital - beginning of period 14,274,626$ 13,765,213$

Increase in capital resulting from operations

attributable to the Fund 322,547 648,063

Contributions 199,532 584,942

Distributions payable/paid (110,965) (221,331)

Distributions reinvested 66,842 126,850

Redemptions (87,721) (238,876)

Fund capital - end of period 14,664,861 14,664,861

Noncontrolling interests in consolidated joint

ventures (see Note 8) 146,525 146,525

Total capital 14,811,386$ 14,811,386$


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UBS (US) Trumbull Property Fund LP Consolidated Statements of Cash Flows For the quarter and six months ended June 30, 2014 (Unaudited)


Cash flows from operating activities:Increase in capital resulting from operations 335,422$ 687,497$ Adjustments to reconcile increase in capital resulting from operations to net cash provided by operating activities: Net realized and unrealized gain (178,566) (384,168) Equity in income of unconsolidated joint ventures in excess of distributions received (17,370) (29,958) Increase (decrease) in cash arising from changes in operating assets and liabilities: Prepaid expenses and other assets 1,881 (10,094) Investment income receivable, net 2,780 61 Accrued expenses and other liabilities (1,110) (6,396) Real estate taxes payable (4,824) (5,068) Rental security and other deposits 1,107 1,666 Accrued advisory fees 1,172 1,614

Net adjustments (194,930) (432,343)

Net cash provided by operating activities 140,492 255,154

Cash flows from investing activities:Acquisitions of properties (309,668) (435,377) Additions to properties (94,416) (182,420) Contributions to unconsolidated joint venture investments (18,243) (32,597)Acquisitions of unconsolidated joint venture investments - (48,697) Proceeds from investment transactions 935 935

Net cash used in investing activities (421,392) (698,156)

Cash flows from financing activities:Contributions 199,532 584,942 Distributions paid (43,524) (86,743) Redemptions (87,721) (238,876) Contributions to joint ventures from noncontrolling interest partners 962 13,104 Distributions from joint ventures to noncontrolling interest partners (1,067) (2,904) Proceeds from debt 134,351 137,028 Repayments of debt (24,461) (24,461) Principal payments on debt (351) (728)

Net cash provided by financing activities 177,721 381,362

Net decrease in cash and cash equivalents (103,179) (61,640) Cash and cash equivalents - beginning of period 452,924 411,385

Cash and cash equivalents - end of period 349,745$ 349,745$


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UBS (US) Trumbull Property Fund LP Notes to Consolidated Financial Statements June 30, 2014 (Unaudited) and December 31, 2013

1. Organization The UBS (US) Trumbull Property Fund LP (the “Partnership”) is a Delaware limited partnership having multiple subsidiaries (together the “Fund”) for its real estate investments. Certain subsidiaries have elected to be taxed as real estate investment trusts (“REITs”) or taxable REIT subsidiaries for U.S. federal income tax purposes. The purpose of the Fund is to actively manage a core portfolio of primarily equity real estate investments located in the United States. The general partner of the Fund is Trumbull Property Fund GP LLC, whose sole member, UBS Realty Investors LLC (“UBS Realty” or “Advisor”), provides investment advisory services to the Fund pursuant to one or more Advisory Agreements with the Fund and its subsidiaries. UBS Realty is organized as a limited liability company and has been registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment advisor under the Investment Advisers Act of 1940, as amended, since January 5, 1994. The Fund evaluated subsequent events for recognition or disclosure through August 11, 2014, the date on which the consolidated financial statements were available to be issued.

2. Significant accounting policies

Basis of presentation The accompanying unaudited consolidated financial statements are stated in U.S. dollars and should be read in conjunction with the Fund’s audited consolidated financial statements as of and for the year ended December 31, 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from this report pursuant to generally accepted practices for interim reporting. The results of operations for interim periods are not necessarily indicative of the results to be obtained for the full year. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments necessary for a fair statement of financial position and results of operations for the interim periods. Such adjustments are of a normal recurring nature. For financial statement reporting purposes, the Fund qualifies as an investment company and is subject to the investment company accounting and financial reporting requirements in GAAP. Principles of consolidation The consolidated financial statements of the Fund include the accounts of the Partnership, its wholly owned subsidiaries and the accounts of its controlled joint ventures. In accordance with GAAP, the Fund consolidates those joint ventures in which the Fund has effective control of the entity. The other members’ interests are determined in accordance with the terms of the respective joint venture agreements using the estimated fair values of the joint ventures’ underlying real estate and any related long-term debt, and are reflected as noncontrolling interests in the accompanying consolidated financial statements. All significant intercompany balances and transactions have been eliminated in consolidation. Investment valuations Real estate investments The real estate investments of the Fund are stated at estimated fair value. Fair value means the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair values of real estate investments do not reflect transaction costs which may be incurred upon disposition of the real estate investments. The Fund’s real estate values do not necessarily represent the prices at which the real estate investments would be sold or repaid, since market prices of real estate investments can only be determined by negotiation between a willing buyer and seller. Amounts ultimately realized from each investment may vary materially from the fair values reflected in the consolidated financial statements. A third-party firm is engaged by the Fund to administer the Fund’s valuation policies and procedures, including managing the Fund’s independent appraisal process and reviewing the Fund’s independent appraisals.

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2. Significant accounting policies (continued) The Fund's real estate investments are generally appraised by an independent appraiser every quarter starting with the first full quarter after the investment is made. An independent appraisal of the underlying real estate for each investment is performed annually. This annual appraisal includes a property inspection and market analysis. In the interim quarters, the valuation is updated by the independent appraiser through a restricted appraisal report. In these appraisals, the prior cash flow assumptions for the real estate investments are updated for factual changes and changes in market conditions are evaluated. All appraisals are certified by members of the Appraisal Institute who hold the MAI designation. Appraisals and appraisal reports are required to comply with the Uniform Standards of Professional Appraisal Practice (“USPAP”), as promulgated by the Appraisal Foundation. The valuation of the real estate securing a participating mortgage investment is first determined as described above. The Fund’s interest in the real estate is defined by all rights and privileges granted to the Fund under the existing mortgage. In general, the valuation of a participating mortgage loan is equivalent to the discounted value of projected future cash flows, including debt service payments and participation in the excess cash flow and residual sales proceeds. The discount rate used in the valuation reflects the risk/return characteristics of the participating mortgage structure. In all cases, the economic substance of the investment structure is taken into account in determining the value of the investment. The Fund may provide construction financing on certain projects. Upon completion and satisfaction of specified funding conditions, the construction financing is converted to another type of real estate investment, such as a participating mortgage or property investment. The valuation of a construction loan is determined as described above with consideration given to the stage of development, costs incurred to date and current market conditions. The generally accepted methods used in the valuation of real estate are the income, cost, and sales comparison approaches of estimating property value. The income approach is designed to convert future cash flow expectations for a property into a present value estimate through application of capitalization and/or yield rates derived from recent market transactions and other industry data for similar properties. Under the cost approach, a value is indicated by estimating the current replacement cost of the improvements less depreciation, plus the estimated land value. The sales comparison approach utilizes available sales of comparable properties, adjusted for differences, to indicate a value for the property. When multiple approaches to value are used in an appraisal, the appraiser’s final value opinion either corresponds to one of the approaches to value or is a reconciliation of the most applicable approaches. Mortgage loans and other debt Mortgage loans and a consolidated joint venture property line of credit are stated at estimated fair value. The valuation for each mortgage loan obligation is based on the present value of expected debt service cash flows, the terms of the obligation, market interest rates and other factors, including an analysis of available comparable leveraged sale transactions. The valuation of all debt is performed by an independent appraiser on a schedule consistent with the valuation of the encumbered real estate. For unconsolidated joint venture investments, the valuation of debt is taken into consideration when determining the estimated fair value of the Fund’s equity in the related investment. The property line of credit is stated at estimated fair value, which approximates cost, based on the terms of the obligation.

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2. Significant accounting policies (continued) The fair values of the real estate investments and debt are determined as described above (see Note 3 for further discussion of fair value measurements). Although the fair values represent subjective estimates, the Advisor believes these estimated fair values reflect reasonable approximations of potential market prices for the Fund’s real estate investments and debt. Investments in properties Properties owned are initially recorded at purchase price plus closing costs. Expenditures, including tenant improvements and leasing commissions, which extend the useful life or represent additional capital investments benefiting future periods, are capitalized as a component of cost. Ordinary repairs and maintenance are charged to expense as incurred. Investments in unconsolidated joint ventures Investments in unconsolidated joint ventures are accounted for using the equity method of accounting. The equity method of accounting requires the Fund’s equity in the net assets of the joint venture to reflect the Fund’s share of the estimated fair value of the real estate property held by the joint venture, net of the fair value of any debt, and adjusted for the joint venture’s share of undistributed earnings or losses. The economic substance of the investment structure is also taken into consideration in determining the Fund’s share of the fair value of the investment. Financing costs Financing costs related to debt (generally loan origination, processing fees and legal costs) are charged to interest expense as incurred. There were no significant financing costs incurred during the quarter and six months ended June 30, 2014. Revenue recognition Income from properties is recorded as earned and expenses are recorded as incurred. Equity in income of unconsolidated joint ventures represents the Fund’s share of joint venture investment income for unconsolidated investments. Since the Fund’s real estate investments are stated at fair value, historical cost depreciation or amortization on real estate assets and the effects of straight-line rental income recognition are not recorded. Income from mortgage investments (excluding construction loans) is recognized based on contractual interest rates and to the extent of the Fund’s share of income from operations of the underlying property. In accordance with GAAP, interest income on construction loans is generally recognized to the extent interest payments are funded by the borrower. Realized gains and losses Realized gains and losses on investment transactions are determined using the cost of the investments sold or repaid. The unrealized gain (loss) previously recorded for these investments is then reversed and reported as realization of unrealized gain (loss) on investment transactions in the accompanying Consolidated Statements of Operations. Cash and cash equivalents The Advisor contracts with a third-party firm to serve as a sub-advisor for the Fund with respect to cash management. A pension fund maintained by an affiliate of the sub-advisor is also an investor in the Fund. Investments are highly liquid and are primarily made in commercial paper and money market funds. These investments are stated at fair value, with changes in fair value included in investment income. The Fund considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents.

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2. Significant accounting policies (continued) Income taxes Since the Partnership is structured as a partnership, its income is not subject to federal and state income taxes. Its partners are responsible for income taxes on their share of earnings reported to them to the extent required by the Internal Revenue Code of 1986, as amended (the “Code”). Certain consolidated subsidiaries of the Fund have elected to be treated as REITs under Sections 856 through 860 of the Code beginning with the tax year ended December 31, 2008. In general, a company that elects REIT status, distributes at least 90% of its REIT taxable income to its shareholders in any taxable year, and complies with certain other requirements is not subject to federal income taxation to the extent of the income which it distributes. If it fails to qualify as a REIT in any taxable year, it will be subject to federal income tax at regular corporate rates on its taxable income. Even if it qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed income. Since their formation, the Fund believes that the applicable entities in the Fund have been organized and operated in such a manner as to qualify for treatment as REITs and intend to operate in the foreseeable future in such a manner so that they will remain qualified as REITs for federal income tax purposes. In addition, each REIT will have distributed at least 100% of its taxable income. Accordingly, no provision for U.S. federal income or excise taxes has been made in the accompanying consolidated financial statements. Certain consolidated subsidiaries of the Fund have elected to be taxable REIT subsidiaries pursuant to the Code. Taxable REIT subsidiaries may participate in activities such as performing non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. The Fund has evaluated the uncertainties of tax positions taken or expected to be taken based on the probability of whether it is more likely than not the positions will be sustained upon audit based on technical merit for open tax years. The Fund concluded that it does not have any unrecognized tax benefits or any additional tax liabilities for any uncertain tax positions. The Fund files income tax returns in federal and various state and local jurisdictions. A number of years may elapse before an uncertain tax position is audited and finally resolved. Tax years since 2010 are open and remain subject to federal, state and local examinations. Deferred tax assets and liabilities are recognized primarily for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. These assets and liabilities are measured using enacted tax laws and rates for which the temporary differences are expected to be recovered or settled. The effects of any change in deferred tax assets and liabilities are recognized in net investment income or net unrealized gain (loss) on investments in the period enacted. As of June 30, 2014 and December 31, 2013, there were no significant deferred tax assets or liabilities. The Fund has certain subsidiaries which are subject to federal, state and local income, franchise and excise taxes. For the quarter and six months ended June 30, 2014, there were no significant tax provisions related to such taxes recorded in the accompanying Consolidated Statements of Operations. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of income, expenses and realized and unrealized gains (losses) during the reporting period. Estimates particularly susceptible to change relate to the fair value of real estate investments and mortgage loans and other debt. Actual results could differ from those estimates.

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2. Significant accounting policies (continued) Recently adopted accounting standard In June 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2013-08 ("ASU No. 2013-08"), Financial Services - Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements. ASU No. 2013-08 amends the criteria that define an investment company, clarifies the measurement guidance, and requires new disclosures. The adoption of this Update effective January 1, 2014 did not have a material impact on the Fund’s consolidated financial statements. Reclassifications Certain amounts for 2013 have been reclassified to conform to the 2014 presentation.

3. Fair value measurements

The fair values of the Fund’s real estate investments and debt are estimated in accordance with the valuation policies and techniques described in Note 2. Further, GAAP emphasizes that a fair value measurement should be determined based on the assumptions that market participants would use in pricing an asset or liability. GAAP also establishes a fair value hierarchy which prioritizes the inputs to the valuation techniques used to measure fair value into three levels based on whether the inputs to those valuation techniques are observable or unobservable in the marketplace. Observable inputs are based on market data obtained from independent sources. Unobservable inputs reflect market assumptions based on the best information available in the circumstances. Assets and liabilities measured at fair value and inputs relative to their fair value measurements are classified and reported in one of the following categories: Level 1 - valuations use quoted prices in active markets for identical assets or liabilities; Level 2 - valuations are determined using significant observable inputs that other market participants would use in pricing an asset or liability. These fair values are primarily obtained from third-party pricing services for identical or comparable assets or liabilities; and Level 3 - valuations are derived from valuation methodologies including pricing models, discounted cash flow models and similar techniques in which one or more significant inputs are unobservable. Level 3 valuations incorporate subjective judgments and consider assumptions including capitalization rates, discount rates, cash flows and other factors that are not observable in the market. The Fund’s valuations of real estate and debt use significant unobservable inputs and are classified within Level 3 of the fair value hierarchy. The following tables show quantitative information about significant unobservable inputs utilized by the independent appraisers in determining the fair values of the Fund’s real estate investments at June 30, 2014 and December 31, 2013. The independent appraisers’ concluded values are generally consistent with the values derived from the cash flow models used in the income approach which include estimated cash inflows and outflows over a specified holding period (typically 10 years). Property cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted capital costs, including tenant improvements and leasing commissions, based upon current market conditions and expectations for change. Property capitalization and discount rates are based on the location, type and nature of each property, as well as current and anticipated market conditions. Mortgage cash flow projections may include contractual interest payments and participation in projected property cash flows. Mortgage capitalization and discount rates are based on rates applied to the underlying property valuation, but also consider market interest rates, loan-to-value ratio, remaining mortgage term and specific terms of the mortgage.

9


3. Fair value measurements (continued)

Average Discount Average Exit Average

Property discount rate exit cap cap rate expense growth

type OAR (%) rate (%) range (%) rate (%) range (%) Yr. 1 Yr. 2 Yr. 3 Long-term rate (%)

Apartments 5.1 6.9 5.75 - 8.25 5.5 4.00 - 7.50 3.3 3.6 3.4 3.1 3.1

Hotel 7.1 9.6 9.25 - 10.00 7.8 7.50 - 8.25 6.0 5.4 3.3 3.0 3.0

Industrial 6.4 7.8 6.50 - 11.00 7.1 5.75 - 10.00 3.2 3.4 3.2 3.0 3.0

Office 5.3 7.0 6.00 - 10.00 6.1 5.00 - 8.50 4.0 4.6 4.5 3.0 3.0

Retail 5.2 7.0 5.75 - 8.75 6.1 5.00 - 7.50 3.0 3.0 3.0 3.0 3.0

Average 5.4 7.2 5.75 - 11.00 6.1 4.00 - 10.00 3.6 3.8 3.7 3.0 3.0

As of June 30, 2014

Average market rental

growth rate forecast (%)

Average Discount Average Exit Average

Property discount rate exit cap cap rate expense growth

type OAR (%) rate (%) range (%) rate (%) range (%) Yr. 1 Yr. 2 Yr. 3 Long-term rate (%)

Apartments 5.2 6.9 5.75 - 8.25 5.5 4.10 - 7.50 3.5 3.6 3.3 3.2 3.1

Hotel 7.7 10.0 9.75 - 10.25 8.0 7.75 - 8.25 5.9 5.8 3.3 3.0 3.0

Industrial 6.5 7.8 6.50 - 9.50 7.2 5.75 - 9.00 2.9 3.3 3.5 3.0 3.0

Office 5.3 7.2 6.25 - 10.00 6.3 5.00 - 8.50 4.6 4.6 4.2 3.0 3.0

Retail 5.6 7.2 6.50 - 8.25 6.3 5.25 - 7.50 3.0 3.0 3.0 3.0 3.0

Average 5.6 7.3 5.75 - 10.25 6.2 4.10 - 9.00 3.8 3.9 3.6 3.0 3.0

As of December 31, 2013

Average market rental

growth rate forecast (%)

_____________________ Notes to preceding tables: (1) Information is based on the most recent appraisal as of the measurement date expressed on an unleveraged

basis. (2) At June 30, 2014 and December 31, 2013, investments excluded from the above tables approximate

$1,227.2 million (7.5%) and $1,308.0 million (8.6%), respectively, of the total fair value of the Fund’s real estate investments reported in the accompanying Consolidated Statements of Assets, Liabilities and Capital. At June 30, 2014, investments excluded from the tables are primarily new investment acquisitions not yet appraised (approximately $309.4 million or 1.9%), land parcels (approximately $82.7 million or 0.5%) and properties under development or in initial lease-up (approximately $835.1 million or 5.1%). Exclusions by property type at June 30, 2014 are: Apartments ($1,067.7 million or 6.4%), Industrial ($143.9 million or 0.9%), Office ($14.1 million or 0.1%), and Retail ($1.5 million or 0.1%).

(3) All averages quoted are weighted by the fair values as of the measurement date, net of exclusions noted above and any existing debt.

(4) OAR is the year-one overall rate which is defined as property net operating income (before capital items) divided by the appraisal value.

(5) The market rental growth rate is applied to the appraisal’s market rent, which may be significantly different from the property’s in-place rent.

(6) The expense growth rate is forecast for the majority of the operating expenses and may differ for individual expense categories (e.g., real estate taxes).

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3. Fair value measurements (continued) The following table shows quantitative information about significant unobservable inputs used by the independent appraiser in determining the fair value of the Fund’s property and unconsolidated joint venture mortgage loans payable.

Average Average Average Average

Property market interest loan-to-value market interest loan-to-value

type rate (%) ratio (%) rate (%) ratio (%)

Apartments 3.62 39.5 4.07 40.0

Hotel 4.27 39.1 n/a 31.4

Industrial 4.00 52.4 n/a n/a

Office 3.52 38.5 3.88 41.0

Retail 4.25 34.1 4.25 32.2

As of June 30, 2014 As of December 31, 2013

_____________________ Notes to preceding table: (1) Exclusions from the above table are primarily any debt encumbering real estate that was not appraised as of

the reporting date and a consolidated joint venture property line of credit. At June 30, 2014 and December 31, 2013, these exclusions approximated $70.1 million (3%) and $165.9 million (8%), respectively, of the total fair value of the Fund’s debt, including the debt of the unconsolidated joint venture investments.

(2) All averages quoted are weighted by the principal balances of the Fund’s mortgage loans payable as of the measurement date, net of exclusions noted above.

(3) The market interest rate is the interest rate a lender would most likely charge to replace an existing loan under current market conditions, with consideration given to existing loan terms such as time to maturity, loan-to-value ratio, and property type. The independent appraiser may not determine a market interest rate for a loan valuation due to the short remaining term of the loan.

(4) A market factor, defined as the appraiser's subjective adjustment to a cash equivalency calculation based on actual real estate transactions involving debt, is another significant unobservable input utilized to determine the fair value adjustment for the debt. At the measurement dates, the market factors for the Fund's debt ranged from 50% to 70% for all property types.

(5) n/a is not applicable. Refer to Notes (1) and (3) above.

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3. Fair value measurements (continued) The following is a reconciliation of the beginning and ending balances of the Fund’s real estate investments and financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the quarter and six months ended June 30, 2014 ($ in thousands):

Properties

Investments in

unconsolidated

joint ventures

Mortgage

investments Total

Mortgage loans

and other debt

Balance at beginning of period 12,941,618$ 1,740,440$ 999,400$ 15,681,458$ (1,523,624)$

Net realized/unrealized gains (losses) included in

operations (or changes in total capital) 161,485 17,336 600 179,421 (800)

Acquisitions/additions/issuances 404,084 18,243 - 422,327 (134,351)

Dispositions/settlements - (935) - (935) 24,812

Equity in income of unconsolidated joint ventures

in excess of distributions received - 17,370 - 17,370 -

Balance at end of period 13,507,187$ 1,792,454$ 1,000,000$ 16,299,641$ (1,633,963)$

Change in unrealized gains (losses) relating to

assets/liabilities held at the reporting date 161,438$ 17,001$ 599$ 179,038$ (800)$

Properties

Investments in

unconsolidated

joint ventures

Mortgage

investments Total

Mortgage loans

and other debt

Balance at beginning of period 12,532,415$ 1,672,935$ 976,600$ 15,181,950$ (1,516,524)$

Net realized/unrealized gains (losses) included in

operations (or changes in total capital) 356,975 9,202 23,400 389,577 (5,600)

Acquisitions/additions/issuances 617,797 81,294 - 699,091 (137,028)

Dispositions/settlements - (935) - (935) 25,189

Equity in income of unconsolidated joint ventures

in excess of distributions received - 29,958 - 29,958 -

Balance at end of period 13,507,187$ 1,792,454$ 1,000,000$ 16,299,641$ (1,633,963)$

Change in unrealized gains (losses) relating to

assets/liabilities held at the reporting date 357,127$ 8,914$ 23,399$ 389,440$ (5,600)$

Quarter ended June 30,2014

Six months ended June 30, 2014

Real estate investments Liabilities

Real estate investments Liabilities

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4. Schedule of real estate investments

The Fund’s real estate investments at cost and estimated fair value are summarized as follows at June 30, 2014 and December 31, 2013 ($ in millions):

Cost Fair value % (a) Cost Fair value % (a)

Properties:

Apartments 3,508.3$ 4,210.5$ 26 3,023.9$ 3,616.8$ 24

Hotel 633.1 574.2 4 622.1 561.2 4

Industrial 1,175.5 1,358.5 8 1,089.2 1,236.6 8

Office 4,320.0 4,578.8 28 4,297.4 4,443.4 29

Retail 2,499.7 2,785.2 17 2,486.2 2,674.5 18

Subtotal 12,136.6 13,507.2 83 11,518.8 12,532.5 83

Investments in unconsolidated

joint ventures:

Apartments 337.8 611.7 4 254.3 540.9 4

Hotel 148.3 160.4 1 145.0 159.4 1

Industrial 310.1 281.8 2 301.6 272.4 2

Office 195.3 241.4 1 185.9 227.2 1

Retail 472.2 497.1 3 466.4 473.0 3

Subtotal 1,463.7 1,792.4 11 1,353.2 1,672.9 11

Mortgage investments:

Apartments 616.6 705.0 4 616.6 686.0 4

Retail 259.7 295.0 2 259.7 290.6 2

Subtotal 876.3 1,000.0 6 876.3 976.6 6

Total real estate investments 14,476.6$ 16,299.6$ 100 13,748.3$ 15,182.0$ 100

June 30, 2014 December 31, 2013

(a) Percentages represent the investment or property type fair value as a percentage of total fair value.

5. Related party transactions

Other funds managed by the Advisor and its affiliates invest in the Fund. As of June 30, 2014 and December 31, 2013, the other funds have equity in the net assets of the Fund aggregating approximately $114.6 million and $109.8 million, respectively. Current and former employee investors have equity in the net assets of the Fund of approximately $2.4 million and $2.1 million at June 30, 2014 and December 31, 2013, respectively. The REIT subsidiaries of the Fund have issued an aggregate of 496 shares of non-voting redeemable preferred stock to current or former employees of the Advisor and its affiliate to ensure compliance with the Code requirement that each entity electing REIT status have at least 100 shareholders. At a price of $500 per share, there are $248,000 of preferred shares outstanding. This preferred stock is entitled to receive a cumulative dividend equal to an annualized 8% rate.

13


6. Investments in unconsolidated joint ventures

The Fund held investments in unconsolidated joint ventures at June 30, 2014 and December 31, 2013. The combined financial position at June 30, 2014 and December 31, 2013, and results from operations underlying the Fund’s joint venture investments for the quarter and six months ended June 30, 2014, are summarized on a fair value basis as follows ($ in millions):

June 30,

2014

December 31,

2013

Real estate assets at fair value 3,627.0$ 3,485.5$

Other assets 151.2 133.7

Mortgage loans payable at fair value

(principal balance $953.3; $955.7) (a) (952.9) (947.0)

Other liabilities (73.1) (76.3)

Net assets 2,752.2$ 2,595.9$

Fund's share of net assets 1,792.5$ 1,672.9$

Quarter Six months

Total income 95.6$ 186.6$

Property operating expenses (45.4) (88.5)

Interest expense (9.6) (17.2)

Net investment income 40.6$ 80.9$

Fund's equity in net investment income 24.8$ 46.9$

(a) As of June 30, 2014 and December 31, 2013, the Fund’s estimated share of the mortgage loans payable at fair value aggregates approximately $583.0 million and $577.7 million, respectively, based on the Fund’s estimated economic interest in the joint ventures at the reporting date.

The non-recourse mortgage loans secured by the real estate owned by the joint venture investments generally require monthly interest payments, and in some cases amortization of principal, at fixed rates ranging from 2.00% to 5.33% at June 30, 2014, with principal balances maturing between April 2018 and March 2027. At June 30, 2014, the weighted-average interest rate on the mortgage loans was 3.67%. The debt agreements generally stipulate that the underlying properties must comply with certain non-financial covenants. At June 30, 2014, management believes the underlying properties were in compliance with such covenants.

14


7. Mortgage investments

Mortgage investments are typically composed of participating mortgages and construction loans. The Fund occasionally provides construction financing on certain projects. Upon completion and satisfaction of specified funding conditions, the construction financing is generally converted to a participating mortgage investment. A participating mortgage loan investment generally consists of three parts: (i) a mortgage loan at a fixed interest rate; (ii) participation in the property's net cash flow after debt service; and (iii) residual interest in the form of participation in the appreciation in value of the underlying property. The participating mortgage loan agreements at June 30, 2014 and December 31, 2013 generally provide for fixed interest rates ranging from 5.0% to 6.5%; participation in a property’s net cash flow, in most cases, of 50%; participation in residual interests until the Fund has achieved specified hurdle rates generally ranging from 6.9% to 7.5%, and then, participation in the remaining residual, between 25% to 50%, depending on the hurdle achieved.

The Fund’s four participating mortgage loan investment terms range from 15 to 17 years with a weighted-average remaining term to maturity at June 30, 2014 of 10 years. Mortgage investments are secured by the underlying real estate and generally provide for substantial prepayment penalties. If a borrower defaults under the terms of the mortgage loan agreement, the Fund may seek to exercise its rights as mortgagee to obtain control of the property or pursue other remedies including foreclosure.

8. Noncontrolling interests in consolidated joint ventures

The following is a reconciliation of the beginning and ending balances of the capital attributable to the noncontrolling interests in the Fund’s consolidated joint ventures for the quarter and six months ended June 30, 2014 ($ in thousands):

Quarter Six months

Noncontrolling interests at beginning of period 133,755$ 96,891$

Increase in capital attributable to noncontrolling interests 12,875 39,434

Contributions to joint ventures from noncontrolling interest partners 962 13,104

Distributions from joint ventures to noncontrolling interest partners (1,067) (2,904)

Noncontrolling interests at end of period 146,525$ 146,525$

9. Mortgage loans and other debt

The Fund’s debt on wholly owned properties and consolidated joint ventures is stated at estimated fair value and consisted of the following at June 30, 2014 and December 31, 2013 ($ in millions):

Debt at fair value

Principal balance

outstanding

Fund's share of principal

balance (c)Debt at

fair value

Principal balance

outstanding

Fund's share of principal

balance (c)

Mortgage loans payable (a) 1,563.9$ 1,573.5$ 1,566.6$ 1,454.0$ 1,469.2$ 1,464.4$

Property line of credit (b) 70.1 70.1 36.0 62.5 62.5 36.0

Total 1,634.0$ 1,643.6$ 1,602.6$ 1,516.5$ 1,531.7$ 1,500.4$

June 30, 2014 December 31, 2013

15


9. Mortgage loans and other debt (continued)

(a) The non-recourse mortgage loans generally require monthly interest payments at fixed and variable rates ranging from 2.65% to 6.30% at June 30, 2014, and in some cases, amortization of principal, with principal balances maturing between January 2015 and May 2024. At June 30, 2014, the weighted-average interest rate on the mortgage loans was 4.23%.

(b) One of the Fund’s consolidated joint ventures owning an industrial property portfolio (estimated fair value of

$646.7 million at June 30, 2014) has a $100.0 million senior unsecured revolving credit facility agreement, of which $70.1 million and $62.5 million was outstanding at June 30, 2014 and December 31, 2013, respectively. Outstanding advances are subject to an average interest rate of 2.14%, after the impact of the swaps described below. The consolidated joint venture incurs a fee of 0.25% or 0.35% per annum on the unused balance, depending on the unused amount under or over $50.0 million, payable quarterly. The revolving credit facility expires in December 2014 and has two one-year extension options. Management is in discussion with the current lenders to renew and extend the revolving credit facility at more favorable terms. The consolidated joint venture has entered into three interest rate swap agreements to limit exposure to movements in market interest rates on the joint venture's revolving credit facility. The fair value of the swaps is reviewed quarterly. The interest rate swaps were not material to the Fund’s consolidated financial position at June 30, 2014 and results from operations for the period then ended. The combined notional amounts aggregate $62.5 million and are an indication of the extent of the Fund’s involvement in these instruments at the reporting date. The notional amounts do not necessarily indicate the amounts of future cash flows involved and, therefore, do not represent the Fund’s exposure to credit, interest rate or market risks. The swap agreements mature in December 2016.

(c) The Fund’s share of the principal balance includes amounts for consolidated joint ventures based on the

Fund’s estimated economic interest in the joint ventures as of the reporting date.

The mortgage loans payable are collateralized by properties with an aggregate estimated fair value of approximately $4.0 billion and $3.9 billion at June 30, 2014 and December 31, 2013, respectively. The debt agreements generally stipulate that the properties, and in limited cases the Fund, must comply with certain reporting and financial covenants. In addition, pursuant to two property loan agreements, the Fund has made guarantees totaling $64.0 million. Management believes the Fund and the underlying properties were in compliance with such covenants under the loan agreements at June 30, 2014.

16


10. Lines of credit

The Fund's available credit facilities with unaffiliated lenders consisted of the following at June 30, 2014 and December 31, 2013 ($ in millions):

Credit facility

Committed amount

Outstanding borrowings

Committed amount

Outstanding borrowings

Variable interest rate

Maturity date (a)

Per annumfees

Line 1 200.0$ -$ 200.0$ -$ One-month LIBOR plus 1.05%

July 2016 0.15% of committed amount

Line 2 200.0$ -$ -$ -$ One-month LIBOR plus 1.05%

March 2017 0.125% of unused amount

Line 3 200.0$ -$ -$ -$ One-month LIBOR plus 1.05%

May 2018 0.125% of unused amount

600.0$ -$ 200.0$ -$

June 30, 2014 December 31, 2013

(a) Each credit facility has two one-year options to extend the maturity date. The terms of each agreement includes various covenants which require, among other things, that the Fund maintain certain financial ratios. At June 30, 2014, management believes the Fund was in compliance with such covenants.

11. Advisory fees

The Advisor is entitled to receive, with respect to each investor in the Fund, an asset based fee (the “Base Fee”) and a fulcrum-type incentive fee (the “Incentive Fee”). The Base Fee for each quarter equals the investor’s annual applicable base fee percentage (prorated for the quarter) times the investor’s share of average net asset value, as defined in the Fund’s limited partnership agreement, for the quarter. An investor’s annual applicable base fee percentage is a blended percentage derived by reference to the annual base fee percentage set forth in the following table and based on the investor’s share of net asset value in the Fund (and other designated UBS Realty sponsored funds) as of the beginning of the quarter.

Annual base

Investor's share of net asset value in the Fund fee percentage

First $10 million 0.955%

Next $10 million to $25 million 0.825%




Above $250 million 0.600%

To the extent that average cash and cash equivalents held by the Fund for a quarter exceed 7.5% of the Fund’s average net asset value, the Base Fee with respect to such excess is reduced from the investor’s annual applicable base fee percentage otherwise payable (prorated for the quarter) to 0.20%.

17


11. Advisory fees (continued) The Incentive Fee is calculated with respect to each investor by multiplying the incentive fee percentage times the investor’s share of average net asset value for the quarter. The incentive fee percentage is centered at 0.15%, and ranges from a minimum of 0% to a maximum of 0.25%. The incentive fee percentage increases or decreases at a rate of 0.075% for each 1%, or portion thereof, that the Fund’s gross return is above or below the real return objective, defined as the percentage change in the Consumer Price Index for all urban consumers before seasonal adjustment (“CPI”) plus 5% per annum. The applicable incentive fee percentage for a quarter is determined using the Fund’s gross return and CPI values for the rolling four-quarter period ending on the last day of the prior quarter. Based on the performance of the Fund, the Incentive Fee portion of the advisory fee was $9.1 million and $17.9 million for the quarter and six months ended June 30, 2014, respectively. Fees are either paid by the Fund on behalf of each investor or directly billed to each investor. Fees paid by the Fund are deducted from each investor’s quarterly distribution and recorded as advisory fees expense in the accompanying Consolidated Statements of Operations. Fees directly billed to investors are not reflected in the accompanying consolidated financial statements. For the quarter and six months ended June 30, 2014, total fees charged to investors were approximately $37.2 million and $73.1 million, respectively.

12. Distributions

The Fund intends to make quarterly distributions, generally within 45 days of quarter end, in such amounts as the Advisor determines in its discretion. New investors automatically participate in the Fund’s distribution reinvestment plan whereby an investor’s distributions from the Fund are automatically reinvested in additional units on the same basis as additional contributions are invested in the Fund. Investors electing not to participate in the distribution reinvestment plan receive distributions as and when made by the Fund. The following are the distributions declared in 2014 and 2013, net of advisory fees ($ in thousands):

Quarter ended Distributions payable Reinvested Paid Paid or reinvested date

June 30, 2014 110,965$ 68,158$ 42,807$ July 2014

March 31, 2014 110,366$ 66,842$ 43,524$ April 2014

December 31, 2013 103,227$ 60,008$ 43,219$ January 2014

September 30, 2013 101,397$ 62,083$ 39,314$ October 2013

June 30, 2013 104,607$ 61,996$ 42,611$ July 2013

March 31, 2013 103,778$ 62,770$ 41,008$ April 2013

13. Redemptions

Investors may request redemption of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least 60 days prior to the end of the quarter. Redemption requests are subject to certain restrictions and the availability of cash arising from (i) any undistributed cash from operations in excess of the amount declared to be distributions, (ii) any proceeds from the sales, financings or refinancings of properties determined to be available for redemptions and (iii) any capital contributions received during a quarter, less (iv) any reserves deemed necessary by the Advisor, including amounts reserved in anticipation of acquisitions or other capital requirements. Should redemption requests exceed such available cash, the Fund will prorate available cash among withdrawing investors according to the ratio of the requesting investor’s units to the total units of all investors then requesting redemptions. Any redemption request that is not fully honored in any given quarter will be deemed effective in following quarters until completed. The Fund is not obligated to sell assets, borrow funds, alter investment or capital improvement plans or reduce reserves in order to honor redemption requests. Redemptions of units are made based on the Fund's net asset value as of the redemption date. At June 30, 2014, the Fund had eligible redemption requests of approximately $74.3 million, which were fully funded in July 2014.

18


14. Unit values and units outstanding

The Fund’s net asset value per unit is calculated in accordance with the Fund’s limited partnership agreement and is summarized as of June 30, 2014 and December 31, 2013 as follows:

Units outstanding 1,592,167.92 1,539,575.61

Net asset value per unit $ 9,210.62 $ 8,940.91

June 30, 2014 December 31,2013

The general partner may at its discretion accept from investors in-kind contributions of real estate interests to the Fund in exchange for limited partnership units.

15. Financial highlights

The following are certain financial highlights of the Fund for the quarter and six months ended June 30, 2014:

Quarter Six months

Total return, before advisory fees (a) 2.46% 5.06%

Ratios to average net assets (b) :

Net investment income, before fees 1.30% 2.57%

Advisory fees (c) 0.26% 0.53% (a) Returns are based on a time-weighted rate of return methodology. (b) Based on weighted-average net assets. (c) This ratio includes both fees deducted by the Fund and directly billed to investors (see Note 11).

16. Commitments

As of June 30, 2014, the Fund has outstanding commitments of approximately $684.8 million on previously funded real estate investments, including properties under construction or renovation. The Fund also has commitments of approximately $453.1 million for the funding of new real estate investments.

17. Supplemental cash flow information

The following is supplemental cash flow information for the quarter and six months ended June 30, 2014 ($ in thousands):

Quarter Six months

Interest 19,568$ 37,908$

Income taxes 1,430$ 1,669$

Distributions reinvested 66,842$ 126,850$

Increase in distributions payable 599$ 7,738$

Cash paid during the period for:

Non-cash investing and financing activities:

18. Subsequent events

In July 2014, the Fund received contributions from investors totaling approximately $418.6 million.

19

UBS Trumbull Property Fund (UBS-TPF) Supplemental information for the quarter ended June 30, 2014 (unaudited) UBS Realty Investors LLC

20

UBS Trumbull Property Fund (UBS-TPF)Schedule of Real Estate Investments 6/30/2014 (unaudited)

ID City StateInvest type Square feet Income Apprec Total

APARTMENTS

3468 New York NY PM 452 Units 98% 7/13/2011 391,531 465,000 442,000 465,000 4.86 5.22 10.28

3442 Brooklyn NY PM 329 Units 99% 12/31/2007 225,037 240,000 225,000 240,000 5.77 6.69 12.74

3335 Washington DC JV/D 462 Units 98% 4/16/2002 79,905 161,790 161,769 186,468 5.45 (0.23) 5.20

3458 West New York NJ CJV/C 316 Units 61% 6/27/2011 106,969 158,830 93,000 140,982 0.10 18.72 18.87

3913 Los Angeles CA WO 271 Units 94% 5/16/2014 154,045 154,045 N/A 154,045 N/A N/A N/A

3476(5) Chicago IL CJV/C 332 Units N/A 6/29/2012 105,561 149,793 59,900 130,929 (0.37) 21.38 20.96

3463 Dublin CA WO/D 390 Units 99% 5/11/2011 112,722 144,000 132,000 144,000 5.75 14.97 21.33

3414 Chula Vista CA WO/D 500 Units 97% 9/27/2007 121,956 133,000 122,000 133,000 7.49 15.87 24.22

3413 Miramar FL WO 512 Units 96% 9/6/2007 127,510 121,000 118,000 121,000 4.95 2.08 7.11

3310 Wayne NJ WO/D 465 Units 99% 12/22/1998 76,804 115,100 104,900 115,100 7.61 13.64 22.01

3380 Chicago IL WO/D 171 Units 99% 12/29/2005 94,655 113,000 109,000 113,000 4.98 3.56 8.66

3483(5) Glendale CA CJV/C 401 Units N/A 9/28/2012 88,483 108,046 51,000 95,016 0.00 16.67 16.67

3309 Alexandria VA JV/D 403 Units 97% 3/21/2001 54,494 104,448 106,966 115,734 4.34 (2.97) 1.28

3462 Hillsboro OR WO/D 497 Units 93% 12/1/2010 71,823 103,000 98,200 103,000 7.51 7.40 15.32

3466(5) Woodland Hills CA CJV/C 340 Units N/A 7/22/2011 80,390 92,639 59,400 91,891 0.00 11.54 11.54

3474(5) Patchogue NY CJV/C 291 Units N/A 5/15/2012 84,225 91,054 40,500 90,997 (0.19) 6.75 6.55

3325 Laguna Hills CA WO 233 Units 85% 8/1/1988 34,887 90,300 85,000 90,300 5.59 5.80 11.63

3274 Issaquah WA WO/D 354 Units 98% 9/12/1995 50,348 89,600 86,200 89,600 4.85 5.12 10.15

3402 Orange CA WO/D 278 Units 94% 10/30/2006 93,052 84,000 78,300 84,000 5.78 14.76 21.16

3284 Westminster CO WO/D 472 Units 96% 9/30/1997 46,628 81,500 74,000 81,500 6.45 12.54 19.59

3357 Germantown MD WO 332 Units 98% 2/12/2003 49,391 80,900 82,100 80,900 5.28 (2.46) 2.72

3343 Englewood CO WO/D 438 Units 95% 4/15/2003 55,886 80,400 78,000 80,400 6.84 5.69 12.81

3281 Arlington VA JV/D 435 Units 98% 9/30/1998 (16,675) 79,809 88,632 147,309 3.59 2.19 5.85

3408 Billerica MA WO/D 324 Units 99% 2/16/2007 85,520 79,400 76,800 79,400 4.32 8.31 12.88

3905 Riverside CA WO 432 Units 96% 11/26/2013 76,728 78,800 N/A 78,800 2.81 2.72 5.56

3471 North Hollywood CA WO/D 180 Units 96% 2/29/2012 75,416 78,000 76,400 78,000 3.13 2.73 5.93

3478 Houston TX WO/D 340 Units 98% 8/9/2012 66,622 78,000 75,200 78,000 5.46 7.19 12.94

Leasing%(6)

Investment date

One year return (%)(2)6/30/2014 Financial

statement cost ($000)

6/30/2014 Financial

statement fair value ($000)

6/30/2013 Financial


Gross market(1)

value ($000)

21



Leasing%(6)

Investment date



6/30/2014 Financial


6/30/2013 Financial


Gross market(1)

value ($000)

3296 Delray Beach FL WO/D 404 Units 97% 6/18/1998 52,777 76,300 73,600 76,300 5.97 4.77 10.97

3406 Norwalk CT WO 227 Units 99% 12/8/2006 77,289 76,300 72,200 76,300 4.91 4.28 9.35

3908 West Hemstead NY WO 150 Units 98% 1/24/2014 70,664 71,000 N/A 71,000 1.10 0.48 1.58

3472 Orlando FL WO 456 Units 95% 2/15/2012 64,628 68,150 64,300 68,150 5.33 3.23 8.69

3348 Durham NC WO 480 Units 99% 12/2/2003 48,349 67,700 65,400 67,700 5.65 2.84 8.61

3480 Lutz FL WO 451 Units 96% 8/14/2012 64,652 65,900 64,300 65,900 5.38 (0.39) 4.97

3484 Tempe AZ WO/D 404 Units 97% 11/16/2012 55,156 65,600 58,000 65,600 5.26 17.14 23.03

3495 Arlington VA JV/D 828 Units 93% 3/20/2013 69,211 64,708 71,692 186,958 4.68 (11.64) (7.34)

3475 Vacaville CA WO/D 312 Units 98% 5/31/2012 54,310 62,796 56,821 62,796 8.81 16.17 26.02

3390 Atlanta GA WO 423 Units 98% 5/12/2006 67,994 61,000 57,400 61,000 4.84 4.63 9.63

3467 Federal Way WA WO 339 Units 95% 6/28/2011 52,848 59,000 60,400 59,000 4.07 (4.71) (0.78)

3297 Scottsdale AZ WO/D 368 Units 96% 5/28/1998 35,415 58,200 59,000 58,200 5.96 (2.72) 3.11

3400 Bellingham MA WO 285 Units 97% 9/7/2006 61,028 57,400 53,200 57,400 5.30 7.28 12.87

3312 Scottsdale AZ WO/D 368 Units 97% 3/5/1999 34,766 56,700 58,400 56,700 5.92 (5.58) 0.06

3486(5) Charlotte NC JV/C 352 Units N/A 12/19/2012 51,545 55,699 12,038 55,699 0.00 11.42 11.42

3324 Boca Raton FL WO 188 Units 97% 2/13/2001 34,881 55,100 50,100 55,100 5.55 8.33 14.23

3329 North Bergen NJ WO/D 176 Units 98% 11/30/2001 52,714 54,400 52,200 54,400 6.63 (4.69) 1.71

3460 West Palm Beach FL WO 416 Units 97% 11/18/2010 55,922 53,900 57,100 53,900 4.88 (6.91) (2.28)

3248 Irving TX WO/D 529 Units 97% 8/29/1985 31,689 53,700 50,000 53,700 7.31 10.08 17.92

3294 Littleton CO WO/D 336 Units 99% 3/13/1998 32,556 53,500 49,300 53,500 5.75 10.87 17.08

3916 Irving TX WO 317 Units 98% 6/25/2014 53,278 53,278 N/A 53,278 N/A N/A N/A

3382 Cumberland RI WO 288 Units 100% 1/10/2006 55,195 53,100 49,400 53,100 5.82 6.86 12.97

3461 West Palm Beach FL WO 396 Units 96% 11/18/2010 51,753 53,000 54,600 53,000 4.84 (3.73) 0.98

3910(5) West Covina CA CJV/C 450 Units N/A 2/27/2014 52,049 52,049 N/A 38,804 0.00 0.00 0.00

3387 New York NY WO 97 Units 100% 3/26/2006 60,630 51,600 51,000 51,600 3.33 0.88 4.22

3213 San Ramon CA WO/D 192 Units 100% 10/16/1985 22,060 51,200 44,200 51,200 2.17 24.89 27.67

3364 Atlanta GA WO 305 Units 95% 9/27/2005 52,494 49,700 48,300 49,700 5.35 1.93 7.37

3405 American Canyon CA WO/D 216 Units 96% 12/27/2006 51,032 47,500 45,300 47,500 5.94 7.47 13.76

22



Leasing%(6)

Investment date



6/30/2014 Financial


6/30/2013 Financial


Gross market(1)

value ($000)

3499(5) Miami FL JV/C 462 Units N/A 9/27/2013 45,464 46,912 N/A 46,912 0.00 4.58 4.58

3337 Columbus OH WO 428 Units 97% 6/28/2002 33,718 45,200 44,800 45,200 6.30 (0.59) 5.68

3381 Alpharetta GA WO/D 352 Units 97% 12/29/2005 40,431 44,400 40,700 44,400 5.76 10.67 16.90

3488 Denver CO WO/D 201 Units 98% 1/18/2013 38,555 38,600 38,800 38,600 3.79 (1.73) 2.02

3326 Frederick MD WO 204 Units 95% 8/10/2001 24,000 38,100 37,600 38,100 5.21 0.40 5.63

3283 Delray Beach FL WO/D 228 Units 98% 9/15/1997 23,967 37,300 35,300 37,300 6.99 4.19 11.41

3269 Mount Laurel NJ WO/D 288 Units 97% 12/21/1994 23,031 35,500 35,400 35,500 6.22 (3.98) 2.07

3485 Renton WA WO 153 Units 99% 10/31/2012 28,800 34,200 30,400 34,200 5.12 11.39 16.95

3914(5) Los Angeles CA CJV/C 281 Units N/A 5/16/2014 33,465 33,465 N/A 32,465 N/A N/A N/A

3291 Plano TX WO/D 232 Units 100% 12/22/1997 19,495 29,200 27,000 29,200 7.95 10.95 19.54

3299 Austin TX WO/D 195 Units 96% 6/30/1998 22,533 27,500 24,300 27,500 5.58 20.65 27.05

3454 Arlington VA JV/D 270 Units 97% 3/23/1993 1,106 25,039 28,941 50,261 3.75 2.34 6.16

3901(5) Houston TX JV/C 431 Units N/A 10/28/2013 24,574 23,986 N/A 23,986 (0.01) (2.43) (2.44)

3452 Arlington VA JV/D 134 Units 98% 3/26/1993 2,073 16,768 16,998 26,732 3.43 (1.94) 1.44

3911(5) Falls Church VA CJV/D 224 Units N/A 2/4/2014 14,568 14,568 N/A 13,129 0.00 0.00 0.00

3481(5) Arlington VA JV/C 68 Units N/A 7/1/2012 6,896 12,835 13,025 12,835 31.50 (9.93) 19.55

3912(5) Nashville TN JV/C 431 Units N/A 2/24/2014 11,469 11,469 N/A 11,469 0.00 0.00 0.00

3496 Arlington VA JV 252 Acres N/A 3/20/2013 7,560 7,950 7,550 7,950 0.00 5.30 5.30

3440 Arlington VA JV 100 Units 100% 3/26/1993 198 330 330 330 17.03 (2.27) 21.57

3353 Gainesville FL WO 444 Units Sold 9/15/2004 0 0 43,000 0 N/A N/A N/A

3409 Arlington VA JV 69 Units Sold 3/26/1993 0 0 481 0 N/A N/A N/A

SUBTOTALS 4,462,702 5,527,255 4,527,142 5,721,924

HOTEL

3455 New York NY WO 208 Rooms 75% 6/11/2010 154,266 155,800 128,500 155,800 (0.27) 8.42 8.18

3361 Dallas TX WO/D 448 Rooms 77% 4/1/2005 186,463 153,000 134,100 153,000 7.18 17.17 25.34

3392 Denver CO WO 512 Rooms 85% 6/20/2006 132,366 123,391 121,681 123,391 7.26 (3.57) 3.48

3459 Tampa FL WO 445 Rooms 85% 11/5/2010 84,527 95,300 92,900 95,300 8.83 (2.56) 6.04

3318 Baltimore MD JV/D 753 Rooms 79% 2/15/2001 50,184 80,362 78,649 120,093 10.21 (0.79) 9.35

23



Leasing%(6)

Investment date



6/30/2014 Financial


6/30/2013 Financial


Gross market(1)

value ($000)

3322 Baltimore MD JV 524 Rooms 79% 12/22/1988 98,133 80,076 79,842 80,076 6.23 (2.94) 3.12

3316 Oak Brook IL WO 350 Rooms 74% 7/16/1999 75,477 46,700 47,400 46,700 9.59 (3.27) 6.12

SUBTOTALS 781,417 734,629 683,072 774,360

INDUSTRIAL

Various (3) Various Various CJV/D 10,173,153 99% Various 593,766 646,704 531,538 578,952 N/A N/A N/A

3445 Hayward CA WO 1,108,448 98% 3/5/1981 52,376 90,500 82,800 90,500 6.39 8.48 15.27

3305 Weston FL WO 848,653 80% 10/23/1998 65,793 85,300 89,200 85,300 5.52 10.05 15.96

3338 Morrisville NC WO 846,296 98% 12/27/2002 52,109 52,000 49,502 52,000 7.92 2.95 11.03

3340 Montgomery NY WO 761,000 100% 3/28/2003 34,896 51,500 49,000 51,500 6.63 5.07 11.95

3341 Lacey WA WO 756,400 100% 3/28/2003 28,624 49,400 40,100 49,400 5.80 23.32 30.07

3479 Braselton GA WO 807,990 100% 8/8/2012 42,649 43,500 43,000 43,500 8.29 1.17 9.53

3397 Dupont WA WO 451,151 100% 9/12/2006 28,335 35,500 31,900 35,500 5.66 11.17 17.29

3178 Rancho Cucamonga CA JV 445,741 100% 8/5/1985 19,210 34,735 32,326 34,735 5.09 6.14 11.46

3419 Pleasant Prairie WI JV 602,376 100% 9/18/2007 38,415 34,575 32,923 34,575 7.24 (0.03) 7.21

3342 Baytown TX WO 756,000 100% 3/28/2003 21,338 33,600 30,500 33,600 6.18 10.22 16.86

3282 Elmhurst IL WO 340,714 68% 7/31/1997 33,940 32,600 28,700 32,600 4.88 12.84 18.19

3477 Mansfield MA WO 429,057 100% 6/30/2012 29,181 32,400 30,300 32,400 7.88 6.93 15.20

3415 Franklin Park IL JV 458,884 100% 9/18/2007 42,246 29,444 29,083 29,444 12.53 (5.61) 6.97

3398 Byhalia MS WO 935,000 100% 9/12/2006 32,607 28,700 28,200 28,700 7.92 1.26 9.25

3487 Doral FL WO 209,000 100% 12/12/2012 26,126 28,500 26,300 28,500 6.66 8.41 15.48

3275 Hodgkins IL WO 562,617 100% 11/6/1995 20,238 27,700 25,100 27,700 6.75 7.42 14.53

3906 Phoenix AZ WO 400,000 100% 12/3/2013 26,342 26,700 N/A 26,700 2.54 1.37 3.92

3915(5) Fontana CA CJV/C 744,642 N/A 6/9/2014 23,807 23,807 N/A 23,807 N/A N/A N/A

3425 Pleasant Prairie WI JV 502,000 100% 9/18/2007 22,998 21,891 21,198 21,891 6.47 1.96 8.53


3359 Rochelle IL WO 400,393 100% 3/7/2005 14,478 17,400 17,600 17,400 8.64 (1.59) 6.95

3280 Eden Prairie MN WO 204,000 84% 12/31/1996 14,990 17,300 16,400 17,300 4.89 4.24 9.28

3278 Maplewood MN WO 185,750 81% 12/30/1996 14,963 16,900 14,500 16,900 4.73 13.31 18.50

24



Leasing%(6)

Investment date



6/30/2014 Financial


6/30/2013 Financial


Gross market(1)

value ($000)


3416 North Chicago IL JV 395,064 100% 9/18/2007 20,475 15,210 14,591 15,210 7.48 3.20 10.86

3417 Gurnee IL JV 213,141 100% 9/18/2007 17,007 14,021 13,416 14,021 0.68 9.38 10.02

3429 Wadsworth IL JV 228 Acres N/A 9/18/2007 11,725 13,948 14,725 13,948 0.09 0.25 0.34

3424 Gurnee IL JV 161,200 77% 9/18/2007 12,514 12,528 11,840 12,528 5.91 4.72 10.83

3444 Gurnee IL JV 255,216 88% 9/18/2007 11,176 11,015 8,907 11,015 4.00 4.22 8.38

3418 Gurnee IL JV 133,258 100% 9/18/2007 12,216 10,932 10,422 10,932 5.96 2.49 8.57

3320 Eagan MN WO 157,428 86% 9/8/2000 10,212 9,800 9,700 9,800 5.89 (0.23) 5.65

3277 Lincolnshire IL WO 145,186 49% 2/27/1996 8,054 7,900 7,800 7,900 4.61 1.26 5.94

3464 Sturtevant WI JV 184,450 100% 9/18/2007 6,845 7,816 6,346 7,816 9.16 5.09 14.58

3448 Sturtevant WI JV 153,600 100% 9/18/2007 6,409 6,309 6,080 6,309 8.42 0.62 9.07

3492 Elk Grove Village IL JV 87,975 57% 9/18/2007 7,009 5,979 2,048 5,979 1.44 (64.96) (64.46)

3427 Pleasant Prairie WI JV 234 Acres N/A 9/18/2007 6,311 4,907 6,957 4,907 N/A N/A N/A

3421 Franklin Park IL JV 142,477 38% 9/18/2007 10,733 4,741 4,691 4,741 2.34 5.80 8.19

3450 Pleasant Prairie WI JV 54 Acres N/A 9/18/2007 4,976 4,435 4,757 4,435 (0.32) 0.79 0.47

3420 Franklin Park IL JV 14 Acres N/A 9/18/2007 12,107 3,193 4,116 3,193 (2.26) 1.02 (1.25)

3426 Gurnee IL JV 25 Acres N/A 9/18/2007 3,118 2,526 2,820 2,526 (5.03) 6.16 0.91

3423 Elk Grove Village IL JV 125,000 N/A 9/18/2007 3,720 2,019 2,316 2,019 (4.93) 2.85 (2.25)

3447 Sturtevant WI JV 47 Acres N/A 9/18/2007 2,561 1,993 1,452 1,993 (2.68) (11.60) (14.05)

3422 Franklin Park IL JV 99,964 56% 9/18/2007 3,172 1,056 1,305 1,056 (3.38) 0.76 (2.59)

3300 Buffalo Grove IL WO 3 Acres N/A 6/30/1998 704 770 18,335 770 5.95 (2.93) 3.18

3358 Rochelle IL JV 24 Acres N/A 12/17/2004 963 620 633 620 (2.61) 0.64 (1.97)

3449 Elk Grove Village IL JV 2 Acres N/A 10/30/2008 1,162 505 319 505 11.49 88.47 108.51

3428 Sturtevant WI JV 11 Acres N/A 9/18/2007 (234) 306 618 306 (6.50) 24.26 16.61

3401 McDonough GA WO 504,000 Sold 10/4/2006 0 0 11,000 0 N/A N/A N/A

1,485,654 1,640,263 1,433,925 1,572,511

25



Leasing%(6)

Investment date



6/30/2014 Financial


6/30/2013 Financial


Gross market(1)

value ($000)

OFFICE

3391 New York NY WO 838,217 100% 6/29/2006 656,365 670,000 675,000 670,000 4.90 (0.89) 3.98

3470 Boston MA WO/D 1,172,076 89% 12/21/2011 626,565 648,000 607,000 648,000 3.44 11.42 15.15

3469 Chicago IL CJV/D 1,118,148 100% 12/15/2011 384,475 435,000 401,000 437,382 6.28 7.29 13.91

3412 Washington DC WO 393,816 80% 5/24/2006 238,555 260,000 258,000 260,000 5.18 0.64 5.85

3465 New York NY JV/D 1,904,272 96% 7/1/2011 195,287 241,371 196,388 428,153 9.23 15.47 25.71

3443 Seattle WA WO 614,723 80% 10/17/1984 223,602 240,000 219,000 240,000 3.12 4.29 7.51

3393 Denver CO WO 759,008 91% 6/20/2006 157,869 232,609 209,356 232,609 4.63 7.19 12.07

3262 Denver CO WO 697,555 91% 4/16/1982 139,603 209,450 185,000 209,450 5.74 11.82 18.06

3184 San Francisco CA CJV 374,200 86% 12/30/1985 161,530 205,000 177,800 209,075 3.43 13.96 17.73

3395 Pasadena CA WO 637,651 97% 5/25/1984 180,421 204,000 181,000 204,000 7.65 10.69 18.94

3349 Pleasanton CA WO 595,608 98% 12/11/2003 190,722 150,000 139,000 150,000 8.31 7.66 16.47

3439 Mettawa IL WO 558,859 100% 5/10/2006 150,188 150,000 154,000 150,000 7.90 (2.61) 5.14

3290 Houston TX WO 490,505 92% 11/2/1997 85,804 143,352 127,100 143,352 3.89 8.78 12.91

3490 Portland OR WO/D 398,412 91% 2/22/2013 130,953 139,000 132,000 139,000 7.73 13.01 21.46

3285 Arlington VA WO 241,265 68% 9/30/1997 61,506 91,500 96,100 91,500 4.49 (6.04) (1.76)

3307 (4) Chicago IL WO 335,112 87% 11/12/1998 87,388 88,900 88,300 88,900 6.31 (2.44) 3.75

3473 Orange CA WO 400,334 96% 6/29/2007 104,289 83,800 93,300 83,800 4.70 (12.58) (8.24)

3384 Washington DC WO 174,592 81% 4/10/2006 63,715 79,900 78,500 79,900 4.71 0.42 5.14

3396 Framingham MA CJV/D 396,040 100% 8/17/2006 95,798 78,350 72,900 76,777 6.75 7.38 14.49

3286 Tampa FL WO 265,976 84% 10/20/1997 68,018 62,954 57,800 62,954 6.29 5.83 12.38

3221 Salt Lake City UT WO 261,587 78% 8/20/1982 56,253 57,000 53,500 57,000 4.72 0.68 5.41

3347 Charlotte NC WO 584,325 93% 10/15/2003 78,059 55,700 58,042 55,700 12.75 (6.54) 5.59

3350 Golden Valley MN WO 340,258 100% 3/24/2004 41,209 47,700 44,900 47,700 8.59 6.28 15.26

3334 Basking Ridge NJ WO 210,294 73% 4/30/2002 68,953 40,919 35,367 40,919 5.62 9.68 15.72

3411 Tualatin OR WO 341,904 82% 8/20/1998 59,204 40,500 35,300 40,500 6.93 9.15 16.56

3394 Irving TX WO 165,003 100% 6/8/2006 22,556 27,100 22,000 27,100 1.55 20.30 21.77

3330 Greensboro NC WO 164,938 100% 12/28/2001 24,892 25,900 25,700 25,900 8.06 0.76 8.86

26



Leasing%(6)

Investment date



6/30/2014 Financial


6/30/2013 Financial


Gross market(1)

value ($000)

3313 Irving TX WO 160,000 100% 9/23/1999 25,693 23,100 21,900 23,100 9.11 5.35 14.82

3331 Irving TX WO 135,200 100% 1/30/2002 22,541 22,600 19,900 22,600 7.53 7.26 15.24

3306 Sunrise FL WO 91,221 65% 11/13/1998 18,667 16,900 19,200 16,900 6.29 (12.62) (6.83)

3328 Wood Dale IL WO 238,397 16% 9/27/2001 35,371 15,000 15,500 15,000 (2.06) (3.30) (5.33)

3250 Rancho Cordova CA WO 128,247 81% 9/29/1989 17,306 14,200 12,200 14,200 6.80 15.26 22.90

3317 Irving TX WO 58,380 100% 3/7/2000 9,573 10,790 9,200 10,790 10.32 8.59 19.58

3189 Dallas TX WO 203,688 78% 6/19/1979 32,331 9,600 9,100 9,600 5.34 0.01 5.39

4,515,261 4,820,195 4,530,353 5,011,861

RETAIL

3457 Cambridge MA CJV 524,622 96% 5/18/1989 291,385 550,100 502,600 552,458 4.82 9.36 14.52

3339 Dallas TX WO/D 568,767 90% 12/24/2002 401,427 500,000 479,000 500,000 3.49 3.45 7.05

3904 Chicago IL JV/D 820,918 96% 11/19/2013 323,498 344,256 N/A 439,868 1.90 6.47 8.43

3456 Montebello CA WO 381,491 98% 12/29/1988 183,355 276,000 250,000 276,000 5.83 10.28 16.56

3352 Millbury MA PM 786,912 98% 9/23/2004 156,000 189,200 184,300 189,200 6.04 2.67 8.83

3301 Stamford CT JV 522,262 76% 9/17/1998 148,640 152,864 151,665 152,864 5.53 (0.67) 4.83

3367 Chino CA CJV 457,613 97% 12/16/2005 137,612 135,000 128,000 132,902 5.31 3.97 9.44

3909 Westminster CO CJV 605,886 88% 12/23/2013 124,459 125,400 N/A 123,520 2.79 0.75 3.55

3482 Riverside CA CJV 408,194 78% 9/18/2012 96,634 112,000 92,800 106,876 4.59 7.18 12.01

3494 Pleasant Hill CA WO 345,919 97% 3/8/2013 106,580 111,000 102,000 111,000 5.91 2.70 8.66

3404 Mansfield MA PM 369,638 99% 11/9/2006 103,710 105,800 103,500 105,800 6.44 2.23 8.78

3497 Rolling Hills Estates CA CJV 297,354 75% 3/14/2013 88,474 91,100 91,400 89,970 4.48 0.06 4.54

3308 (4) Chicago IL WO 195,500 100% 11/12/1998 58,901 90,800 80,000 90,800 5.92 13.51 20.02

3363 White Plains NY WO 248,200 73% 9/13/2005 164,774 90,000 88,800 90,000 4.79 1.36 6.19

3375 Phoenix AZ CJV 782,453 99% 1/25/2006 114,688 88,100 82,300 88,564 6.04 5.05 11.31

3386 Burlington MA WO 193,154 93% 1/30/2006 104,060 83,079 77,700 83,079 6.71 4.67 11.61

3377 Mesa AZ CJV 323,304 95% 1/25/2006 101,931 72,100 70,400 72,048 7.10 1.86 9.06

3371 Pico Rivera CA CJV 221,055 100% 12/16/2005 69,712 71,800 68,900 70,726 6.14 3.09 9.38

3403 Chandler AZ CJV 256,174 100% 10/25/2006 72,483 60,000 55,100 58,672 7.31 8.77 16.56

27



Leasing%(6)

Investment date



6/30/2014 Financial


6/30/2013 Financial


Gross market(1)

value ($000)

3491 Humble TX CJV/D 348,542 100% 3/22/2013 50,991 58,000 50,800 51,921 10.32 15.75 27.27

3378 Gilbert AZ CJV 251,263 97% 1/25/2006 78,065 54,000 53,000 55,075 7.39 1.49 8.97

3372 El Cajon CA CJV 191,609 100% 12/16/2005 46,458 50,800 48,600 49,573 5.36 3.53 9.02

3379 Chandler AZ CJV 190,051 97% 10/25/2006 54,982 43,800 41,300 41,875 8.63 5.43 14.40

3369 Mesa AZ CJV 241,324 88% 12/16/2005 63,348 40,100 38,600 42,493 5.89 0.05 5.93

3373 Scottsdale AZ CJV 168,096 97% 12/16/2005 38,352 33,200 31,300 32,753 6.75 5.77 12.82

3900 Glendale CA CJV/D 23,000 100% 11/22/2013 10,612 12,400 N/A 11,930 1.28 28.82 30.24

3366 San Diego CA CJV 102,610 100% 12/16/2005 10,158 11,200 10,800 10,886 6.66 3.55 10.39

3365 Phoenix AZ CJV 41,425 100% 12/16/2005 12,647 10,600 10,400 10,296 7.62 1.03 8.71

3356 Atlanta GA WO 11 Acres 13% 10/21/2004 11,883 7,700 12,500 7,700 1.87 0.51 2.41

3376 Phoenix AZ CJV 17,965 93% 1/25/2006 5,370 5,400 4,400 5,225 6.91 22.03 30.15

3907 Humble TX CJV 9 Acres N/A 12/20/2013 342 1,500 N/A 944 (1.27) 183.83 180.33

SUBTOTALS 3,231,534 3,577,299 2,910,165 3,655,019

GRAND TOTAL 14,476,567 16,299,641 14,084,657 16,735,676

Investment type: WO - Wholly ownedJV - Joint ventureCJV - Consolidated joint venturePM - Participating mortgageC - Construction loanD - Investment has third party debt

(1) The market value numbers are gross of TPF share of third party debt.(2) If acquired during the one-year period, return is for period held starting with the first full quarter. Returns include the effects of leverage.(3) The investment consists of 116 properties in 31 states, of which four properties are under development.(4) The two properties footnoted are considered one investment.(5) Properties under development.(6) Leased percentages for Hotels represent average occupancy for the quarter.

NCREIF life cycle allocations are as follows: Operating/Stabilized 93.8%, Initial Leasing 0.9%, Development 4.0%, Renovation 0.9%, and Predevelopment 0.4%.Investment structure allocations are as follows: Wholly Owned 58.5%, Joint Ventures 35.5%, and Participating Mortgages 6.0%.Confidential: for client use only

28

UBS Trumbull Property Fund (UBS-TPF) Performance matrixOne-year levered returns6/30/2014 (unaudited)

Dollars in millions

Property type East Midwest South West Total% % % % %

ApartmentsIncome 4.70 2.82 5.24 4.86 4.75Appreciation 3.84 11.02 3.30 9.15 5.48Total 8.67 14.08 8.66 14.35 10.42

# investments 27 3 19 25 74Gross market value $2,520.9 $289.1 $1,009.8 $1,902.1 $5,721.9

HotelIncome 4.14 9.59 7.93 7.26 6.22Appreciation 2.85 -3.27 7.35 -3.57 2.51Total 7.08 6.12 15.78 3.48 8.85

# investments 3 1 2 1 7Gross market value $356.0 $46.7 $248.3 $123.4 $774.4

Industrial*Income 7.51 6.30 7.11 6.21 6.66Appreciation 3.93 4.81 5.44 9.11 5.66Total 11.66 11.34 12.84 15.73 12.60

# investments 3 34 5 6 48Gross market value $239.6 $619.0 $378.5 $335.4 $1,572.5

OfficeIncome 5.51 6.64 5.18 5.36 5.60Appreciation 3.45 3.44 7.00 7.49 5.10Total 9.10 10.25 12.44 13.14 10.91

# investments 10 5 8 11 34Gross market value $2,376.8 $739.0 $316.4 $1,579.6 $5,011.9

RetailIncome 5.40 5.26 3.88 5.93 5.37Appreciation 5.24 11.54 4.30 4.99 5.65Total 10.85 17.26 8.33 11.14 11.24

# investments 6 2 4 19 31Gross market value $1,173.4 $530.7 $560.6 $1,390.4 $3,655.0

TotalIncome 5.19 5.85 5.57 5.52 5.44Appreciation 3.95 5.82 4.88 6.86 5.28Total 9.29 11.93 10.65 12.66 10.92

# investments** 49 45 38 62 194Gross market value $6,666.7 $2,224.5 $2,513.6 $5,330.9 $16,735.7

* The Becknell Industrial Portfolio consists of 116 properties in four regions. For property count purposes only, this investment is classified as one property in the Midwest.

** One office/retail property in the Midwest is counted as two investments.Performance includes properties sold during year which are not reflected in property count or gross market value at 6/30/14.The Market Value numbers are gross of TPF's share of third-party debt.

Region

Rates of return are time-weighted; include reinvestment of income; and are before deduction of advisory fees. Rates of return include effects of leverage; market values are gross of debt.

29

UBS Realty Investors LLC 10 State House Square15th Floor Hartford, CT 06103-3604 Ph: 860-616 9000 Fax: 860-616 9104 www.ubs.com/realestate

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UBS Trumbull Property Fund