Quarterly Report 4Q15, Trumbull Property Fund

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Quarterly Report 4Q15, Trumbull Property Fund

TPF

For current investors and consultants only

The featured property for the Fund's 2015 quarterly reports is the 1177 Avenue of the Americas office tower in New York, NY. This one million-square-foot Class A office tower occupies an entire city block in Manhattan's Midtown office market. 1177 is centrally located within walking distance to Rockefeller Center, Times Square and all three of the City's major transit hubs. Built in 1991, the property is unique not only in its location, but in its quality and construction. The 47-story trophy asset was 95% leased to 25 tenants as of December 31, 2015.

The photos on this page highlight some of the architectural features of this Art Deco designed building. The 1991-built asset is the newest property in its competitive set, providing trophy asset construction. The 1177 tower incorporates the finest building materials, including Finnish granite exterior cladding and a 45' lobby with granite floors and limestone walls. The property offers four different floor plates ranging from 9,900 square feet to 33,600 square feet, providing flexibility in meeting various space demands. The "L" shaped configuration on the 2nd through 31st floors provide for 40% greater window area per floor, providing unparalleled light and air even on lower levels.

Cover and above photos: 1177 Avenue of Americas, New York, NY

The Trumbull Property Fund LP (“TPF” or the “Fund”) is an open-end, commingled private real estate portfolio advised by UBS Realty Investors LLC. The REIT-based fund is structured as a limited partnership.

A supplemental information package containing TPF financial statements, performance by region and property type, and a property listing is included for clients. To request other information, call Kevin Crean at 860-616 9039, Steve Olstein at 860-616 9139, Pam Thompson at 860-616 9014, Peter Juliani at 860-616 9219, or your portfolio and client services representative.

This communication is not a recommendation, an offer, or the solicitation of an offer to buy any security, or an offer to any person in any jurisdiction in which such offer, solicitation, purchase or sale could be unlawful under the law of such jurisdiction.

All information furnished in this report is confidential and proprietary information of TPF, its general and limited partners and UBS Realty Investors LLC. This material should not be shared with third parties without the prior written permission of UBS Realty Investors LLC.

Sections of this report relating to future prospects that are “forward-looking statements” are based upon certain assumptions. Actual results may be materially different. Variances may include, but are not necessarily limited to: forecast versus actual 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 December 31, 2015.

Any updates to the information will be made in the next quarterly report. Unless otherwise noted, income returns, realized/unrealized gains and losses, and property level returns are presented before the deduction of advisory fees and before any contract charges that were in effect through February 29, 2008.

Dear Investor,This report presents brief comments on economic and real estate market conditions as well as the results of the Trumbull Property Fund ("TPF” or the “Fund”) for the fourth quarter of 2015.

The US economy continues to support demand for commercial real estate, with job growth reaccelerating during the last months of 2015. Even as the labor market strengthened, Gross Domestic Product (GDP) slowed, weakened by a reduction in business inventories and a wider trade gap. Over the full year, the US economy grew by 1.8%. This slow but positive growth was enough to support continued rent growth across all commercial real estate property types during the second half of 2015.

Even with tumult in the equities markets, conditions remain supportive for commercial real estate. Interest rates are low, rent growth is strong and supply growth remains low-to-balanced across the five major property types. Nationally, transactions appear to have leveled off with US sales at an all-time high of USD 456 billion for the five major property types during 2015. Office and apartment assets had the greatest dollar sale volumes during the year. Vacancy rates across all major property types are decreasing or stable at relatively low levels.

As of the fourth quarter of 2015, the Fund continued to outperform the NFI-ODCE benchmark for the long term, but underperformed in the shorter time periods. The underperformance over the shorter term was due primarily to its lower leverage ratio as compared to the NFI-ODCE. As of December 31, 2015, the Fund’s 15.6% leverage ratio was 6.8 percentage points lower than the 22.4% leverage ratio for the NFI-ODCE excluding TPF. Over the longer term, in line with its low risk strategy, TPF has held only about one-half of the leverage of the other funds in the NFI-ODCE.

The portfolio offers compelling mid- to long-term risk-adjusted returns, with the Number 1 ranking (as reported by NCREIF) for the 10-year Sharpe Ratio and Standard Deviation risk/volatility measures. The Fund’s greater allocation to multifamily properties and lower allocation to office assets relative to the NFI-ODCE is a contributor to lower portfolio volatility. Our allocation to multifamily is also in line with our proprietary Investable Universe Inventory Model (see Notes at the end of this report).

The Fund’s consistent core strategy execution and strong relative performance over the mid- to long-term has driven significant investor interest for deposits into TPF over the past several years. On January 2, 2016, the Fund accepted deposits of USD 392.1 million. The strong acquisitions volume closed during the year has contributed towards a shorter wait time for deposits into the Fund; it is anticipated that additional deposits may be accepted at the next quarterly deposit date. Redemptions paid out for the fourth quarter of 2015 totaled USD 604.6 million.

During the 2015 calendar year, we closed 50 new investments totaling over USD 2.3 billion. By property type, CBD/ transit-oriented office assets represented 40% of total investments, with additional investments funded into industrial (23%), retail (19%) and apartment assets (18%). The majority of our investment geographically during the year was made in the West region (at 58%), with 26% in the East, 12% in the South, and 4% in the Midwest region. Going forward, we anticipate a more balanced focus between the West and East region investments, having succeeded at our several-year strategy of increasing the Fund's allocation in the West (up from 27% four years ago to 37% today). This balance is in line with the historical performance of these two regions; overall, the East region outperformed the West region roughly half of the time over the past 20 years.

During 2015, we are pleased to have invested over USD 518 million in core industrial assets, increasing our industrial allocation from 9% one year ago, up to 11% as of December 31, 2015. Our key industrial relationship partners have continued to provide access to industrial pipeline through off-market transactions. Industrial assets for the Fund provided the greatest one-year return (of 18.1%) relative to the other property types and are outperforming the benchmark for all time periods tracked.

Continued on next page...

Kevin M. Crean Managing Director

Stephen J. Olstein Executive Director

Pamela J. Thompson Executive Director

At this time, over USD 500 million of additional investments are already approved in investment committee or under letter of intent, with other transactions in the bidding stage. While pricing has been extremely competitive for core investments, we maintain our disciplined underwriting process and invest only where we feel that the expected returns are in line with the anticipated risks of new investments.

Our outlook for dispositions during 2015 targeted a range of USD 700 million to USD 900 million. During 2015, we sold 16 assets totaling USD 864.8 million and as a result, 2015 was TPF's largest sale volume year in Fund history. We have continued to enhance the quality of the portfolio through strategic sales in the currently strong investment market.

This year our net operating income from the Fund's assets grew very strongly, well in excess of national economic growth. The 2015 same-property NOI was 8.4% greater than it was in 2014. A large part of this growth was driven from apartment and industrial development assets as they reached stabilization, while strong increases were also provided from our already-stabilized assets, especially office properties.

We continue to decrease the weighted average interest rate cost of debt to the Fund, as we are paying off higher-interest rate debt at maturity and replacing it with new debt at more favorable rates. In November 2015, we closed our second private placement fund-level credit facility with four key life company relationship lenders. This USD 500 million, 10-year loan provides an attractive 3.64% interest rate. This strategy of replacing maturing debt (with an average interest rate of approximately 6%), with lower interest rate debt, is expected to generate interest savings of over USD 11,800,000 per year. The Fund's weighted average cost of debt (at 3.8% as of December 31, 2015), is expected to decline further during 2016.

Thank you for the opportunity to continue managing real estate investments on your behalf.

Kind regards,

Page

Executive Summary 1

Fund Benchmark Comparison 3

Portfolio Strategy and Activity 5Mission 5Strategy 5Return objectives 5Acquisitions 5Sales 9Asset management 9Financing 12Debt summary 12Leasing summary and trends 13Commercial lease expirations 13

Return Analysis 14Same-property net operating income 14Realized/unrealized gains and losses (4Q15) 14

Performance Analysis 15Returns by property type 15Returns by geographic region 15Performance discussion (12 months) 15

Market Perspective 16Economic viewpoint 16 Commercial real estate 16

Contents

1

Executive Summary

Fund highlightsThe Fund’s total return for the fourth quarter 2015 was 3.02%, consisting of a 1.20% income return and a 1.82% appreciation return. The net realized/unrealized gain totaled USD 331.0 million. Apartments and retail properties provided the largest dollar volume of appreciation during the quarter. Net investment income before fees during the fourth quarter totaled USD 217.3 million.

During the quarter, TPF made 19 investments, including two office assets, three apartment properties, 13 industrial investments and one retail investment for a total commitment of USD 500.3 million. Five industrial assets and one partial industrial asset were sold for a gross sales price of USD 25.7 million. Numerous additional acquisition and sale transactions are currently in process.

Table 1 – Return summary Annualized

Periods ended December 31, 2015 Quarter (%) 12 months (%) 3 years (%) 5 years (%) 10 years (%)Since inception

1/13/78 (%)

Net investment income 1.20 4.97 5.08 5.19 5.58 7.65

Net realized/unrealized gain 1.82 7.69 6.36 6.25 1.21 1.39

Total, before advisory fee 3.02 12.94 11.69 11.68 6.85 9.12

Total, net of advisory fee1 2.76 11.83 10.57 10.56 5.84 8.12

CPI (0.60) 0.73 1.00 1.53 1.86 3.58

NFI-ODCE gross 3.34 15.02 13.81 13.66 6.53 8.75

2015 fourth quarter

2015 full year actual

2015 full year outlook2

2016 full year outlook3

Fund income gross return (%) 1.20 4.97 5.4 5.0

Fund appreciation return (%) 1.82 7.69 4.6 3.75

Fund total gross return (%) 3.02 12.94 10.0 8.75

Investment acquisitions (USD m) 500.3 2,305.1 2,400 1,000

Investment sales (USD m) 25.7 864.8 700 – 900 500 - 700

Rates of return are time-weighted, leveraged, and include reinvestment of income. Past performance is not indicative of future results. CPI is not seasonally adjusted. 1 See end note 4. 2 Estimates for 2015 calendar year were outlined in late 2014.3 Estimates for 2016 calendar year were outlined in late 2015.

Table 2 – Quarterly summary

Gross assets (USD bn)1 22.3

Net assets (USD bn) 18.5

Number of investments 219

Number of investors2 421

Leverage (% of gross assets) 15.6

Cash (% of gross assets) 3.1

Deposits (USD m)2 392.1

Redemptions (USD m)2 604.6

Income distributions (USD m)2 52.1

One-year gross income distribution yield (%)3 4.1

1 Represents the Fund’s share of gross assets.2 Deposits, redemptions and income distributions are processed at the beginning of the

following quarter. Income distributions taken by investors totaled USD 52.1 million, which represented 38% of the USD 136.7 million of net distributable cash for the quarter. Any changes in investor count will be reflected next quarter.

3 Rolling one-year income distribution as a percentage of prior net assets.

2

Table 3 – Consolidated financial highlights

USD in thousands December 31, 2015

September 30, 2015

Real estate investments, at fair value:

Properties 18,212,785 16,843,794

Investments in unconsolidated joint ventures 2,017,326 2,360,502

Mortgage investments 847,000 833,700

Total real estate investments, at fair value 21,077,111 20,037,996

Total real estate investments, at cost 17,292,977 16,626,615

Cash and cash equivalents 761,059 406,792

Total assets 21,969,047 20,570,023

Mortgage loans and other debt at fair value 1,690,971 1,803,199

Mortgage loans and other debt, principal balance 1,703,471 1,812,054

Fund credit facilities at fair value 992,650 295,600

Fund credit facilities, principal balance 999,950 300,000

Total liabilities 3,100,113 2,494,195

Noncontrolling interests in consolidated joint ventures 321,497 260,736

Fund capital/net assets 18,547,437 17,815,092

Quarter ended December 31, 2015

12 months endedDecember 31, 2015

Net investment income attributable to the Fund, before fees 217,270 835,461

Advisory fees 41,109 154,368

Net investment income attributable to the Fund 176,161 681,093

Net realized/unrealized gain attributable to the Fund 330,996 1,285,040

Exhibit 1 – Portfolio distribution by geographic region and division1 Exhibit 2 – Portfolio distribution by property type1

Apartments

4%

11%31%

23%

Hotel

Industrial

Office

Retail

31%

1 Percentage of gross market value of real estate investments

28%

11%

8%

1%

9%

26%

7%

10%

Pacific

West: 37% Midwest: 12% South: 15% East: 36%

MountainWest North CentralEast North Central

Southwest NortheastSoutheast Mideast

3

Fund performance comparisonThe following chart provides a comparison of TPF performance relative to its competitive fund benchmark, the NFI-ODCE.

Exhibit 3 – Fund performance comparison

TPF total returns NFI-ODCE total returns

4Q15 1 Year 3 Years 5 Years 10 Years

% Total return

3.0 3.3

12.911.7 11.7

6.9

15.013.713.8

6.5

0

5

10

15

20

Source: TPF and NCREIF as of December 31, 2015

TPF’s fourth quarter 2015 total gross return of 3.02% was 32 basis points lower than the NFI-ODCE quarterly return of 3.34%. The Fund outperformed over the long term, with a ten-year outperformance of 32 basis points. TPF underperformed for the one-year, three-year and five-year time periods due primarily to the lower leverage held, as well as the Fund's greater allocation to apartments and lower allocation to office properties. Office properties in the NFI-ODCE outperformed apartment assets by 195 basis points over the one-year time period and 226 basis points over the three-year time period. Over longer time periods apartment assets have outperformed office properties and with a lower standard deviation.

TPF's stable income strategy has resulted in a greater income return relative to the NFI-ODCE, for all time periods tracked.

The Fund’s 15.6% leverage ratio is one of the lowest of the funds in the NFI-ODCE, and is 6.1 percentage points lower than the 21.7% NFI-ODCE average. The Fund's lower leverage ratio relative to NFI-ODCE continues to provide a lower level of risk, as well as providing the opportunity to retain the flexibility of investing in properties with existing mortgages without compromising the Fund’s leverage ratio.

The Fund’s leased percentage (excluding hotels) is 95.0%, which reflects the portfolio’s focus on income and maintaining occupancy. We track this statistic without hotels, as hotel occupied percentages are not comparable to the other four property types (apartment, industrial, office and retail). For informational purposes, the Fund’s 94.2% leased percentage (including hotels) is 250 basis points higher than the 91.7% NFI-ODCE average. The Fund’s hotels were 77.2% occupied during the quarter.

Fund Benchmark Comparison

Alexan City Center, Englewood, CO

4

Table 4 – Fund comparison (as of 12/31/15)

All data as % TPF NFI-ODCE

Leverage 15.6 21.72

Leased (with hotels)1 94.2 91.7

Leased (excluding hotels)1 95.0 N/A

Composition by property type

Apartments 31 24

Hotel 4 1

Industrial 11 14

Office 31 38

Retail 23 20

Other 0 3

Composition by region

East 36 31

Midwest 12 10

South 15 19

West 37 40

1 Although we calculate the Fund’s leased percentage excluding hotels, we also provide this statistic including hotels when comparing to the NFI-ODCE (which includes hotels). Leased percentages for hotels represent average occupancy for the quarter.

2 NFI-ODCE leverage ratio excluding TPF is 22.4%, or 6.8 percentage points greater than the Fund.

The composition by property type reflects the Fund’s intentionally higher allocation to apartment properties as compared to the NFI-ODCE. Our apartment allocation is in line with the universe of institutional investment properties in the US as tracked by our proprietary Investable Universe Inventory Model (see Notes at the end of this report), and also reflects our above-average long-term performance outlook for this property type. Apartment cash flows typically have lower volatility and are less capital intensive than other property types, providing more stable income, and a lower standard deviation.

Relative to NFI-ODCE, TPF has a higher allocation to the East and Midwest regions and a lower allocation to the West and South regions.

In keeping with the Fund’s Core focus, TPF’s value-added exposure is managed to a range of 5% to 15%. As of December 31, 2015, approximately 7.2% of the Fund was invested in a value-added strategy, including development, renovation, lease-up and pre-development.

Galleria Dallas Mall, Dallas, TX

5

Portfolio Strategy and Activity

MissionTo provide investors with strategic market access to high-quality private commercial real estate with the financial objective of providing superior risk-adjusted returns across the real estate cycles.

Strategy The Fund’s investment strategy is composed of five elements:

- Income focus: Maximize the quality and growth of the Fund’s income by acquiring and aggressively managing high quality assets in major US metropolitan markets.

- Diversification: UBS utilizes its proprietary Investable Universe Inventory Model to minimize risk through diversification by property type, geographic location and economic sector.

- Modest use of third-party leverage: The Fund has historically maintained a leverage ratio significantly lower than the NFI-ODCE average and manages to a 20% maximum. The lower leverage ratio provides for flexibility in investment structure and is often a competitive advantage in acquisitions.

- Strategic value-added sub-strategy (5-15% of Fund): A tactical “build-to-core” strategy focused on investments involving renovation, repositioning or new development opportunities that will stabilize and remain a long-term hold for the Fund.

- Sustainability: Combining financial accountability and environmental responsibility for all of our stakeholders – investors, tenants, partners and employees.

Return objectives - Relative objective: outperform the NFI-ODCE over any given

three- to five-year period. - Real return objective: 5% real rate of return (inflation-

adjusted return), before advisory fees, over any given three- to five-year period.

AcquisitionsWe closed 19 transactions during the fourth quarter of 2015 for a total gross investment of USD 500.3 million. The investments included three apartment assets, two office investments, one retail asset and 13 industrial investments.

1221 Broadway, Oakland, CA (acquisition)

The Trumbull Property Fund, established in 1978, is an actively managed, core portfolio of equity real estate. Its primary focus is to invest in well-leased, income-producing properties within major US markets.

6

P A C I F I C P A L M C E N T E R

Job No 15537.00

5959 PALM AVENUE, SAN BERNARDINO, CA

01.19.2016P E R S P E C T I V E C O L O R R E N D E R I N G

1221 BroadwayTPF closed the purchase of 1221 Broadway, a 521,177-square-foot LEED Platinum office tower in Oakland, CA for a gross purchase price of USD 165.4 million. The 24-story office building is well leased at approximately 98% and has a strong rent roll with limited near-term lease expirations. The transaction presented the opportunity to purchase an asset significantly below replacement cost and at attractive pricing. The Oakland market provides a lower price per square foot, and higher cap rate as compared to nearby San Francisco. The property is prominently located in the heart of the Oakland Central Business District, a city undergoing a dynamic urban reinvention. 1221 Broadway is situated within the Oakland City Center retail promenade, which features an expansive outdoor plaza area surrounded by shops, restaurants and cultural amenities. The property features excellent access to two major freeways and direct, covered access to the BART system via the ground floor lobby.

9033 Wilshire BoulevardThe Fund acquired 9033 Wilshire, a Class A medical office building located in the prestigious City of Beverly Hills, CA for a gross purchase price of USD 75.0 million. The 49,663-square-foot building is 100% leased to an accredited list of world-renowned physicians, surgeons and medical researchers with significant remaining lease term. 9033 Wilshire is regarded as

the newest, state-of-the art medical office building in Beverly Hills. Existing tenants have made significant capital investments in their space, which is expected to reduce turnover as leases expire. The Beverly Hills medical office market is historically one of the strongest micro-markets in the country benefiting from the convergence of industry leading doctors, proximity to world-class medical centers, and strong employment and household income. In addition, Beverly Hills is a supply-constrained market for medical office buildings, which positions the property well to secure captive medical leasing demand.

Pacific Industrial – 5959 PalmThe Fund committed USD 53.2 million to develop Pacific Industrial – 5959 Palm, a 621,957-square-foot industrial asset located in San Bernardino, CA. San Bernardino is a significant hub for many national retailers occupying warehouse facilities of 500,000 square feet and larger. The building will feature 153 dock doors, 36-foot clear height ceilings, ESFR fire suppression system, 160 trailer parking stalls and will achieve LEED certification. The Property features immediate access to numerous freeways, providing a desirable location for users to service Southern California and the Western United States. The property is also located less than three miles from Fedex Ground, and seven miles from BNSF Railway Intermodal Yard. The investment is the fourth in the Pacific Industrial partnership, allowing West Coast investment at a cost below current Class A stabilized asset pricing.

9033 Wilshire Boulevard, Beverly Hills, CA (acquisition) Pacific Industrial - 5959 Palm, San Bernardino, CA (acquisition)

7

Top to bottom: Crescent Central Station, Orlando, FL (acquisition)Crescent SouthPark, Charlotte, NC (acquisition)Becknell Industrial, Columbia, SC (acquisition)

Crescent Central StationTPF acquired Crescent Central Station, a 279-unit newly constructed apartment community in Orlando, FL for a gross purchase price of USD 60.5 million, below current replacement cost for this market. The property is located in Downtown Orlando, which hosts an abundance of amenities within walking distance of the property including grocery, restaurant and live performance venues. The area is also home to over seven million square feet of office space. The transit-oriented development is adjacent to a commuter rail hub, providing access to additional employment nodes to the north and to the dining and entertainment corridor to the south. Unit features include walk-in closets, keyless entry, granite countertops, stainless steel appliances, washers and dryers and balconies. Community amenities include structured parking, a clubroom with lounge and demonstration kitchen, rooftop terrace with grilling station and movie projector, two-story fitness center, resort-style pool, and pet park.

Crescent SouthParkTPF closed the purchase of Crescent SouthPark, a 321-unit apartment community in Charlotte, NC for a gross purchase price of USD 75.4 million, also below current replacement cost for its market. The property was completed in 2015 and is located in the heart of South Park, one of Charlotte's most affluent neighborhoods. Crescent SouthPark is adjacent to the Piedmont Town Center lifestyle development, and three blocks from the upscale SouthPark Mall. Unit features include 9' to 12' ceilings, walk-in closets, tile backsplashes, granite countertops, stainless steel appliances, washers and dryers and balconies. Community amenities include clubroom with Wi-Fi and Starbucks coffee station, business center with Apple TV, courtyards with grilling stations, two-story fitness center, yoga room, pool with sun deck, expansive dog park and dog water fountain.

8

Top: Avant at Met Square, Miami, FL (acquisition) Bottom: Becknell Industrial, Phoenix, AZ (acquisition)

Avant at Met SquareTPF funded a USD 5.0 million bridge loan in connection with a to-be-built 391-unit apartment development project in the heart of downtown Miami. The bridge loan will partially fund construction of the lower levels of the mixed-use development. Construction is expected to commence in 2016. TPF's full commitment to this asset, estimated at approximately USD 152.9 million, is expected to commence in the second quarter 2016. (More details provided upon final closing.)

Deerbrook MarketplaceAlso during the quarter, TPF purchased its partner's 5% ownership interest in Deerbrook Marketplace, a 359,648-square-foot retail property in Humble, TX for USD 9.2 million. The property is now a wholly owned investment. Deerbrook Marketplace is the dominant power center in the retail trade area and benefits from a good location along a well-traveled freeway. The asset was initially acquired in 2013.

Becknell Industrial partnershipAs part of the Becknell Industrial joint venture, the Fund committed a total of USD 56.6 million for 12 industrial assets comprising 628,430 square feet of existing assets (including five 100% leased assets and one property in lease-up), 210,743 square feet in two development projects in SC, and 34.3 acres of strategic land parcels planned for future development. Locations included the following states: AZ, IN, KS, OH, SC and WI.

Acquisitions updateDuring 2015, we closed over USD 2.3 billion in 50 investments, in line with our USD 2.4 billion annual outlook. We continue to be active in acquisitions in major markets across the US, with the flexibility to invest in all property types. At this time, we have approximately USD 500 million (gross) in additional investments that have been approved by investment committee or are under letter of intent, with other potential transactions under review. Our 2016 outlook for acquisitions is approximately USD 1.0 billion (or greater).

9

SalesSix sale transactions closed during the fourth quarter of 2015 for total gross sales proceeds of USD 25.7 million. The Fund's 2015 sales total of USD 864.8 million was in line with our projection of sales activity for the year of USD 700 to USD 900 million. The 2015 calendar year was the largest sale volume year in the Fund's history. This represents the execution of our strategy to sell off-strategy assets in a strong market to capture current attractive pricing.

During the quarter, the Fund sold four industrial buildings as part of the Becknell Industrial portfolio, one asset within the CenterPoint industrial portfolio and one industrial building within the larger Greenpoint Business Park. These sales represent the continued execution of the Fund's strategy to sell older and smaller assets with limited potential to enhance future returns. Details on these assets are in the chart below.

Table 5 – Industrial sales: fourth quarter 2015

Portfolio Location Size (SF) Leased % USD price m

Becknell (4) FL, OK, PA, TX 205,019 23% avg. 13.1

CenterPoint Elk Grove Village, IL

125,000 0% 4.2

Greenpoint Business Park

Elmhurst, IL 110,688 0% 8.4

25.7

Subsequent to quarter end, TPF sold a 1.93-acre land parcel in Houston, TX for USD 0.9 million. Additional details on this transaction will be provided in the first quarter 2016 Fund report.

Asset managementWe continue to manage the quality and growth of the income stream at the Fund’s existing investments through aggressive leasing and tenant retention initiatives, credit analysis and lease structuring. Apartment, industrial and hotel properties have shown strong improvement in fundamentals since the downturn and have experienced solid increases in occupancy and rents.

While fundamentals are improving for office and retail properties with positive rent growth in both sectors, the pace of improvement varies depending on the market. Our tactics for office and retail have become more aggressive over the past year but vary depending on local market strength, existing occupancy and lease expirations of the asset. It is interesting to note that throughout the industry, CBD office assets have outperformed versus Suburban office assets. The Fund has benefited from this major trend. For example, over 80% of our office portfolio is held in CBD locations as compared to 60% for the NFI-ODCE.

Greenpoint Business Park, Elmhurst, IL (sale)

Overlook at Lindbergh, Atlanta, GA (sale)

10

Leasing highlightsDuring the fourth quarter of 2015, our Asset Management team signed 95 commercial leases for 1.5 million square feet within the Fund, including 38 new leases and 57 renewal leases.

A five-year, three-month renewal lease for 164,938 square feet was signed with United Health Group at the Fund's 3803 North Elm Street asset in Greensboro, NC. This tenant occupies 100% of the asset. United Health Group (Ticker: UNH) is the largest single health carrier in the US, and was the top ranked company in the insurance and managed care sector on Fortune's 2015 "World's Most Admired Companies" list.

A total of 125,000 square feet of leases were signed at the Fund's 1177 Avenue of the Americas building in New York, NY reflecting the strength of the asset and the market. Other office

assets with relatively stronger leasing activity included Century Square in Seattle, WA; 555 17th Street in Denver, CO; and Corporate Center Pasadena in Pasadena, CA.

Leases signed in the Becknell portfolio included 201,500 square feet to Phillips Feed & Pet Supply, 161,618 square feet to Decostar Industries (auto parts distributor), and 200,000 square feet to MC2 / Hoffman (trade show display firm). Lease terms ranged from 5 to 10 years.

During the quarter, we executed a total of 22,144 square feet in new and renewal leases at Stamford Town Center in Stamford, CT. Tenants included Ann Taylor, Sephora, American Eagle and Charlotte Russe. In addition, a number of new leases (including GNC, Time Images and several restaurants) at the Shops at Montebello have brought the asset from 95% to 99% leased.

Stamford Town Center, Stamford, CT (leasing) Century Square, Seattle, WA (leasing)

11

Sustainability updateOur corporate sustainability mission consists of delivering superior risk-adjusted investment performance by integrating sustainability considerations into our investment processes; implementing sustainable practices through innovation and the sharing of best practices; and addressing environmental impacts while enhancing property operations and values. As such, sustainability plays a major role in corporate-, fund- and property-level decisions. UBS is a founding member of the United Nations Environmental Program Finance Initiative and a member of the U.S. Green Building Council.

The GRESB is an industry-driven organization committed to assessing the sustainability performance of real estate portfolios (public, private and direct) around the globe. The GRESB survey is comprehensive and grades a variety of sustainability measures at the asset level including: energy consumption, emissions, waste disposal, and water usage, along with many other items.

At the property level, we have registered all of the Fund’s applicable office buildings under the EPA Energy Star program. We have also focused our property management companies, vendors, and contractors on cost-effective ways to achieve energy savings and implement responsible green procedures for all five property types. Finally, we are pursuing LEED (Leadership in Energy and Environmental Design) certification wherever cost-effective. We continue to observe increased interest from tenants and investors in our sustainability initiatives. TPF has LEED designations for 32 properties, including approximately 13.8 million square feet of commercial space and 1,815 apartment units. As of December 31, 2015, 89% of the Fund’s urban office assets were LEED-certified.

1101 K Street, Washington, DC Energy-efficient lighting Sustainable materials

At the fund level, TPF was ranked #2 overall in the 2015 Global Real Estate Sustainability Benchmark (GRESB) survey out of the participating NFI-ODCE funds, and #2 out of the 33 participating funds in the US Diversified sector.

Sustainable property spotlight: 1101 K Street, Washington, DC

Property overview - Class A, 10-story, 291,311-square-foot office tower - Ground floor lobby and retail facilities - Bike storage and fitness center - Acquired by TPF in 2015 - 96% leased as of fourth quarter 2015

Sustainability highlights - LEED Gold, Energy Star Score: 84 - Walk Score: 97, Transit Score: 100, Bike Score: 91 - Property's proximity to two Metro stations that serve

four transit lines reduces automobile commuting - Water-saving plumbing fixtures created 30% reduction in

potable water use compared to standard fixtures - Low mercury lamps are used throughout the property

and all tenant spaces are fitted with occupancy sensors - HVAC system uses Direct Digital Controllers

(energy efficiency) - Green cleaning program

12

FinancingDuring the quarter, there were five financing transactions. We closed a new USD 500 million loan with four life company lenders (Babson Capital, MetLife, NY LIFE and Prudential). This was the Fund's second private placement loan. The 3.64% interest rate for the 10-year term is considered to be below market for core equity funds. We closed this transaction without a broker due to our extensive life company relationships, saving our investors approximately USD 2.0 million in fees and expenses. This new loan provides proceeds to repay two large loans, which are maturing in early 2016, and will provide material savings in interest expense. As a result, the Fund's weighted average interest rate is expected to be reduced from its current 3.8% even further down to 3.7%.

We replaced the prior USD 100 million Becknell line of credit with a new USD 75 million line of credit, extending the term out five more years and achieving a lower spread with more favorable loan covenants. TPF's share of this line is currently zero, but the line is available to fund future pipeline needs. During the quarter we also paid off two loans at maturity: the USD 78.5 million loan on MODA Tower in Portland, OR, and a USD 7.0 million loan on the 9/90 Corporate Center asset in Framingham, MA. Finally, just prior to quarter end, we drew USD 199.95 million on the Bank of America line of credit to fund working capital needs. We expect to pay off this debt by early April 2016.

Subsequent to quarter end, we also drew USD 100 million on the Capital One line of credit, to fund the February 1st debt payoff of the 53 State Street loan. This line is also expected to be repaid in the second quarter of 2016. The Fund benefits from USD 600 million in total line of credit capacity. These three total lines (including a USD 200 million line with Wells Fargo) provide access to short-term capital with only three days notice and enable the Fund to carry a lower cash balance.

Debt summaryAs of December 31, 2015, the Fund had USD 3.5 billion of debt, which represents 15.6% of gross assets. As previously noted, this leverage ratio is approximately 6.1 percentage points lower than the NFI-ODCE average. This relatively low ratio provides the Fund with the capacity to continue to use leverage strategically in acquisitions.

Approximately 71% of outstanding debt is at the property level, with 29% at the portfolio level. As of December 31st, 93% of the outstanding debt was at a fixed rate. The Fund’s overall weighted average interest rate as of the fourth quarter was 3.8%. As noted above, we expect to further reduce the Fund’s average interest rate during the next quarter. The weighted average loan-to-value ratio on financed assets was 35%.

The following exhibit highlights the schedule of upcoming debt maturities. Approximately USD 280 million of the USD 663 million of debt scheduled to mature during 2016 has already been repaid (taking advantage of the ability to prepay at par prior to maturity). USD 183 million (US Bancorp Tower) will be refinanced in March 2016, and the remainder is the outstanding balance on the line of credit, which will be repaid early in the second quarter. Approximately USD 606 million of the USD 831 million of debt maturing in 2020 can be prepaid at par in the prior year to further spread out maturity timing (see Exhibit 4).

Exhibit 4 – Upcoming debt maturities

0

300

600

900

1200

1500

USD (in millions)

Loans maturing

2016 2017 2018 2019 2020 2021 2022+*

663

163 12158

194

831

1,455

* Includes multiple years

US Bancorp Tower, Portland, OR

13

Leasing summary and trends The overall leased status (excluding hotels) of the portfolio as of December 31, 2015 was unchanged from the prior quarter and remained at 95%. Maintaining this relatively stable leased status was a direct result of continued leasing and tenant retention efforts.

Exhibit 5 – Leasing summary and trends

94

3/15 6/15 9/15 12/15

60

70

80

90

100

Apartments Industrial Office Retail Total

%97

95 95 95 95 95959496 96 96 95 9595 95 9595 95 95

Leasing numbers exclude hotels and properties in development, redevelopment and initial lease-up.

Apartment leasing decreased from 96% to 95% during the quarter, with decreases at assets in Chicago, IL and Washington, DC, somewhat offset by increases at assets in Woodland Hills, CA and Long Island, NY. Industrial leasing increased from 95% to 97%, with increases at assets in the Chicago metro area and Columbia, SC. Office leasing remained steady at 95% during the quarter. Office leasing increased as a result of the addition of well-leased new acquisitions (including 9033 Wilshire and 1221 Broadway) with greater leasing percentages than the prior average, and offset slightly by a leasing decline at office assets in San Francisco, CA and Orange, CA. Retail property leasing remained at 95% during the quarter primarily due to increases at regional malls in Montebello, CA and Dallas, TX, offset by decreases at one other asset in Dallas, TX and one power center in Pico Rivera, CA.

Commercial lease expirationsOverall, portfolio leasing has remained very stable. Approximately 11% of the Fund’s commercial leases (office, industrial and retail properties) will expire during 2016 and 11% will expire in 2017. Lease expiration exposure by property type through 2020 is provided below.

Exhibit 6 – Percentage of square feet expiring %

Office Industrial Retail Total

2016 2017 2018 2019 20200

3

6

9

12

1512 12

7

11

9

13

8

1110

14

1112 12 12

8

11

9 9

1110

Table 6 - 4Q15 top 10 markets (% of Fund*)

New York 14.6

Chicago 10.4

Los Angeles 9.5

Boston 7.7

San Francisco 7.0

Washington, DC 6.8

Denver 5.4

Dallas 5.3

Portland, OR 3.6

Phoenix 3.4

* Percent of Gross Asset Value

Note: Approximately 73% of the Fund's assets are located within these 10 major markets.

14

Table 8 - Quarterly valuation changes (most significant by property type)

Property type Property name Location

Quarterly value change (USD m) Value change drivers

Apartments Palladia Apartments Hillsboro, OR 10.0 Rent increase

Waterford Place Apartments Dublin, CA 7.4 Rent increase

Alexan CityCenter Englewood, CO 7.2 Rent increase and pricing change

Hotel Grand Hyatt Tampa Bay Tampa Bay, FL 6.7 Pricing change and ADR increase

Industrial Sierra Business Park Fontana, CA 7.7 Pricing change, capital expense reduction, and rent increase

Hayward Industrial Hayward, CA 6.5 Pricing change and rent increase

Office 455 Market Street San Francisco, CA 15.1 Rent increase

US Bancorp Tower Portland, OR 11.0 Pricing change

Century Square Seattle, WA 8.7 Pricing change and rent increase

Retail Galleria Dallas Dallas, TX 17.8 Pricing change and expense reduction

CambridgeSide Galleria Cambridge, MA 12.9 Rent and other income increase, pricing change

Shops at Montebello Montebello, CA 10.7 Pricing change

Return AnalysisRealized/unrealized gains and losses (4Q15)The Fund’s real estate investments are generally appraised every quarter starting with the first full quarter after the investment is made. The net realized/unrealized gain for the quarter was USD 331.0 million, providing net appreciation of 1.82% for the Fund. The following charts highlight the value changes by property type. The largest aggregate value changes were recorded for the apartment and retail property types, at USD 112.3 million and USD 100.1 million, respectively. The chart also shows the value increase for each sector, as a percentage of previous carrying value. The largest increases by property type were recorded for industrial assets (2.6% growth) and retail assets (2.3% growth).

Exhibit 7 – Gain by property type

Apartments

43.258.8112.3 13.7 100.1

USD millions

Industrial Office RetailHotel

%

Net realized/unrealized gain (L) % Increase within property type (R)

0.8

2.6

2.0 1.9

2.3

0

20

40

60

80

100

120

0.5

1.0

1.5

2.0

2.5

3.0

Same-property net operating income2

Table 7 - Same-property net operating income 12 months ended December 31

2015 (USD m) 2014 (USD m) % change

Apartments 239.6 210.6 13.8

Hotel 58.5 54.7 7.1

Industrial 97.8 92.9 5.3

Office 263.6 241.7 9.0

Retail 185.6 179.5 3.4

Total 845.1 779.4 8.4

Interest income 2.8 1.4 100.4

Interest expense (112.0) (99.3) (12.8)

Adjustments3 99.6 69.5 43.2

Net investment income 835.5 751.0 11.2

See end notes 2 and 3.

For the twelve months ended December 31, 2015, same-property net operating income (NOI) was 8.4% greater than for the twelve months ended December 31, 2014. Fund level total net investment income over the same period increased by 11.2%. The greatest percentage increases were provided by apartments and office assets.

15

Performance Analysis

Performance discussion (12 months)For the twelve months ended December 31, 2015, TPF’s industrial investments outperformed the other property types with a total return of 18.1%. The major contributors to the industrial return were assets in Hayward, CA and Morrisville, NC. Contributors to the 13.3% retail return included properties in Dallas, TX; Chicago, IL and Cambridge, MA. Hotel properties had the relatively weakest performance with a total return of 11.0% over the past 12 months, affected primarily by an asset located in Baltimore, MD.

Investments in the Midwest outperformed properties in the other regions with a total 12-month return of 15.2%. Major contributors included three properties in Chicago, IL; a retail department store asset; an office tower and a regional mall. The West region provided a 15.1% return, led by performance from a multifamily asset in Dublin, CA, and an office property located in San Francisco, CA. The lowest performance on a relative basis was provided by the East region at 10.9%, due to relatively lower returns from a hotel in Baltimore, MD, and two apartment assets in the Washington, DC metro area.

Exhibit 8 - Returns by property type

Returns by property type

Returns for the 12 months ended December 31, 2015

Exhibit 9 - Returns by geographic region

Returns by geographic region

Returns for the 12 months ended December 31, 2015

Net investment income Net realized/unrealized gain Total

Apartments Hotel Industrial Office Retail

%

4.4

8.5

13.2

7.9 8.05.8

11.8

18.1

13.3

5.4 6.1

11.7

5.03.0

11.0

0

5

10

15

20

Rates of return are time-weighted, include reinvestment of income and are before deduction of advisory fees. Past performance is not indicative of future results. Rates of return include effects of leverage; market values are net of debt.

Apartments Hotel Industrial Office Retail

Number of investments 78 7 63 36 35

Net market value (USD m) 5,834.0 744.4 2,381.0 5,697.4 4,453.1

East Midwest South West

Number of investments 51 44 38 86

Net market value (USD m) 6,524.2 2,376.6 2,729.9 7,479.2

East Midwest South West

Net investment income Net realized/unrealized gain Total

5.2 4.9

10.3

5.7

9.1

15.2

5.2

8.8

14.3

4.9

9.9

15.1

%

0

5

10

15

20

Liberty Green / Liberty Luxe, New York, NY

16

Market Perspective - After nine years without an increase, the Federal Reserve

finally announced a higher Federal Funds Rate target of 25 basis points (bps) in December 2015.

- The 10-year Treasury rate sunk below 2% in October 2015, but began rising in advance of the Federal Reserve's announcement. However, by the beginning of the first quarter, global uncertainty and low overall inflation expectations put renewed downward pressure on the long-end of the yield curve.

- Inflation was up only 0.7% in 2015. - We expect upward pressure on inflation in 2016 as the

largest decreases in energy prices roll off the year-over-year growth rate.

Exhibit 11 – GDP drivers

Consumption Non-residential investmentResidential investment InventoryExports ImportsGovernment GDP

-4

-2

0

2

4

6

4Q14 1Q15 2Q15 3Q15 4Q15

Quarterly contribution to GDP (%)

Source: Moody's Analytics as of December 2015

Economic viewpointJob growth reaccelerated during the final months of 2015, supporting continued demand for commercial real estate.

- Heading into 2016, acceleration in job growth bodes well for net absorption, exhibit 10, as the US averaged 283,000 added jobs per month during 4Q15.

Exhibit 10 – US labor market

4.6

4.8

5.0

5.2

5.4

5.6

5.8

0

50

100

150

200

250

300

350

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Oct-15

Nov-15

Dec-15

Jobs (thousands)

Job growth (L) Unemployment rate (R)

Source: Moody's Analytics as of December 2015

- Even as the labor market strengthened, Gross Domestic Product (GDP) slowed.

- A reduction in business inventories and a wider trade gap weakened GDP during the final quarter of 2015, exhibit 11.

- Over the full year, the US economy grew 1.8%. - Slow positive growth in domestic GDP was enough to support

continued rent growth across all commercial real estate property types during the second half of 2015.

17

Commercial real estateCommercial real estate performance reflects the strength of fundamentals.

- Even with tumult in the equities markets, conditions remain supportive for commercial real estate. Interest rates are low, rent growth is strong and supply growth remains low-to-balanced across the five major property types.

- Private commercial real estate performance reflects the strength of fundamentals. NFI-ODCE total return reached 3.34% during the fourth quarter. At the unlevered property level, the NPI produced a total return of 2.91%.

- Nationally, transactions appear to have leveled off with sales at an all-time high of USD 456 billion for the five major property types during 2015, exhibit 12, (excludes entity-level transactions).

Exhibit 12 – Transactions

050100150200250300350400450500

0

20

40

60

80

100

120

140

160

2013 2014 2015

USD billions USD billions

Office (L) Industrial (L) Retail (L) Apartments (L) Hotels (L) Total (R)

Source: Real Capital Analytics as of December 2015. Sales data exclude land and entity transactions.

- As shown in exhibit 13, vacancy rates across all major property types are decreasing or stable at low levels.

Exhibit 13 – Vacancy trends

02468

1012141618

4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

%

Apartments Industrial Office Retail

Source: CBRE-Econometric Advisors as of December 2015 Note: Availability rates are shown for the industrial and retail sectors

Apartments - The acceleration in job growth was welcome news for

apartment owners. Demand for apartment rentals continues to be supported by low homeownership rates and increasing household formation rates.

- Supply growth is expected to peak during 2016, putting some upward pressure on vacancy rates. Homeownership could flatten out over the coming year but is unlikely to rise.

- Even as supply growth rivals record highs, apartment vacancy remains low at 4.6%, which is actually down 10 basis points (bps) from one year ago.

Hotels - The hotel sector is likely near peak performance as supply

growth rises to meet the current high levels of demand. - Full service hotel construction is above long-term average

levels with limited service hotel supply expected to rise over the next year.

- In 2016, we expect slightly positive RevPAR growth (Revenue per Available Room) to be driven by room rate increases as occupancy levels off at record highs.

Industrial - Industrial rents grew by 3.4% during 2015 and availability

ended the year at 9.4%, the lowest rate since mid-2001. - Weakness in US exports is a concern, which is counter-

balanced by growth in the broad economy and moderate levels of supply growth, leading to a positive outlook for industrial overall.

Office - The office sector continues to be characterized by the

differing performance of Downtown and Suburban assets. Downtown office markets with 10.3% vacancy are much tighter than their Suburban counterparts where vacancy averages 14.7%.

- Rent growth for Suburban offices did speed up to 3.5% during 2015; even so, office properties in Downtown locations posted 7.8% gross rent growth.

Retail - With 15.28% return in 2015, retail overtook industrial as the

top performing sector in the NPI. Driving that outperformance was the dominant mall subsector.

- Overall retail sector availability was 11.2% at the end of 2015, down 20 bps for the year. Rent growth is positive but has been lagging all other property types, as has new construction with only 0.5% increase in retail supply delivered in 2015.

Low interest rates, strong job growth and improving fundamental conditions support positive performance in the commercial real estate markets.

Notes:(1) The Investable Universe as tracked by our Research team:

a) Is an estimate of the market value of institutional-quality commercial real estate in 64 of the largest US metropolitan areas for the four primary property sectors: apartments, industrial, office and retail;

b) Provides a larger sample size, with just under USD 4.4 trillion of assets, as compared to the USD 409.2 billion tracked by NPI; andc) Has historically provided superior investment returns (relative to NPI) in 30 of the past 37 years, with a lower standard deviation over the same time period.d) Data for Investable Universe as of December 31, 2014 (updated annually).

(2) Same-property net operating income includes income before debt service and advisory fees, and excludes properties that were not held in the portfolio for the comparable periods. (3) Same-property net operating income adjustments reflect the effect of properties that were sold or acquired and were, therefore, not held in both periods. One-time events may have been excluded from the property-type groupings and included in adjustments to provide a more meaningful comparison of same-property net operating income. "% change" is the actual percentage of each line item, but it may not exactly tie to the net operating income, which is rounded.(4) Net returns: Advisory fees are reflected in the income component of net returns.

Source for all data/charts, if not stated otherwise: UBS Asset Management, Global Real Estate – US.

The NCREIF Fund Index – Open-End Diversified Core Equity (“NFI-ODCE”) is a capitalization-weighted, time-weighted return fund index beginning as of the first quarter of 1978, inclusive. As of December 31, 2015, the NFI-ODCE consisted of 23 active funds with total net assets of USD 152.1 billion. The degree of leverage varies among funds included in the NFI-ODCE.

Past performance is not indicative of future results.© UBS 2016. The key symbol and UBS are among the registered and unregistered trademarks of UBS.

Crescent Central Station, Orlando, FL (acquisition) Crescent SouthPark, Charlotte, NC (acquisition)

ab

UBS Realty Investors LLC10 State House Square, 15th Floor Hartford, CT 06103-3604Tel. +1-860-616 9000Fax +1-860-616 9006www.ubs.com/realestate

For more information, please contact:

Contacts

Thomas O’Shea Tel. +1-860-616 9158 [email protected]

Thomas Anathan Tel. +1-860-616 9128 [email protected]

Maria Bascetta Tel. +1-860-616 9021 [email protected]

Megan Burrows Tel. +1-415-538 4840 [email protected]

Thomas Klugherz Tel. +1-415-538 4850 [email protected]

Ronald Lanier Tel. +1-860-616 9080 [email protected]

W. David Lawson Tel. +1-972-458 3337 [email protected]

Julie Pierro Tel. +1-860-616 9037 [email protected]

Wayne Wallace Tel. +1-860-616 9168 [email protected]

TPF Trumbull Property Fund

Financial statements for the years ended December 31, 2015 and 2014 (with independent auditors' report)

Supplemental information for the quarter ended December 31, 2015

Contents Independent auditors’ report ………………………………………………………………………. 1 Financial statements……………………………………………………………………………. 2 Schedule of Real Estate Investments (unaudited)…………………………………………….. 23 Performance matrix (unaudited)……………………………………………………………….. 32 Fund Tier 1 (T1) Leverage (unaudited)……. ………………………………………………….. 33

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 December 31, 2015. Any updates to the information will be made in the

next supplemental information package.

UBS Realty Investors LLC www.ubs.com\realestate

A member firm of Ernst & Young Global Limited

Ernst & Young LLP 5 Times Square New York, NY 10036-6530

Tel: +1 212 773 3000 Fax: +1 212 773 6350 ey.com

Report of Independent Auditors

To the Partners Trumbull Property Fund LP

We have audited the accompanying consolidated financial statements of Trumbull Property Fund LP, which comprise the consolidated statements of assets, liabilities and capital as of December 31, 2015 and 2014, and the related consolidated statements of operations, changes in capital, and cash flows for the years then ended, and the related notes to the consolidated financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Trumbull Property Fund LP at December 31, 2015 and 2014, and the consolidated results of their operations, changes in their capital, and their cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.

February 19, 2016

1

Trumbull Property Fund Consolidated Statements of Assets, Liabilities and CapitalDecember 31, 2015 and 2014

(Dollars in thousands) 2015 2014

Assets:

Real estate investments at fair value:

Properties

(cost: $15,114,138; $12,857,408) 18,212,785$ 14,717,548$

Investments in unconsolidated joint ventures

and related notes receivable

(cost plus equity in undistributed

earnings: $1,527,557; $1,693,455) 2,017,326 2,111,089

Mortgage investments

(cost: $651,282; $876,313) 847,000 1,048,800

Total real estate investments at fair value

(cost: $17,292,977; $15,427,176) 21,077,111 17,877,437

Cash and cash equivalents 761,059 474,036

Prepaid expenses and other assets 81,897 64,457

Investment income receivable, net 48,980 45,691

Total assets 21,969,047$ 18,461,621$

Liabilities and capital:

Liabilities:

Mortgage loans and other debt at fair value 1,690,971$ 1,523,019$

Fund credit facilities at fair value 992,650 300,000

Accrued expenses and other liabilities 147,638 99,046

Real estate taxes payable 58,048 54,294

Rental security and other deposits 33,045 29,061

Accrued advisory fees 41,109 35,934

Distributions payable 136,652 115,044

Total liabilities 3,100,113 2,156,398

Capital:

Fund capital/net assets 18,547,437 16,119,591

Noncontrolling interests in consolidated joint ventures 321,497 185,632

Total capital 18,868,934 16,305,223

Total liabilities and capital 21,969,047$ 18,461,621$

See accompanying notes to consolidated financial statements.

2

Trumbull Property Fund Consolidated Statements of Operations For the years ended December 31, 2015 and 2014


Investment income:Income from properties 1,376,645$ 1,237,523$ Equity in income of unconsolidated joint ventures 105,169 94,077Interest from mortgage investments 42,362 53,622Interest on cash and cash equivalents 2,933 1,480 Total 1,527,109 1,386,702

Expenses:Real estate operating 417,596 387,470Real estate taxes 174,944 159,464Interest 82,621 73,649General and administrative 7,237 7,618 Total 682,398 628,201

Net investment income, before advisory fees 844,711 758,501

Advisory fees 154,368 133,715

Net investment income 690,343 624,786

Net realized and unrealized gain (loss):Net proceeds from investment transactions 854,104 56,622 Less cost of investments sold or repaid 804,487 78,836

49,617 (22,214) Less realization of previously recorded unrealized gain (loss) on investment transactions 39,362 (23,229)

Net realized gain from real estate transactions 10,255 1,015

Change in net unrealized gain on investments 1,371,888 993,740 Change in net unrealized gain (loss) on debt 9,153 (4,700)

Net realized and unrealized gain 1,391,296 990,055

Increase in capital resulting from operations 2,081,639 1,614,841

Less portion attributable to noncontrolling interests in consolidated joint ventures 115,506 78,583

Increase in capital resulting from operations attributable to the Fund 1,966,133$ 1,536,258$

Operations attributable to the Fund: Net investment income 681,093$ 617,338$ Net realized and unrealized gain 1,285,040 918,920

Increase in capital resulting from operations attributable to the Fund 1,966,133$ 1,536,258$


3

Trumbull Property Fund Consolidated Statements of Changes in Capital For the years ended December 31, 2015 and 2014


Fund capital - beginning of year 16,119,591$ 13,765,213$

Increase in capital resulting from operations

attributable to the Fund 1,966,133 1,536,258

Contributions 1,045,625 1,442,530

Distributions payable/paid (537,546) (449,408)

Distributions reinvested 321,577 264,724

Redemptions (367,943) (439,726)

Fund capital - end of year 18,547,437 16,119,591

Noncontrolling interests in consolidated joint

ventures (see Note 8) 321,497 185,632

Total capital 18,868,934$ 16,305,223$


4

Trumbull Property Fund Consolidated Statements of Cash Flows For the years ended December 31, 2015 and 2014


Cash flows from operating activities:Increase in capital resulting from operations 2,081,639$ 1,614,841$ Adjustments to reconcile increase in capital resulting from operations to net cash provided by operating activities: Net realized and unrealized gain (1,391,296) (990,055) Equity in income of unconsolidated joint ventures in excess of distributions received (33,040) (37,294) Increase (decrease) in cash arising from changes in operating assets and liabilities: Prepaid expenses and other assets (8,548) (15,540) Investment income receivable, net (3,289) (1,830) Accrued expenses and other liabilities 8,868 2,646 Real estate taxes payable 3,754 3,560 Rental security and other deposits 3,984 3,016 Accrued advisory fees 5,175 5,218

Net adjustments (1,414,392) (1,030,279)

Net cash provided by operating activities 667,247 584,562

Cash flows from investing activities:Acquisitions of properties, net of assumed debt (1,657,777) (1,009,452) Additions to properties (621,318) (391,368) Contributions to unconsolidated joint venture investments (18,667) (81,721)Acquisitions of unconsolidated joint venture investments - (322,003) Return of investment in joint venture - 100,000 Funding of mortgage investments (6) (35) Proceeds from investment transactions 854,104 56,622

Net cash used in investing activities (1,443,664) (1,647,957) Cash flows from financing activities:Contributions 1,045,625 1,442,530 Distributions paid (194,363) (172,867) Redemptions (367,943) (439,726) Contributions to joint ventures from noncontrolling interest partners 25,586 15,613 Distributions from joint ventures to noncontrolling interest partners (12,502) (5,455) Acquisition of noncontrolling interests in consolidated joint ventures (9,156) - Proceeds from Fund credit facilities 699,950 400,000 Repayments of Fund credit facilities - (100,000) Proceeds from mortgage loans and other debt 32,146 142,686 Repayments of mortgage loans and other debt (154,155) (155,550) Principal payments on mortgage loans and other debt (1,748) (1,185)

Net cash provided by financing activities 1,063,440 1,126,046

Net increase in cash and cash equivalents 287,023 62,651 Cash and cash equivalents - beginning of year 474,036 411,385

Cash and cash equivalents - end of year 761,059$ 474,036$


5

Trumbull Property Fund Notes to Consolidated Financial Statements December 31, 2015 and 2014

1. Organization The 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 February 19, 2016, the date on which the consolidated financial statements were available to be issued.

2. Significant accounting policies

Basis of presentation The accompanying consolidated financial statements are stated in U.S. dollars and presented on the fair value basis of reporting in conformity with accounting principles generally accepted in the United States of America (“GAAP”). For financial statement reporting purposes, the Fund qualifies as an investment company as defined in GAAP and is generally subject to the related investment company accounting and financial reporting requirements. 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 that 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. The Fund's real estate investments are generally appraised every quarter starting with the first full quarter after an 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.

6


2. Significant accounting policies (continued)

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 remaining costs to complete, 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 and Fund credit facilities The Fund's debt obligations are stated at estimated fair value. The valuation for each 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, as applicable. Lines of credit are stated at estimated fair value, which approximates cost, based on the terms of the obligations. The valuation of all debt is performed by an independent appraiser each quarter. Property level debt valuations occur 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 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. Project costs related to the development and construction of real estate, including interest and related loan fees, property taxes, insurance and other direct costs associated with the development are capitalized as a cost of the development. Capitalization is ceased when the development, or a portion, is completed and ready for its intended use. 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. The Fund (including the Fund's share of investments in unconsolidated joint ventures) expensed financing costs of approximately $1.8 million and $4.0 million in 2015 and 2014, respectively.

7


2. Significant accounting policies (continued) Revenue and expense 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. 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 2012 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 periods enacted. As of December 31, 2015 and 2014, there were no significant deferred tax assets or liabilities.

8


2. Significant accounting policies (continued) The Fund has certain subsidiaries which are subject to federal, state and local income, franchise and excise taxes. In 2015 and 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 periods. 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. Reclassifications Certain amounts for 2014 have been reclassified to conform to the 2015 presentation. Future application of new accounting standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a common revenue recognition standard for GAAP and International Financial Reporting Standards, generally eliminates transaction and industry specific revenue recognition guidance in GAAP, and requires improved disclosures. This new standard is effective for annual reporting periods beginning after December 15, 2017, as adjusted to 2018 by a one-year deferral of the new revenue standard in August 2015. The impact of this guidance on the Fund's consolidated financial statements is still being evaluated. In February 2015, the FASB issued Accounting Standards Update No. 2015-02 ("ASU 2015-02"), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 makes several modifications to the consolidation guidance for variable interest entities ("VIEs") and general partners' investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. This new standard is effective for annual reporting periods beginning after December 15, 2016. The impact of this guidance on the Fund's consolidated financial statements is still being evaluated

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 that 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 December 31, 2015 and 2014. 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

9


3. Fair value measurements (continued) 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.

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 4.7 6.5 5.60 - 7.75 5.4 4.50 - 7.25 3.5 3.5 3.4 3.1 3.0

Hotel 7.6 8.7 7.75 - 9.75 7.4 6.75 - 8.00 4.5 4.0 3.2 3.0 3.0

Industrial 5.7 7.1 6.00 - 9.00 6.6 5.50 - 8.25 3.3 3.3 3.1 3.0 3.0

Office 4.7 6.6 6.00 - 9.00 5.8 5.00 - 8.00 4.2 4.5 4.3 3.0 3.0

Retail 4.8 6.5 5.75 - 7.50 5.7 4.50 - 6.75 3.1 3.1 3.1 3.0 3.0

Average 5.0 6.7 5.60 - 9.75 5.8 4.50 - 8.25 3.7 3.7 3.5 3.0 3.0

As of December 31, 2015

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 4.9 6.7 5.75 - 8.00 5.5 4.00 - 7.50 3.6 3.7 3.5 3.0 3.0

Hotel 7.8 9.2 8.25 - 10.00 7.6 7.00 - 8.25 4.7 3.9 3.1 3.0 3.0

Industrial 6.3 7.6 6.50 - 11.00 7.0 5.75 - 10.00 3.4 3.3 3.1 3.0 3.0

Office 5.1 6.8 6.00 - 10.00 6.0 5.00 - 8.50 4.4 4.6 4.5 3.0 3.0

Retail 5.2 6.7 5.75 - 8.50 6.0 5.00 - 7.50 3.2 3.2 3.1 3.0 3.0

Average 5.3 7.0 5.75 - 11.00 6.0 4.00 - 10.00 3.8 3.8 3.7 3.0 3.0

As of December 31, 2014

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 December 31, 2015 and 2014, investments excluded from the above tables approximate $1,475.4 million (7.0%) and $1,125.2

million (6.3%), 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 December 31, 2015 these exclusions are as follows: properties that are under development or in initial lease-up and were appraised but are excluded until the property is operating/at least 60% occupied ($903.0 million or 4.3%), land parcels which were appraised but lack similar inputs due to the nature of these investments ($79.8 million or 0.4%) and new investment acquisitions which have not yet been appraised ($492.6 million or 2.3%); the property types associated with these exclusions are Apartments ($904.0 million or 4.3%), Industrial ($306.9 million or 1.4%), Office ($255.6 million or 1.2%), and Retail ($8.9 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 3.79 35.4 3.76 38.5

Hotel 4.59 36.9 4.27 38.4

Industrial 4.00 41.8 4.00 47.0

Office 3.65 35.8 3.33 36.9

Retail 4.19 23.4 4.03 25.2

As of December 31, 2015 As of December 31, 2014

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

reporting date. At December 31, 2015 and 2014, these exclusions approximated $71.9 million (3%) and $75.7 million (3%), respectively, of the total fair value of the Fund’s debt, including the debt of the unconsolidated joint venture investments.

(2) As of the measurement date, the average market interest rate is weighted by the principal balances of the Fund's mortgage loans payable and the average loan-to-value ratio is weighted by the fair value of the properties, net of the property 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) At December 31, 2015, the average market interest rate for the Fund's term loans was 3.64%. (5) 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 of debt. At the measurement date, the market factors used to determine the Fund's debt adjustments ranged from 50% to 70% for all property types.

11


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 years ended December 31, 2015 and 2014 ($ in thousands):

Properties

Investments in

unconsolidated

joint ventures

Mortgage

investments

Total real

estate

investments

Mortgage

loans and

other debt

Fund credit

facilities

Balance at beginning of year 14,717,548$ 2,111,089$ 1,048,800$ 17,877,437$ (1,523,019)$ (300,000)$

Net realized/unrealized gains (losses)

included in operations (or changes

in total capital) 1,211,429 110,710 50,577 1,372,716 1,853 7,300

Acquisitions/additions/issuances 2,613,537 18,667 (a) 6 2,632,210 (325,708) (699,950)

Dispositions/settlements (581,197) (20,524) (252,383) (854,104) 155,903 -

Equity in income of unconsolidated

joint ventures in excess of

distributions received - 33,040 - 33,040 -

Consolidation of previously

unconsolidated joint ventures 251,468 (235,656) - 15,812 -

Balance at end of year 18,212,785$ 2,017,326$ 847,000$ 21,077,111$ (1,690,971)$ (992,650)$

Change in unrealized gains (losses)

relating to assets/liabilities held

at the reporting date 1,210,710$ 110,985$ 50,193$ 1,371,888$ 1,853$ 7,300$

Properties

Investments in

unconsolidated

joint ventures

Mortgage

investments

Total real

estate

investments

Mortgage

loans and

other debt

Fund credit

facilities

Balance at beginning of year 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) 824,156 98,071 72,165 994,392 (4,700) -

Acquisitions/additions/issuances 1,416,664 403,724 (a) 35 1,820,423 (158,530) (400,000)

Dispositions/settlements (55,687) (935) - (56,622) 156,735 100,000

Return of investment - (100,000) - (100,000) - -

Equity in income of unconsolidated

joint ventures in excess of

distributions received - 37,294 - 37,294 -

Balance at end of year 14,717,548$ 2,111,089$ 1,048,800$ 17,877,437$ (1,523,019)$ (300,000)$

Change in unrealized gains (losses)

relating to assets/liabilities held

at the reporting date 823,696$ 97,879$ 72,165$ 993,740$ (4,700)$ -$

(a) In 2015 and 2014, contributions to investments in unconsolidated joint ventures primarily represented amounts for which the Fund had

previous funding commitments.

2015

2014

12


4. Schedule of real estate investments The Fund’s real estate investments at cost and estimated fair value are summarized as follows at December 31, 2015 and 2014 ($ in millions):

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

Properties:

Apartments 4,339.0$ 5,733.2$ 27 31 3,829.3$ 4,728.4$ 26 29

Hotel 656.4 657.6 3 4 637.7 606.7 3 4

Industrial 1,746.4 2,172.1 10 12 1,279.2 1,507.9 9 9

Office 5,052.1 5,707.0 27 31 4,283.1 4,692.3 26 29

Retail 3,320.3 3,942.9 19 21 2,828.1 3,182.2 18 20

Subtotal 15,114.2 18,212.8 86 99 12,857.4 14,717.5 82 91

Investments in unconsolidated

joint ventures:

Apartments 210.1 449.7 2 2 384.7 668.3 4 4

Hotel 152.4 155.6 1 1 149.1 164.4 1 1

Industrial 301.4 320.4 2 2 316.6 293.8 2 2

Office 480.3 623.6 3 3 467.5 552.8 3 3

Retail 383.3 468.0 2 3 375.6 431.8 2 3

Subtotal 1,527.5 2,017.3 10 11 1,693.5 2,111.1 12 13

Mortgage investments:

Apartments 391.6 517.0 2 3 616.6 739.0 4 5

Retail 259.7 330.0 2 2 259.7 309.8 2 2

Subtotal 651.3 847.0 4 5 876.3 1,048.8 6 7

Total 17,293.0$ 21,077.1$ 100 115 15,427.2$ 17,877.4$ 100 111

2015 2014

(a) Percentages represent the investment or property type fair value as a percentage of total fair value. (b) Percentages represent the investment or property type fair value as a percentage of the Fund's net assets.

5. Related party transactions

Other funds managed by the Advisor and its affiliates invest in the Fund. As of December 31, 2015 and 2014, the other funds have equity in the net assets of the Fund aggregating approximately $214.2 million and $133.4 million, respectively. Current and former employee investors have equity in the net assets of the Fund of approximately $3.7 million and $2.8 million at December 31, 2015 and 2014, respectively. The REIT subsidiaries of the Fund have issued 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 $332,500 and $248,000 of preferred shares outstanding at December 31, 2015 and 2014, respectively. All preferred stock is entitled to receive a cumulative dividend equal to an annualized 8% rate.

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6. Investments in unconsolidated joint ventures

The Fund held investments in unconsolidated joint ventures at December 31, 2015 and 2014. The combined financial position and results from operations underlying the Fund’s joint venture investments at December 31, 2015 and 2014, and for the years then ended, are summarized on a fair value basis as follows ($ in millions):

2015 2014

Real estate assets at fair value 4,801.4$ 4,788.8$

Other assets 171.3 170.9

Mortgage loans payable at fair value

(principal balance $1,503.7; $1,510.3) (a) (1,492.8) (1,509.7)

Other liabilities (100.8) (106.5)

Net assets 3,379.1$ 3,343.5$

Fund's share of net assets 2,017.3$ 2,111.1$

2015 2014

Total income 454.3$ 396.3$

Property operating expenses (225.3) (201.4)

Interest expense (54.4) (43.5)

Net investment income 174.6$ 151.4$

Fund's equity in net investment income 105.2$ 94.1$

(a) As of December 31, 2015 and 2014, the Fund’s estimated share of the mortgage loans payable at fair value aggregates approximately

$832.7 million and $848.4 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 December 31, 2015, with principal balances maturing between April 2018 and March 2027. At December 31, 2015, the weighted-average interest rate on the mortgage loans held by the unconsolidated joint ventures was 3.57%. The debt agreements generally stipulate that the underlying properties must comply with certain non-financial covenants. At December 31, 2015, management believes the underlying properties were in compliance with such covenants.

The future principal maturities of mortgage loans payable secured by the real estate owned by the unconsolidated joint venture investments for the five years following December 31, 2015 and thereafter are as follows ($ in millions):

Year ending December 31,

2016 7.0$

2017 7.2

2018 23.7

2019 11.3

2020 895.2

Thereafter 559.3

Total 1,503.7$

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6. Investments in unconsolidated joint ventures (continued) The assets underlying the Fund's unconsolidated joint venture investments lease space to tenants under various operating lease agreements. Generally these agreements, without giving effect to renewal options or replacements, have lease terms of 3 to 12 years. The approximate minimum future base rentals to be received under non-cancelable operating leases in effect as of December 31, 2015 are as follows ($ in millions):


2016 194.2$

2017 185.3

2018 161.3

2019 132.1

2020 110.3

Thereafter 492.5

Total 1,275.7$ The schedule of minimum future base rental payments excludes residential lease agreements, generally having terms of one year or less, and hotel income which together accounted for approximately 39% of the total income underlying the Fund's unconsolidated joint venture investments in 2015. Included in the combined total income underlying the Fund's unconsolidated joint venture investments are contingent rentals, primarily consisting of percentage rent and expense reimbursements, totaling approximately $68.5 million and $60.7 million for the years ended December 31, 2015 and 2014, respectively.

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 December 31, 2015 and 2014 generally provide for fixed interest rates ranging from 5.0% to 6.5%; participation in a property’s net cash flow after debt service of 50%; participation in residual interests until the Fund has achieved specified annual 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 three participating mortgage loan investment terms range from 15 to 17 years with a weighted-average remaining term to maturity at December 31, 2015 of 8 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 years ended December 31, 2015 and 2014 ($ in thousands):

2015 2014

Noncontrolling interests at beginning of year 185,632$ 96,891$

Increase in capital attributable to noncontrolling interests 115,506 78,583

Contributions to joint ventures from noncontrolling interest partners 25,586 15,613

Distributions from joint ventures to noncontrolling interest partners (12,502) (5,455)

Consolidation of noncontrolling interests in previously unconsolidated

joint venture investments 17,938 -

Acquisition of noncontrolling interests in consolidated joint ventures (10,663) -

Noncontrolling interests at end of year 321,497$ 185,632$

15


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 December 31, 2015 and 2014 ($ 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) 1,643.4$ 1,655.9$ 1,647.0$ 1,447.3$ 1,457.8$ 1,450.4$

Property line of credit (b) 47.6 47.6 - 75.7 75.7 36.0

Total (d) 1,691.0$ 1,703.5$ 1,647.0$ 1,523.0$ 1,533.5$ 1,486.4$

2015 2014

(a) The non-recourse mortgage loans generally require monthly interest payments at fixed and variable rates ranging from 1.63% to 6.30%

at December 31, 2015, and in some cases, amortization of principal, with principal balances maturing between August 2016 and January 2027. At December 31, 2015, the weighted-average interest rate on the mortgage loans was 4.42%. In 2016, management intends to repay or refinance maturing loans aggregating approximately $466.6 million.

(b) In December 2015, one of the Fund’s consolidated joint ventures owning an industrial property portfolio (estimated fair value of $886.1

million at December 31, 2015) replaced a $100.0 million senior unsecured revolving credit facility agreement with a new $75.0 million senior unsecured revolving credit facility agreement, of which $47.6 million was outstanding at December 31, 2015. Outstanding advances are subject to an average interest rate of 1.92%, after the impact of the swaps described below. The consolidated joint venture incurs a fee of 0.20% or 0.25% per annum on the unused balance, depending on the unused amount under or over $37.5 million, payable quarterly. The revolving credit facility expires in December 2018 with two one-year extension options.

(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.

(d) Two consolidated joint ventures have entered into either interest rate cap or swap agreements to limit exposure to movements in market interest rates with respect to variable rate debt. The fair value of the caps and swaps is reviewed quarterly. These derivatives were not material to the Fund’s consolidated financial position at December 31, 2015 and 2014, and the results from operations for the years then ended. The combined notional amounts aggregated $57.1 million and $62.5 million at December 31, 2015 and 2014, respectively, and are an indication of the extent of the Fund’s involvement in these instruments at the reporting dates. 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 agreements mature in 2016.

The mortgage loans payable are collateralized by properties with an aggregate estimated fair value of approximately $5.0 billion and $4.1 billion at December 31, 2015 and 2014, respectively. The future principal maturities of the mortgage loans on wholly owned properties and consolidated joint ventures for the five years following December 31, 2015 and thereafter are as follows ($ in millions):


2016 467.3$

2017 167.0

2018 110.6

2019 60.8

2020 304.5

Thereafter 545.7

Total 1,655.9$

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 one property loan agreement, the Fund made a $35.0 million guarantee that expires in August 2016. This guarantee will be terminated in conjunction with the intended repayment of the associated $280.0 million mortgage loan. Management believes the Fund and the underlying properties were in compliance with such covenants under the loan agreements at December 31, 2015.

16


10. Fund credit facilities

The Fund's available credit facilities with unaffiliated lenders consisted of the following at December 31, 2015 and 2014 ($ in millions):

Credit

facility

Committed

amount

Index spread/

Interest rate

Maturity

date

Per annum

fees

Outstanding

principal

Fair

value

Outstanding

principal

Fair

value

Line 1 200.0$ 1.05% (a) 7/16 (c) 0.15% of committed

amount

200.0$ 200.0$ -$ -$

Line 2 200.0 1.05% (a) 3/17 (c) 0.125% of unused

amount

- - - -

Line 3 200.0 1.05% (a) 5/17 (c) 0.125% of unused

amount

- - - -

Term

loan 1

300.0 3.06% (b) 11/22 n/a 300.0 292.7 300.0 300.0

Term

loan 2

500.0 3.64% (b) 11/25 n/a 500.0 500.0 - -

1,400.0$ 1,000.0$ 992.7$ 300.0$ 300.0$

2015 2014

(a) The interest rate index on this variable rate debt is one-month LIBOR. (b) Fixed interest rate. (c) Each line has two one-year options to extend the maturity date. In 2016, management intends to exercise the first extension option for

Line 1. n/a Not applicable

The terms of each agreement includes various covenants which require, among other things, that the Fund maintain certain financial ratios. At December 31, 2015, management believes the Fund was in compliance with such covenants.

11. Lease agreements

The Fund's properties lease space to tenants under various operating lease agreements. Generally, these agreements, without giving effect to renewal options or replacements, have lease terms of 3 to 12 years. The approximate minimum future base rentals to be received by the properties (excluding unconsolidated joint venture investments) under non-cancelable operating leases in effect as of December 31, 2015 are as follows ($ in millions):


2016 642.9$

2017 585.4

2018 510.3

2019 434.0

2020 366.0

Thereafter 1,196.8

Total 3,735.4$

The schedule of minimum future base rental payments excludes residential lease agreements, generally having terms of one year or less, and hotel income, which together accounted for approximately 38% of the Fund's income from properties in 2015. Included in income from properties in the accompanying Consolidated Statements of Operations are contingent rentals, primarily consisting of percentage rent and expense reimbursements, totaling approximately $190.9 million and $170.8 million for the years ended December 31, 2015 and 2014, respectively.

17


12. 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 fee percentage

First $10 million 0.955%

Next $10 million to $25 million 0.825%




Above $250 million 0.600%

Effective January 1, 2016, there are two additional Base Fee breakpoints. For investors with net asset value in excess of $400 million and $600 million, the annual base fee percentage is 0.560% and 0.520%, respectively. 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%.

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 approximately $43.5 million and $37.7 million for the years ended December 31, 2015 and 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 years ended December 31, 2015 and 2014, total fees charged to investors were approximately $176.5 million and $153.6 million, respectively.

18


13. 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 2015 and 2014, net of advisory fees ($ in thousands): Quarter ended Reinvested Paid Paid or reinvested date

December 31, 2015 136,652$ 84,549$ 52,103$ January 2016

September 30, 2015 134,766$ 83,605$ 51,161$ October 2015

June 30, 2015 133,246$ 82,950$ 50,296$ July 2015

March 31, 2015 132,882$ 83,055$ 49,827$ April 2015

December 31, 2014 115,044$ 71,965$ 43,079$ January 2015

September 30, 2014 113,033$ 69,716$ 43,317$ October 2014

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

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

Distributions payable

14. 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 December 31, 2015, the Fund had eligible redemption requests of approximately $604.6 million, which were fully funded in January 2016.

15. 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 December 31, 2015 and 2014 as follows:

2015 2014

Units outstanding 1,777,603.32 1,677,539.67

Net asset value per unit $ 10,433.96 $ 9,609.07 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.

19


16. Concentration risk of real estate investments

The Fund has real estate investments located throughout the United States. The diversification of the Fund's real estate investments, based on estimated fair values at December 31, 2015 and divisions, as defined by the National Council of Real Estate Investment Fiduciaries, is as follows ($ in millions):

Division

Fair

value

Division

%

Northeast 5,249.2$ 25

Pacific 6,140.6 29

East North Central 2,389.4 11

Mideast 1,877.9 9

Mountain 2,008.9 10

Southwest 1,642.2 8

Southeast 1,579.6 7

West North Central 189.3 1

Total 21,077.1$ 100

17. Financial highlights

The following are certain financial highlights of the Fund for the years ended December 31, 2015 and 2014:

2015 2014

Returns (a) :

Total return, before advisory fees 12.94% 11.69%

Net investment income, before advisory fees 4.97% 5.16%

Ratios to average net assets (b) :

Advisory fees (c) 1.03% 1.03%

Other Fund expenses (d) 0.04% 0.05%

Total Fund expenses 1.07% 1.08%

(a) Returns are calculated by linking quarterly returns to derive the annualized return. Returns are based on a time-weighted rate of return

methodology. (b) Based on weighted-average net assets. Ratios for 2014 have been updated to conform to the 2015 calculation. (c) This ratio includes both fees deducted by the Fund and directly billed to investors (see Note 12). (d) Fund expenses include all Fund level fees and expenses that are incurred by the Fund, excluding those fees earned by the Advisor which

are reported separately above. Fund fees and expenses primarily include Fund level audit fees, tax fees and appraisal fees. Property level expenses (e.g., utilities, maintenance, real estate taxes) are excluded from this calculation.

18. Commitments

As of December 31, 2015, the Fund has outstanding commitments of approximately $804.0 million on previously funded real estate investments, including properties under construction or renovation. The Fund also has commitments of approximately $321.7 million for the funding of new real estate investments. The commitments for new real estate investments include forward purchase agreements with developers to purchase, upon completion of construction, two industrial properties. The industrial properties located in Fremont, CA and Union City, CA have an aggregate purchase price of $60.5 million and were acquired in February 2016.

20


19. Supplemental cash flow information

The following is supplemental cash flow information for the years ended December 31, 2015 and 2014 ($ in thousands):

2015 2014

Interest 81,852$ 74,186$

Income taxes 4,618$ 1,644$

joint venture, at cost 1,332$ -$

joint ventures to properties, at cost (a) 201,699$ -$

Distributions reinvested 321,577$ 264,724$

Increase in distributions payable 21,607$ 11,817$

Mortgage loans payable assumed upon

acquisition of properties 293,050$ 15,844$

Increase in capital expenditures included in

accrued expenses and other liabilities 33,054$ -$

Cash paid during the year for:

Non-cash investing and financing activities:

Acquisition of noncontrolling interest in consolidated

Reclassification of joint venture investments from unconsolidated

(a) Reclassifications of real estate investments between investment types have no impact on the Fund's net assets and net investment income.

20. Subsequent events In January 2016, the Fund received contributions from investors totaling approximately $392.1 million.

21

TPF Trumbull Property Fund Supplemental information for the quarter ended December 31, 2015 (Unaudited) UBS Realty Investors LLC

22

Trumbull Property Fund (TPF)Schedule of Real Estate Investments 12/31/2015 (unaudited)

ID City StateInvest type Square feet Income Apprec Total

APARTMENTS

3468 New York NY PM 452 Units 96% 7/13/2011 391,572 517,000 487,000 517,000 4.59 6.18 10.98

3476 Chicago IL CJV 332 Units 87% 6/29/2012 113,076 206,000 182,100 167,455 3.86 9.31 13.43

3483(5) Glendale CA CJV/C 401 Units 71% 9/28/2012 138,701 188,433 141,837 165,408 0.18 12.55 12.75

3463 Dublin CA WO/D 390 Units 95% 5/11/2011 113,329 180,000 153,000 180,000 5.67 28.63 35.47

3913 Los Angeles CA WO 271 Units 94% 5/16/2014 155,724 173,000 176,000 173,000 3.54 (2.40) 1.08

3458 West New York NJ CJV 316 Units 96% 6/27/2011 109,286 171,000 163,667 150,342 5.13 2.74 7.97

3335 Washington DC JV/D 462 Units 93% 4/16/2002 80,357 159,704 160,239 184,325 4.12 (0.52) 3.58

3414 Chula Vista CA WO/D 500 Units 97% 9/27/2007 123,134 158,000 142,000 158,000 6.47 17.43 24.72

3466 Woodland Hills CA CJV/C 340 Units 97% 7/22/2011 102,491 150,000 112,261 139,616 1.52 19.07 20.81

3499(5) Miami FL CJV/C 462 Units N/A 9/27/2013 113,794 142,553 65,783 131,461 0.00 18.85 18.85

3910(5) West Covina CA CJV/C 450 Units 10% 2/27/2014 111,117 128,604 66,093 110,154 (0.08) 12.33 12.24

3462 Hillsboro OR WO/D 497 Units 94% 12/1/2010 72,478 123,000 106,000 123,000 7.11 26.81 35.29

3380 Chicago IL WO/D 171 Units 90% 12/29/2005 96,946 120,000 116,000 120,000 4.91 3.26 8.27

3413 Miramar FL WO 512 Units 94% 9/6/2007 128,430 120,000 122,000 120,000 5.17 (2.20) 2.88

3310 Wayne NJ WO/D 465 Units 96% 12/22/1998 82,273 119,000 116,200 119,000 6.50 (1.05) 5.40

3474 Patchogue NY CJV 291 Units 91% 5/15/2012 91,869 116,900 108,256 113,323 2.32 6.22 8.64

3274 Issaquah WA WO/D 354 Units 96% 9/12/1995 51,231 113,000 96,700 113,000 5.05 21.13 26.96

3924 Tampa FL WO 367 Units 96% 10/14/2014 112,230 112,900 111,635 112,900 3.10 0.60 3.72

3912(5) Nashville TN CJV/C 431 Units N/A 2/24/2014 80,264 108,148 27,231 95,502 0.00 21.85 21.85

3309 Alexandria VA JV/D 403 Units 96% 3/21/2001 54,726 105,763 104,411 117,038 4.31 1.26 5.62

3486(5) Charlotte NC CJV/C 352 Units 83% 12/19/2012 68,671 105,100 73,638 89,565 3.02 14.90 18.26

3284 Westminster CO WO 472 Units 96% 9/30/1997 48,561 100,500 89,500 100,500 5.42 10.88 16.73

3325 Laguna Hills CA WO 233 Units 87% 8/1/1988 35,245 97,200 89,300 97,200 6.01 8.64 15.03

3343 Englewood CO WO/D 438 Units 99% 4/15/2003 57,293 95,200 82,600 95,200 7.25 24.88 33.45

3402 Orange CA WO/D 278 Units 98% 10/30/2006 93,511 95,100 85,300 95,100 5.59 20.30 26.71

3905 Riverside CA WO 432 Units 97% 11/26/2013 77,845 93,700 84,000 93,700 5.60 10.60 16.64

3408 Billerica MA WO/D 324 Units 97% 2/16/2007 86,260 88,100 83,100 88,100 3.60 14.11 18.08

3296 Delray Beach FL WO/D 404 Units 99% 6/18/1998 53,784 87,400 78,900 87,400 5.99 15.27 21.93

Leasing%(7) Investment

date

One year return (%)(2)12/31/2015

Financial statement

cost ($000)

12/31/2015 Financial

statement fair value ($000)



Gross market(1)

value ($000)

23


ID City StateInvest type Square feet Income Apprec TotalLeasing%(7)

Investment date


Financial statement

cost ($000)





Gross market(1)

value ($000)

3471 North Hollywood CA WO 180 Units 93% 2/29/2012 76,598 86,700 78,700 86,700 4.56 9.63 14.52

3478 Houston TX WO/D 340 Units 94% 8/9/2012 66,984 84,600 78,400 84,600 6.29 13.06 19.98

3357 Germantown MD WO 332 Units 94% 2/12/2003 50,332 83,800 80,700 83,800 5.14 2.99 8.25

3406 Norwalk CT WO 227 Units 88% 12/8/2006 78,482 80,300 77,400 80,300 4.30 3.25 7.65

3472 Orlando FL WO 456 Units 94% 2/15/2012 65,369 76,900 69,050 76,900 5.29 10.79 16.50

3925 Hempstead NY WO 166 Units 95% 11/10/2014 74,076 76,700 73,976 76,700 4.94 3.56 8.63

3475 Vacaville CA WO/D 312 Units 95% 5/31/2012 58,278 76,100 65,325 76,100 8.05 17.75 26.84

3957 Charlotte NC WO 321 Units 2% 12/30/2015 75,923 75,923 N/A 75,923 N/A N/A N/A

3484 Tempe AZ WO/D 404 Units 95% 11/16/2012 56,506 73,600 65,800 73,600 5.26 14.60 20.41

3281 Arlington VA JV/D 435 Units 93% 9/30/1998 (16,086) 73,111 80,492 140,611 3.64 (9.64) (6.28)

3480 Lutz FL WO 451 Units 95% 8/14/2012 65,372 72,800 67,100 72,800 5.33 7.74 13.38

3348 Durham NC WO 480 Units 96% 12/2/2003 49,733 72,200 66,800 72,200 5.68 6.31 12.25

3908 West Hempstead NY WO 150 Units 98% 1/24/2014 70,789 70,700 70,600 70,700 4.83 (0.01) 4.82

3467 Federal Way WA WO 339 Units 95% 6/28/2011 53,187 68,300 58,100 68,300 5.23 17.34 23.23

3213 San Ramon CA WO/D 192 Units 98% 10/16/1985 23,234 68,000 55,300 68,000 6.30 32.57 40.34

3294 Littleton CO WO/D 336 Units 97% 3/13/1998 33,549 66,400 56,000 66,400 5.94 24.02 30.99

3329 North Bergen NJ WO/D 176 Units 98% 11/30/2001 54,107 64,000 56,300 64,000 6.21 18.15 25.18

3926(5) Atlanta GA CJV/D 407 Units N/A 12/17/2014 46,119 63,869 17,310 53,734 0.00 47.06 47.06

3495 Arlington VA JV/D 825 Units 88% 3/20/2013 80,442 63,149 68,107 185,249 4.88 (16.84) (12.58)

3901(5) Houston TX CJV/C 431 Units 3% 10/28/2013 53,452 62,464 31,838 59,992 0.00 14.66 14.66

3248 Irving TX WO/D 529 Units 95% 8/29/1985 32,403 61,900 59,900 61,900 6.05 3.80 10.02

3297 Scottsdale AZ WO 368 Units 98% 5/28/1998 35,954 61,700 58,600 61,700 5.47 4.77 10.44

3954 Orlando FL WO 279 Units 20% 12/30/2015 61,174 61,174 N/A 61,174 N/A N/A N/A

3917(5) Portland OR CJV/C 284 Units N/A 7/25/2014 56,741 60,824 22,401 58,686 0.00 10.35 10.35

3324 Boca Raton FL WO 188 Units 96% 2/13/2001 36,325 60,800 56,700 60,800 5.61 5.57 11.41

3400 Bellingham MA WO 285 Units 98% 9/7/2006 61,736 60,700 58,300 60,700 5.14 3.21 8.47

3916 Irving TX WO/D 317 Units 97% 6/25/2014 53,439 60,400 54,900 60,400 4.74 11.68 16.83

3312 Scottsdale AZ WO 368 Units 97% 3/5/1999 35,298 59,800 57,600 59,800 5.46 3.26 8.86

3911(5) Falls Church VA CJV/D 224 Units N/A 2/4/2014 48,249 57,940 27,734 51,659 0.00 13.87 13.87

24



Investment date


Financial statement

cost ($000)





Gross market(1)

value ($000)

3405 American Canyon CA WO 216 Units 98% 12/27/2006 51,392 57,600 50,100 57,600 5.65 14.58 20.83

3364 Atlanta GA WO 305 Units 95% 9/27/2005 53,436 55,500 51,900 55,500 5.40 6.00 11.64

3382 Cumberland RI WO 288 Units 97% 1/10/2006 55,767 55,500 53,600 55,500 5.90 2.77 8.79

3381 Alpharetta GA WO/D 352 Units 96% 12/29/2005 43,607 54,300 46,900 54,300 7.01 16.79 24.65

3914(5) Los Angeles CA CJV/C 281 Units N/A 5/16/2014 39,964 50,447 43,950 45,833 0.00 3.84 3.84

3337 Columbus OH WO 428 Units 93% 6/28/2002 34,571 50,000 46,100 50,000 6.50 7.37 14.22

3931(5) Charlotte NC CJV/C 394 Units N/A 4/30/2015 44,852 49,503 N/A 45,965 1.25 9.59 10.84

3488 Denver CO WO/D 201 Units 96% 1/18/2013 38,968 42,900 39,600 42,900 5.44 9.51 15.33

3485 Renton WA WO 153 Units 97% 10/31/2012 29,211 41,600 36,000 41,600 5.09 14.65 20.28

3326 Frederick MD WO 204 Units 93% 8/10/2001 24,904 39,900 38,900 39,900 4.86 0.74 5.63

3269 Mount Laurel NJ WO/D 288 Units 95% 12/21/1994 24,536 39,600 37,600 39,600 5.39 4.56 10.13

3291 Plano TX WO/D 232 Units 97% 12/22/1997 20,597 37,200 32,300 37,200 7.03 18.28 26.24

3928 Denver CO WO 105 Units 91% 3/19/2015 32,132 34,800 N/A 34,800 3.56 8.35 12.10

3299 Austin TX WO/D 195 Units 93% 6/30/1998 23,426 30,900 28,800 30,900 4.87 7.64 12.79

3927(5) San Diego CA CJV/C 313 Units N/A 4/2/2015 25,675 27,000 N/A 18,989 0.00 4.99 4.99

3454 Arlington VA JV/D 270 Units 98% 3/23/1993 1,337 22,991 22,864 47,588 3.52 0.48 4.01

3452 Arlington VA JV/D 134 Units 98% 3/26/1993 2,074 15,317 15,339 25,011 3.43 (0.40) 3.01

3496 Arlington VA JV 252 Units N/A 3/20/2013 7,560 7,945 7,950 7,945 0.00 (0.07) (0.07)

3952 Miami FL CJV 391 Units N/A 10/14/2015 5,000 5,000 N/A 5,000 N/A N/A N/A

3481(5) Arlington VA JV/C 68 Units N/A 7/1/2012 (473) 1,369 10,031 1,369 305.26 (85.13) 127.45

3440 Arlington VA JV/D 100 Units 100% 3/26/1993 198 390 330 390 14.06 18.91 33.34

3283 Delray Beach FL WO 228 Units Sold 9/15/1997 0 0 39,500 0 N/A N/A N/A

3387 New York NY WO 97 Units Sold 3/26/2006 0 0 66,200 0 N/A N/A N/A

3390 Atlanta GA WO 423 Units Sold 5/12/2006 0 0 64,600 0 N/A N/A N/A

3442 Brooklyn NY PM 339 Units Sold 12/31/2007 0 0 252,000 0 N/A N/A N/A

3460 West Palm Beach FL WO 416 Units Sold 11/18/2010 0 0 56,600 0 N/A N/A N/A

3461 West Palm Beach FL WO 396 Units Sold 11/18/2010 0 0 56,300 0 N/A N/A N/A

SUBTOTALS 4,940,696 6,699,921 6,135,648 6,768,607

25



Investment date


Financial statement

cost ($000)





Gross market(1)

value ($000)

HOTEL

3455 New York NY WO 208 Rooms 88.0% 6/11/2010 159,586 193,000 179,340 193,000 5.40 5.57 11.17

3361 Dallas TX WO/D 448 Rooms 74.7% 4/1/2005 193,455 161,097 154,000 161,097 9.74 2.49 12.40

3392 Denver CO WO 516 Rooms 82.4% 6/20/2006 138,087 132,233 126,000 132,233 8.05 (0.06) 7.97

3459 Tampa FL WO 442 Rooms 75.0% 11/5/2010 88,062 119,400 98,900 119,400 11.16 18.96 31.72

3318 Baltimore MD JV/D 750 Rooms 73.9% 2/15/2001 53,864 85,199 82,919 122,996 9.14 (0.45) 8.69

3322 Baltimore MD JV 524 Rooms 66.9% 12/22/1988 98,490 70,408 81,502 70,408 4.58 (14.34) (10.19)

3316 Oak Brook IL WO 350 Rooms 59.1% 7/16/1999 77,205 51,900 48,500 51,900 9.91 5.14 15.47

SUBTOTALS 808,750 813,237 771,160 851,033

INDUSTRIAL

Various(3) Various Various CJV/D 12,880,299 95% Various 776,976 895,283 734,185 800,501 N/A N/A N/A

3445 Hayward CA WO 1,108,448 100% 3/5/1981 53,957 127,000 96,000 127,000 5.59 31.21 38.06

3305 Weston FL WO 848,653 76% 10/23/1998 67,457 98,500 86,500 98,500 5.21 12.46 18.14

3338 Morrisville NC WO 846,296 100% 12/27/2002 52,702 76,100 59,300 76,100 6.63 27.81 35.75

3915 Fontana CA CJV/C 745,394 100% 6/9/2014 53,625 76,096 41,404 66,803 0.46 14.49 14.95

3341 Lacey WA WO 756,400 100% 3/28/2003 28,624 53,900 49,800 53,900 5.36 8.27 13.96

3340 Montgomery NY WO 761,000 100% 3/28/2003 35,396 52,200 46,200 52,200 6.83 13.06 20.54

3930(5) Fontana CA CJV/C 748,850 N/A 4/15/2015 39,736 46,036 N/A 43,049 0.00 9.46 9.46

3479 Braselton GA WO 807,990 100% 8/8/2012 42,696 44,600 44,900 44,600 8.20 (0.67) 7.48

3419 Pleasant Prairie WI JV 602,376 100% 9/18/2007 40,184 44,546 35,162 44,546 6.21 24.69 31.99

3178 Rancho Cucamong CA CJV 445,741 100% 8/5/1985 16,990 41,700 37,167 41,266 3.85 10.40 14.55

3941 Livermore CA WO 474,437 93% 9/25/2015 40,198 40,600 N/A 40,600 1.46 1.01 2.47

3397 Dupont WA WO 451,151 100% 9/12/2006 28,337 39,600 36,000 39,600 5.21 10.04 15.63

3342 Baytown TX WO 756,000 100% 3/28/2003 22,586 38,890 35,700 38,890 5.46 5.40 11.08

3477 Mansfield MA WO 429,057 100% 6/30/2012 29,181 37,100 33,600 37,100 6.83 10.47 17.83

3942 Stockton CA WO 508,800 100% 9/25/2015 35,550 36,400 N/A 36,400 1.38 2.40 3.78

3398 Byhalia MS WO 935,000 100% 9/12/2006 33,653 35,500 32,500 35,500 6.99 6.03 13.33

3487 Doral FL WO 209,000 100% 12/12/2012 26,126 31,800 28,700 31,800 6.03 10.86 17.37

26



Investment date


Financial statement

cost ($000)





Gross market(1)

value ($000)

3920 Woodridge IL WO 347,525 100% 8/1/2014 24,477 31,400 25,400 31,400 4.84 23.72 29.40


3415 Franklin Park IL JV 458,884 89% 9/18/2007 40,741 30,090 30,084 30,090 (0.51) 7.82 7.27

3906 Phoenix AZ WO 400,000 100% 12/3/2013 26,342 30,000 27,400 30,000 4.90 9.53 14.77

3938 Fremont CA WO 214,809 100% 9/25/2015 27,548 28,800 N/A 28,800 1.22 4.56 5.78

3275 Hodgkins IL WO 562,617 100% 11/6/1995 20,571 28,700 25,300 28,700 7.42 12.76 20.87


3946 Ontario CA WO 284,559 100% 9/25/2015 26,245 26,400 N/A 26,400 1.30 0.59 1.89

3282 Elmhurst IL WO 340,713 100% 7/31/1997 23,953 25,800 32,800 25,800 N/A N/A N/A

3416 North Chicago IL JV 395,064 100% 9/18/2007 21,075 25,069 15,915 25,069 5.54 56.30 63.94


3953 San Bernardino CA CJV 621,957 N/A 12/1/2015 22,728 22,728 N/A 22,728 N/A N/A N/A

3951 Golden CO WO 261,825 100% 9/25/2015 20,562 20,600 N/A 20,600 1.35 0.19 1.54

3280 Eden Prairie MN WO 204,000 64% 12/31/1996 15,436 20,200 17,500 20,200 4.89 12.99 18.38

3278 Maplewood MN WO 185,750 91% 12/30/1996 16,199 19,900 18,100 19,900 5.78 6.01 12.06


3918(5) Vernon CA CJV 188,800 N/A 3/26/2015 17,753 19,268 N/A 18,797 0.00 7.26 7.26

3359 Rochelle IL WO 400,393 100% 3/7/2005 14,549 16,700 17,800 16,700 8.96 (6.22) 2.31

3444 Gurnee IL JV 255,216 100% 9/18/2007 12,460 16,629 11,365 16,629 6.12 37.34 45.06

3947 San Diego CA WO 105,636 100% 9/25/2015 16,662 16,500 N/A 16,500 1.46 (0.98) 0.48

3945 San Bernardino CA WO 211,400 100% 9/25/2015 16,091 16,300 N/A 16,300 1.28 1.30 2.58

3417 Gurnee IL JV 213,141 100% 9/18/2007 17,304 15,860 13,890 15,860 5.95 12.94 19.46

3424 Gurnee IL JV 161,200 100% 9/18/2007 13,259 15,436 12,940 15,436 6.98 16.22 24.04

3944 Rocklin CA WO 200,200 79% 9/25/2015 14,141 14,500 N/A 14,500 1.35 2.55 3.90

3943 Tracy CA WO 206,451 100% 9/25/2015 13,942 13,800 N/A 13,800 1.49 (1.02) 0.47

3418 Gurnee IL JV 133,258 100% 9/18/2007 12,541 12,922 11,140 12,922 5.43 15.52 21.56

3950 Denver CO WO 152,890 77% 9/25/2015 11,528 12,700 N/A 12,700 1.17 10.21 11.39

3429 Wadsworth IL JV 228 Acres N/A 9/18/2007 10,820 11,104 13,899 11,104 0.07 (13.98) (13.89)

3320 Eagan MN WO 157,428 91% 9/8/2000 10,432 10,700 9,900 10,700 7.47 7.66 15.54

27



Investment date


Financial statement

cost ($000)





Gross market(1)

value ($000)

3464 Sturtevant WI JV 184,688 100% 9/18/2007 7,651 10,068 8,153 10,068 7.37 16.94 25.21

3277 Lincolnshire IL WO 145,186 49% 2/27/1996 8,089 9,510 8,000 9,510 2.40 18.52 21.26

3948 San Diego CA WO 104,180 100% 9/25/2015 9,040 9,500 N/A 9,500 1.57 5.11 6.69

3448 Sturtevant WI JV 153,600 75% 9/18/2007 7,088 9,115 7,030 9,115 6.42 23.16 30.65

3492 Elk Grove Village IL JV 87,975 100% 9/18/2007 7,446 8,223 6,366 8,223 5.54 23.61 30.22

3421 Franklin Park IL JV 142,477 100% 9/18/2007 10,272 6,582 4,541 6,582 1.06 52.67 54.22

3949 Denver CO WO 70,141 100% 9/25/2015 5,603 5,900 N/A 5,900 1.65 5.32 6.97

3427 Pleasant Prairie WI JV 234 Acres N/A 9/18/2007 4,155 5,397 7,281 5,397 (3.33) 17.29 13.60

3420 Franklin Park IL JV 14 Acres N/A 9/18/2007 10,977 2,362 3,407 2,362 (2.71) 1.62 (1.09)

3447 Sturtevant WI JV 47 Acres N/A 9/18/2007 2,242 2,151 2,099 2,151 (1.82) 16.37 14.34

3426 Gurnee IL JV 25 Acres N/A 9/18/2007 2,626 1,791 2,482 1,791 (5.38) (10.33) (15.24)

3300 Buffalo Grove IL WO 3 Acres N/A 6/30/1998 704 950 910 950 (3.73) 4.38 0.52

3422 Franklin Park IL JV 99,964 53% 9/18/2007 2,935 630 1,124 630 3.01 (23.51) (21.04)

3449 Elk Grove Village IL JV 2 Acres N/A 10/30/2008 1,142 556 504 556 12.11 13.67 27.63

3358 Rochelle IL JV 24 Acres N/A 12/17/2004 920 482 487 482 (5.99) 5.12 (1.12)

3428 Sturtevant WI JV 11 Acres N/A 9/18/2007 (330) 286 316 286 (12.01) 16.27 2.76

3423 Elk Grove Village IL JV 125,000 Sold 9/18/2007 0 0 1,884 0 N/A N/A N/A

3922 Pleasant Prairie WI JV 411,415 Sold 9/18/2007 0 0 1,613 0 N/A N/A N/A

SUBTOTALS 2,047,783 2,492,554 1,801,724 2,384,587

OFFICE

3470 Boston MA WO/D 1,167,448 99% 12/21/2011 648,728 739,000 673,000 739,000 3.97 13.82 18.19

3391 New York NY WO 839,958 97% 6/29/2006 664,141 671,000 657,000 671,000 5.01 1.72 6.79

3469 Chicago IL CJV/D 1,118,148 100% 12/15/2011 399,509 499,000 463,000 492,064 5.62 4.85 10.67

3937 Portland OR CJV/D 1,156,068 95% 8/25/2015 373,425 385,000 N/A 379,962 0.79 5.97 6.76

3465 New York NY JV/D 1,925,005 94% 7/1/2011 201,337 316,361 271,909 492,655 9.10 12.50 22.42

3923 New York NY JV/D 1,022,202 94% 9/23/2014 279,002 307,214 280,884 473,924 4.37 8.14 12.77

3443 Seattle WA WO 614,703 93% 10/17/1984 233,796 301,000 265,000 301,000 4.47 11.02 15.86

3393 Denver CO WO 737,925 96% 6/20/2006 182,382 277,000 251,000 277,000 4.25 2.86 7.20

3184 San Francisco CA CJV 374,200 96% 12/30/1985 167,145 272,000 227,000 276,447 3.76 17.72 21.96

28



Investment date


Financial statement

cost ($000)





Gross market(1)

value ($000)

3933 Washington DC WO/D 291,311 96% 6/24/2015 246,753 245,000 N/A 245,000 2.79 (1.44) 1.33

3395 Pasadena CA WO 639,554 96% 5/25/1984 187,342 238,000 223,000 238,000 6.51 4.86 11.61

3262 Denver CO WO 697,555 92% 4/16/1982 146,150 228,000 214,000 228,000 5.55 4.37 10.10

3349 Pleasanton CA WO 595,608 100% 12/11/2003 194,110 187,600 164,000 187,600 5.32 13.25 19.08

3955 Oakland CA WO 521,177 97% 12/18/2015 166,902 166,902 N/A 166,902 N/A N/A N/A

3439 Mettawa IL WO 558,859 100% 5/10/2006 150,266 157,000 153,000 157,000 7.97 2.62 10.75

3490 Portland OR WO 398,412 88% 2/22/2013 134,809 150,000 143,000 150,000 6.20 6.04 12.52

3290 Houston TX WO 491,092 92% 11/2/1997 90,294 141,750 143,200 141,750 4.53 (3.38) 1.04

3307(4) Chicago IL WO 335,191 90% 11/12/1998 92,344 104,000 91,822 104,000 5.86 9.63 15.90

3473 Orange CA WO 401,191 96% 6/29/2007 111,111 95,933 92,200 95,933 2.67 (1.55) 1.10

3285 Arlington VA WO 241,265 69% 9/30/1997 64,215 89,400 89,700 89,400 3.90 (2.65) 1.17

3934 Burbank CA WO 229,946 100% 8/6/2015 80,599 85,800 N/A 85,800 1.74 6.49 8.23

3396 Framingham MA CJV 396,040 80% 8/17/2006 97,164 84,750 78,750 86,446 6.92 7.04 14.46

3384 Washington DC WO 174,592 86% 4/10/2006 63,853 83,100 80,500 83,100 5.24 3.08 8.44

3935 Beverly Hills CA WO 49,663 100% 12/7/2015 74,578 74,578 N/A 74,578 N/A N/A N/A

3286 Tampa FL WO 265,976 98% 10/20/1997 70,313 71,200 66,490 71,200 7.19 6.16 13.67

3221 Salt Lake City UT WO 261,684 84% 8/20/1982 57,048 64,600 60,300 64,600 5.25 6.11 11.59

3334 Basking Ridge NJ WO 210,294 100% 4/30/2002 73,060 49,700 49,005 49,700 7.42 (4.52) 2.64

3411 Tualatin OR WO 341,904 83% 8/20/1998 60,961 43,900 43,500 43,900 6.78 (2.23) 4.42

3350 Golden Valley MN WO 340,258 100% 3/24/2004 41,209 34,200 38,300 34,200 10.63 (10.80) (1.01)

3394 Irving TX WO 165,003 100% 6/8/2006 22,556 31,200 27,000 31,200 7.13 15.65 23.58

3330 Greensboro NC WO 164,938 100% 12/28/2001 24,911 28,200 26,400 28,200 8.16 6.79 15.36

3331 Irving TX WO 135,200 100% 1/30/2002 23,715 24,700 22,500 24,700 8.48 5.67 14.50

3313 Irving TX WO 160,314 66% 9/23/1999 27,092 23,449 21,700 23,449 2.44 4.98 7.56

3306 Sunrise FL WO 91,221 74% 11/13/1998 19,224 19,300 17,200 19,300 4.41 10.31 15.06

3250 Rancho Cordova CA WO 128,247 87% 9/29/1989 17,656 16,500 15,500 16,500 6.13 4.85 11.19

3328 Wood Dale IL WO 238,397 0% 9/27/2001 35,375 13,700 15,600 13,700 (2.78) (12.16) (14.73)

3317 Irving TX WO 58,380 100% 3/7/2000 9,334 10,500 9,558 10,500 8.33 7.41 16.20

29



Investment date


Financial statement

cost ($000)





Gross market(1)

value ($000)

3189 Dallas TX WO 236,357 Sold 6/19/1979 0 0 10,100 0 N/A N/A N/A

3412 Washington DC WO 393,816 Sold 5/24/2006 0 0 260,000 0 N/A N/A N/A

SUBTOTALS 5,532,409 6,330,537 5,245,118 6,667,710

RETAIL

3457 Cambridge MA CJV 524,622 95% 5/18/1989 293,247 586,000 559,400 588,464 4.34 4.59 9.08

3339 Dallas TX WO/D 762,553 95% 12/24/2002 413,794 550,000 506,000 550,000 4.30 13.50 18.24

3919 Emeryville CA WO/D 382,793 96% 8/26/2014 307,304 312,000 305,000 312,000 4.32 2.02 6.40

3456 Montebello CA WO 387,835 100% 12/29/1988 187,048 307,000 283,000 307,000 4.90 7.79 12.98

3904 Chicago IL JV/D 825,403 95% 11/19/2013 228,522 283,049 262,609 475,173 4.09 6.21 10.49

3352 Millbury MA PM 786,915 100% 9/23/2004 156,000 206,500 194,700 206,500 5.91 6.09 12.26

3932 Dallas TX WO 345,164 86% 5/12/2015 186,013 187,000 N/A 187,000 1.75 0.53 2.29

3301 Stamford CT JV 518,540 92% 9/17/1998 154,805 184,965 169,189 184,965 4.97 7.12 12.35

3367 Chino CA CJV 457,623 95% 12/16/2005 138,730 153,000 140,000 149,290 5.36 8.85 14.56

3936 Laurel MD WO 383,727 91% 7/31/2015 143,847 149,000 N/A 149,000 1.26 3.61 4.87

3909 Westminster CO CJV 644,226 90% 12/23/2013 134,788 148,400 136,400 145,236 5.36 3.95 9.47

3482 Riverside CA CJV 399,253 91% 9/18/2012 105,055 145,000 116,040 130,673 5.81 10.69 16.96

3494 Pleasant Hill CA WO 345,919 98% 3/8/2013 108,853 130,000 116,000 130,000 5.39 10.71 16.51

3308(4) Chicago IL WO 195,500 100% 11/12/1998 59,188 129,000 91,900 129,000 5.05 40.25 46.79

3404 Mansfield MA PM 369,735 99% 11/9/2006 103,710 123,500 115,100 123,500 5.71 7.33 13.35

3929 Glendora CA WO 332,395 96% 4/23/2015 111,371 114,000 N/A 114,000 2.45 2.37 4.85

3375 Phoenix AZ CJV 785,958 99% 1/25/2006 115,327 107,000 93,700 106,457 6.09 12.94 19.61

3497(6) Rolling Hills Estates CA CJV 297,951 90% 3/14/2013 97,013 105,000 92,700 103,194 4.04 5.32 9.52

3386 Burlington MA WO 193,237 98% 1/30/2006 107,784 100,600 90,249 100,600 5.98 9.49 15.87

3363 White Plains NY WO 246,753 80% 9/13/2005 165,053 98,300 87,700 98,300 4.87 11.82 17.11

3377 Mesa AZ CJV 322,944 97% 1/25/2006 102,340 84,600 75,900 84,532 7.06 10.82 18.44

3371 Pico Rivera CA CJV 221,055 87% 12/16/2005 69,958 78,700 73,800 77,949 6.00 6.16 12.44

3956 Humble TX WO 359,648 100% 12/15/2015 61,306 72,600 N/A 72,600 N/A N/A N/A

3378 Gilbert AZ CJV 251,063 88% 1/25/2006 79,900 66,500 60,700 66,664 6.11 6.46 12.87

3403 Chandler AZ CJV 256,174 97% 10/25/2006 72,709 62,300 63,700 61,461 6.22 (2.50) 3.60

30



Investment date


Financial statement

cost ($000)





Gross market(1)

value ($000)

3372 El Cajon CA CJV 191,609 100% 12/16/2005 47,267 61,500 54,000 60,176 5.32 13.42 19.27

3369 Mesa AZ CJV 241,324 87% 12/16/2005 66,872 50,200 45,000 49,566 5.93 8.00 14.27

3379 Chandler AZ CJV 190,051 100% 10/25/2006 55,474 50,000 44,900 48,106 6.63 10.50 17.64

3373 Scottsdale AZ CJV 168,090 100% 12/16/2005 38,929 43,400 36,300 42,698 7.18 18.29 26.41

3900 Glendale CA CJV 23,000 100% 11/22/2013 10,644 13,000 12,500 12,962 3.59 4.68 8.39

3365 Phoenix AZ CJV 41,425 89% 12/16/2005 12,681 12,300 11,000 12,081 7.25 11.30 19.15

3366 San Diego CA CJV 102,610 100% 12/16/2005 10,178 11,900 11,400 11,998 5.21 4.10 9.42

3356 Atlanta GA WO 11 Acres 13% 10/21/2004 11,883 7,700 6,800 7,700 (2.15) 13.21 10.85

3376 Phoenix AZ CJV 17,965 100% 1/25/2006 5,409 5,700 5,600 5,518 6.92 1.58 8.58

3907 Humble TX CJV 9 Acres N/A 12/20/2013 339 1,150 1,500 806 (4.68) (14.44) (18.55)

3491 Humble TX CJV 359,648 Conversion 3/22/2013 0 0 61,000 0 N/A N/A N/A

SUBTOTALS 3,963,339 4,740,863 3,923,787 4,905,169

GRAND TOTAL 17,292,977 21,077,111 17,877,437 21,577,106

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 137 properties in 32 states, of which eight properties are under development.(4) The two properties footnoted are considered one investment.(5) Properties under development.(6) Properties in initial lease up phase(7) Leased percentages for Hotels represent average occupancy for the quarter.

NCREIF life cycle allocations are as follows: Operating/Stabilized 94.1%, Development 5.0%, Lease-up 0.6%, and Predevelopment 0.3%.Investment structure allocations are as follows: Wholly Owned 57.4%, Joint Ventures 38.7%, and Participating Mortgages 3.9%.Confidential: for client use only

31

Trumbull Property Fund (TPF) Performance matrixOne-year levered returns12/31/2015 (unaudited)

USD in millions

Property typeEast Midwest South West Total

% % % % %Apartments

Income 4.70 4.57 4.02 4.32 4.42Appreciation 3.16 7.38 10.57 13.54 8.46Total 7.97 12.19 14.90 18.29 13.16

# investments 28 3 19 28 78Gross market value (USD) 2,603.8 337.4 1,322.5 2,504.9 6,768.6

HotelIncome 6.13 9.62 10.49 8.05 7.86Appreciation -0.60 5.14 11.32 -0.06 3.00Total 5.51 15.17 22.71 7.97 11.04

# investments 3 1 2 1 7Gross market value (USD) 386.4 51.9 280.5 132.2 851.0

Industrial*Income 6.75 5.88 6.24 4.73 5.80Appreciation 12.92 12.37 6.14 14.33 11.78Total 20.31 18.78 12.67 19.55 18.07

# investments 3 34 5 21 63Gross market value (USD) 306.1 880.7 423.4 774.4 2,384.6

OfficeIncome 5.40 6.22 5.59 4.90 5.35Appreciation 5.56 3.78 2.91 8.35 6.13Total 11.18 10.17 8.62 13.55 11.72

# investments 10 5 7 15 37Gross market value (USD) 2,958.4 801.0 322.1 2,586.2 6,667.7

RetailIncome 4.97 4.37 4.42 5.35 5.03Appreciation 6.46 15.02 9.32 7.07 8.00Total 11.67 19.88 14.05 12.70 13.32

# investments 7 2 5 21 35Gross market value (USD) 1,451.3 604.2 818.1 2,031.6 4,905.2

TotalIncome 5.17 5.65 5.22 4.91 5.14Appreciation 4.91 9.12 8.75 9.87 7.79Total 10.27 15.15 14.31 15.13 13.22

# investments** 51 45 38 86 220Gross market value (USD) 7,706.0 2,675.2 3,166.6 8,029.3 21,577.1* The Becknell Industrial Portfolio consists of 137 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 12/31/15.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. 32

Trumbull Property Fund Fund Tier 1 ("T1") Leverage (a)

December 31,

(Dollars in thousands) 2015

(Unaudited)

Fund T1 total leverage:

Mortgage loans and other debt of wholly owned properties and consolidated

joint ventures at principal balance 1,703,471$

Less noncontrolling interest in debt of consolidated joint ventures at principal balance (56,514)

Fund credit facilities at principal balance outstanding 999,950

Mortgage loans payable of unconsolidated joint ventures at Fund's

economic share of principal balance 838,671

Total 3,485,578$

Total gross assets:

Total assets per Consolidated Statements of Assets, Liabilities and Capital 21,969,047$

Less joint venture partner economic share of total assets (468,063)

Fund's economic share of unconsolidated joint venture debt, at fair value 832,711

Total 22,333,695$

Fund T1 leverage percentage:

Fund T1 total leverage 3,485,578$ = 15.61%

Total gross assets 22,333,695$

(a) The Fund T1 total leverage, total gross assets, and Fund T1 leverage percentage are calculated and presented

in accordance with the NCREIF PREA Reporting Standards for informational purposes only.

33

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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334

Dear Investor: Groundhogs and PlanetsPunxsutawney Phil did not see his shadow on February 2, it was reported, portending an early spring. The annual ceremony is the centerpiece of the 1993 philosophical comedy “Groundhog Day” starring Bill Murray and Andie McDowell. In the Harold Remis film, Phil (who else?) Connors, an arrogant Pittsburgh weather-man, is assigned to cover Groundhog Day in nearby Punxsutawney and finds himself trapped in a time loop, endless reliving the day which begins repeatedly at 6:00 a.m. with the clock radio playing “I Got You Babe” by Sonny and Cher. Only a hard-gained awareness of his circum-stances permits Murray’s character to eventually escape the endless repetition.

Also in early February, a rare planetary alignment appeared to those looking not at Gobbler’s Knob in Pennsylvania but to the sky. Observers in the northern hemisphere just before dawn saw five planets—Mercury, Venus, Mars, Jupi-ter and Saturn—appearing in a nearly straight line for the first time in a decade. The New York Times referred to the align-ment as a “Celestial Spectacle.”

We were reminded of Bill Murray’s Groundhog Day and the flat celestial line when the Commerce Department reported recently that estimated 2015 GDP growth came in at 2.4%. The year 2014 ended at exactly the same number. Indeed, since the recession ended in 2009, the key measurement of US economic activity has been déjà vu over and over again, repeating itself in a basically straight line—averaging 2.1%, never falling below 1.5% or rising above 2.5%. We have been in a long-term growth deficit, the slowest recovery in the modern period.

With growth narrowly channeled during the past six years, the usual pressures that arise from an expansion are muted. A new study shows that regulation of banks has soared since 2011, increasing costs, reducing lending, and reducing GDP by nearly USD 900 billion over the next de-cade. New bank formation has effectively ended. Between 2011 and 2014 just one new commercial bank and no new savings banks were chartered. In the commercial real estate space, construction lending has remained constrained. Recently the Federal Reserve reported that overall lending conditions in the commercial real estate sector are tightening. Commercial real estate bonds have fallen significantly in value from the beginning of the year as

Matthew H. Lynch, Head of Global Real Estate - US

and business commentary, Issue 19 – February 2015

2

risk premiums have jumped 2.75 percent-age points, nearly a 20% drop in pricing. Banks are increasingly unwilling to hold credit positions on the balance sheets—more fallout from regulation. Although other credit channels remain robust, particularly life insurance companies, the CMBS shadow is concerning.

As unprecedented negative interest rates spread around the globe, the Federal Re-serve’s December increase in interest rates to 37.5 bps (mid-point) looks incongru-ous. Although there is widespread slow-ing in growth around the world and the domestic manufacturing sector is already in recession, the consumer is active and housing is supporting further growth so we do not expect the slow-growth US economy to slide into recession in the near term. Our long repeated expectation of slow, continuing growth remains intact.

All of this shows the limits of central bank policy, which is described in Mohamed El-Erian’s recent book-length treatment, “The Only Game in Town: Central Banks, Instability, and Avoiding the Next Col-lapse.”1 Quantitative easing and low or negative interest rates are not a substitute for broader and more effective growth policies. Neither has proved useful at actu-ally increasing productivity, which leads to higher and sustainable growth, which in turn leads to greater and more wide-spread prosperity. Is it too much to think that the Fed will reconsider its 2% infla-tion target and the US will actually reform its globally non-competitive tax structure? After all, eventually Bill Murray’s Phil does develop true insight and he gets the Andie McDowell character eventually. Maybe that’s not just a Hollywood ending.

Against this background, we find that the following three broad themes describe our basic approach and outlook:

– Headline labor market improvements led the Federal Reserve to increase its policy rate during December, and its internal outlook suggests three or four increases during 2016, although the market seriously doubts that more than one increase will take place. Given spreads and global rates, there is little reason to conclude that this belated modest change will move commercial real estate cap rates higher in the near term. At a 5% implied cap rate, ap-praised portfolios are at an historic low level, but so are global interest rates. The Fed’s strategy, however, probably puts a floor under further cap rate compression in the near term.

– Real estate returns continue to show above-trend appreciation as measured by the NFI-ODCE and our own portfo-lios, driven by both cap rate compres-sion and fundamental growth. In this setting we anticipate that an approach favoring a capital preservation em-phasis will be more rewarding than increasing risk, particularly this late into an expansion. The fall in oil prices and reduced growth in China will likely not be offset by the potential increase in in-vestment by Piller Two pension schemes following the FIRPTA change, meaning off-shore demand will be balanced.

– Real estate market fundamentals continue to improve in every seg-ment, generally at higher levels than the overall economy. Demand growth exceeds supply increases in every property type and it is excess supply along with macro-driven recession that usually creates the greatest risk of a real estate downturn. The exceptionally high same-store NOI growth, however, is moderating, but still well above the rate of growth of the economy.

Portfolio positioningOur portfolios remain well-positioned for the continued, slow expansion with modestly rising interest rates, constricted lending, and other economic growth challenges, but improving real estate fun-damentals in a number of critical areas:

– Average leasing of 93.5% in our portfolio increased during the quarter and exceeds that in the NFI-ODCE by about 182 basis points.

– Our commercial asset management teams delivered strong results, with total leasing during 4Q15 of 2.2 million square feet.

– During 2015 our asset management teams completed the renovation of 1,619 units at an average cost of USD 9,235 per unit, earning an average premium of USD 159 per unit or an unleveraged 20.7% return on additional capital, well in excess of available returns from new acquisitions.

Mercury

VenusSaturn Mars

Jupiter

2010

2.5

1.6

2.2

1.5

2.4 2.4

2011 2012 2013 2014 2015

"...the consumer is active and housing is supporting further growth so we do not expect the slow-growth US economy to slide into recession in the near term. Our long repeated expectation of slow, continuing growth remains intact."

Cover photo: 2 Bayshore Apartments, Tampa, FL (TPF)

2016 planetary alignment vs. annual GDP growth

It’s Groundhog Day all over again

3

– Across property types in our Trumbull Property Fund, the net operating income results on a same-store

basis for the 12 months ended 4Q15 exceeded that of the 12 months ended 4Q14 by a stout 8.4%.

Valuation review and sector analysisReporting positive appreciation for 23 consecutive quarters, the NFI-ODCE and the markets have entered one of the longest expansions in modern history with total returns driven primarily by property improvement and secondarily by price

movement. The total NFI-ODCE quarterly return of 3.34%—appreciation return of 2.20% and income return of 1.14%—is 34 basis points lower than the prior quarter and eight basis points higher than one year ago. Investor yield requirements within our equity portfolio shown by the

Transactions Our transaction teams have underwritten and we have acquired a high and growing volume of quality assets on behalf of port-folios year to date, setting a new record for transaction volume. Through December 31, we have completed 65 transactions totaling USD 3.1 billion and our investment committee has approved 26 transactions

having a funding level of over USD 2 billion on behalf of five accounts. Although net buyers in the sixth year of the expansion, we are reshaping portfolios through strate-gic sales into the strong markets. Through December 31, we have completed 23 dispositions totaling USD 1.3 billion; 2015 will represent the highest annual level of dispositions in our history by far.

Portfolio returnsWe are pleased to report that we have now delivered six consecutive years of double-digit returns. The most complete expression of our performance is our Total Composite which comprises our discretion-ary assets under management. The Total Composite total return increased from a quarter ago and was 3.15% for the quar-ter and 13.22% for the 12 months ending December 31, 2015. For the quarter, the gap between our Total Composite and the NFI-ODCE closed meaningfully, with only 19 basis points separating the two returns. Providing very attractive risk-adjusted returns, the Total Composite, however, lagged the NFI-ODCE by 180 basis points for the 12-month time period, which continues to show much higher than trend total returns. Our composite, however, still outperformed the NFI-ODCE over the 10-year time period (by 73 basis points per year). Longer periods are a more relevant performance comparison with a long-lived relatively illiquid asset such as real estate. Our composite returns have well exceeded 500 basis points in excess of inflation over the one- and three-year time periods as we seek to provide superior risk-adjusted performance for the level of risk that we have communicated with investors.

Our Composite is driven by the two largest funds, Trumbull Property Fund (TPF) and Trumbull Property Income Fund (TPI). With a core equity strategy and a core partici-pating debt strategy, these funds have de-

livered excellent risk-adjusted performance over the longer term relative to their peers, as detailed in the fund managers’ reports. We have maintained our discipline in pursuing primarily a core strategy in these funds over the years: favoring an income orientation across portfolios (including value-added portfolios), avoiding undue and, particularly, uncompensated risk, as well as not taking on excess leverage.

Our portfolios have embedded less recov-ery—having declined less during the reces-sion—and we have taken on less risk on average than the majority of the NFI-ODCE members during this expansion, as well as the much lower leverage in our portfo-lios. Our lower leverage, as well as higher apartment and lower industrial allocations, and our over allocation to the East, were headwinds during the last year. The NFI-ODCE’s leverage of 21.7% is over 1.4 times the level of our Composite. Many portfo-lios are persistently outperforming their custom benchmarks, notably, Trumbull Property Growth & Income Fund (TPG) and TPI. We also continue to favor the “fortress balance sheet” approach taken by TPF that has attracted investors over the decades. The Fund continues to be rated #1 or #2 for three key risk measurements identi-fied by NCREIF over the 10-year period. Nearly all of TPF’s debt is at fixed interest rates and this position, along with its lower leverage position, should help the fund perform relatively better in a rising interest rate environment.

"We are pleased to report that we have now delivered six consecutive years of double digit returns."

1670 Broadway, Denver, CO (TPF)

4

UBS Realty Investors LLC10 State House Square, 15th FloorHartford, CT 06103-3604Tel. 1-860-616 9000

Matthew H. LynchManaging DirectorTel. 860-616 9015Fax 860-616 [email protected]

"TPG celebrates its fifth anniversary with third-party investors this quarter. We are proud of our newest real estate fund’s growth and performance."

weighted average NOI cap rate dropped 10 basis points to 5.0% this quarter, 40 basis points lower than one year ago and 40 basis points lower than the rate used by appraisers to price the assets in September 2007. On an aggregate, capital-weighted basis, the discount rate used by our appraisers this quarter was 6.80%, five basis points lower for the quarter, and 28 basis points lower for the year.

Although equity pricing has exceeded the prior peak, the spread between the overall rate in our managed portfolios and the 10-year Treasury remains wide. Falling to a mere 37 basis points in 2Q07, it was a stout 273 basis points at the end of 4Q15, just under (37 basis points) the average spread over the last 15 years. The spread between real estate pricing to BBB corporate rates however, has narrowed meaningfully during 2015, with the two rates moving in opposite directions, suggesting that capital may follow. However, Real Capital Analytics (RCA) reports that sales of significant US commercial properties climbed 23% year-over-year in 2015 on volume of USD 533 billion, as foreign investors played a significant role in the market, with direct property purchases totaling USD 91 billion. RCA also reports that the 4Q15 sales volume of USD 157 billion represented a 20% increase over 4Q14 sales.

The pricing of our approximately USD 2.9 billion participating mortgage portfolio remained fairly stable, with appreciation driven by underlying property improvement. The average discount rate used by the appraisers for the portfolio stood at 6.31%, only eight basis points lower than the previous quarter, and only 22 basis points lower for the year. The third-party appraisers value both the underlying real estate collateral and the participating debt investment, applying estimates of market pricing they judge to be appropriate for each investment.

In the aggregate, total carrying value increased 2.0% in the quarter, with positive results in our portfolios for all major property types. Apartments led the way, generating 39% of the total quarterly appreciation, with a 2.1% increase in carrying value over last quarter. The first-year NOI return for apartments remained at 4.8%, indicating that operating fundamentals are dominating overall gains. Retail and industrial properties performed strongly, delivering 27% and 17% of the total quarterly appreciation, respectively. Hotel properties delivered 2.7% appreciation, albeit over a relatively small base, while office properties delivered 0.9% appreciation and 12% of the total quarterly gain.

News – TPG celebrates its fifth anniversary with third-party investors this quarter. We are proud of our newest real estate fund’s growth and performance.

– We expanded the Trumbull Family of Funds program by adding additional fee breaks at the USD 400 and 600 million levels and including balances in the AgriVest Farmland Fund.

– Our 2016 Annual Investor Meeting has been scheduled for Dallas from April 11-13 and invitations were circulated last week. We hope to see you there.

If you have any questions or comments, please feel free to call your portfolio management team, your client relations professional, or me. We appreciate the ongoing opportunity to manage real estate investments on your behalf.

Matthew H. Lynch Managing Director

1 Random House, NY, 2016

Composite returns and NFI-ODCE returns do not reflect the deduction of management fees. Past performance is not indicative of future results.

Source for all data, if not stated otherwise: UBS Asset Management, Global Real Estate – US.

ab

News & ViewsTopics of interest for our investors, March 2016

73 East Lake, Chicago, ILThe Trumbull Property Fund (“TPF”) has a long and successful history of strategically investing a relatively small percentage of the Fund into value-added activities, but only when market conditions warrant.

In market environments of economic expansion and strong property fundamentals, TPF has established a strong track record of investing into apartment development assets. This “build to core” strategy is done selectively, with best-in-class development partners, in markets with attractive demand drivers. Selective development in the current economy with core quality assets in the right locations can provide a significant yield premium to stabilized assets, without taking undue risk. The Fund avoids entitlement and construction cost risks, while accepting lease-up risk in high-quality locations. We are pleased to report the recent success of 73 East Lake, a 332-unit luxury multifamily development in Chicago, IL. The location of this asset is vital to its success –within the heart of the Chicago CBD only one block North of Millennium Park, with stunning views of Lake

Michigan. The Chicago Loop submarket is truly a live, work, and play environment. The area is especially appealing to a younger crowd, featuring excellent access to employment centers, transportation systems, shopping and dining options, and a variety of recreational and entertainment venues. Specifically, 73 East Lake is within walking distance to State Street shopping, River North's entertainment area, as well as the "Magnificent Mile" along Michigan Avenue.

The entire development team, consisting of our Acquisitions, Asset Management, Engineering, Legal and Portfolio Management teams, along with our experienced partner M & R Development Company, worked together to deliver an extremely well-constructed, high-end product, on time and at budget. 73 East Lake has achieved a LEED Gold certification due to its many energy efficient features and use of sustainable construction materials. Property amenities include an indoor pool, state-of-the-art fitness gym, multiple outdoor patios with fire pits, a movie theater, bicycle storage, sauna, steamroom, an enclosed

For limited distribution to institutional investors

Thomas O’Shea Tel. +1-860-616 9158 [email protected]

Thomas Anathan Tel. +1-860-616 9128 [email protected]

Maria Bascetta Tel. +1-860-616 9021 [email protected]

Megan Burrows Tel. +1-415-538 4840 [email protected]

Thomas Klugherz Tel. +1-415-538 4850 [email protected]

Ronald Lanier Tel. +1-860-616 9080 [email protected]

W. David Lawson Tel. +1-972-458 3337 [email protected]

Julie Pierro Tel. +1-860-616 9037 [email protected]

Wayne Wallace Tel. +1-860-616 9168 [email protected]

For more information, please contact:

UBS Realty Investors LLC10 State House Square, 15th Floor Hartford, CT 06103-3604Tel. +1-860-616 9000Fax +1-860-616 9006www.ubs.com/realestate

ab

dog run, a cyber cafe, a SkyLounge, and a vegetative roof. Units provide residents with floor to ceiling windows, Energy Star stainless steel appliances, custom quartz countertops, built-in wine racks and hardwood flooring.

Under our Responsible Contractor Policy, we seek to manage investments in a manner consistent with our fiduciary and contractual obligations while also seeking to ensure that contractors are acting in a responsible manner. For 73 East Lake, all major trade contracts employed to construct the property utilized union labor.

Results:

- The asset is currently 94% leased. It was leased ahead of schedule, with rents significantly higher than projected. Rents average USD 3,086 per month, approximately USD 342 (or 12.5%) greater than the original projection.

- Total development costs were USD 117.0 million. The asset value upon stabilization was USD 197.7 million, representing a substantial development value creation of USD 80.7 million, or 69%.

- The asset value has continued to increase since its completion, with a recorded value at USD 206 million as of December 31, 2015.

- 73 East Lake was featured on the property tour during the 2015 Client Advisory Council in Chicago.

Thank you for the confidence you have placed in us over the last 38 years. We look forward to continuing to manage assets on your behalf in the future.

March 2016

Page 1 of 4

US Real Estate Summary. Edition 1, 2016

US commercial real estate performance reflects the strength of fundamentals. 2015 produced a sixth year of above-average appreciation and strong income growth. Tax reform passed in December 2015 potentially benefits qualified foreign pension plans. Positive outlook for 2016 even with reduced expectations for total return.

Current condition Even with volatility in the equities markets and bonds repricing, conditions remain supportive for US commercial real estate. Interest rates are low; rent growth is strong and supply growth remains low-to-balanced across the major property types. As shown in exhibit 1, vacancy rates are either decreasing or stable at low levels across the sectors.

Private commercial real estate performance reflects the strength of those fundamental conditions. NCREIF Fund Index-ODCE total return reached 3.3% during the fourth quarter of 2015. At the unlevered, property level, the NCREIF Property Index produced a total return of 2.9%.

Page 2 of 4

Commercial Real Estate Heading into the new year, acceleration in employment growth bodes well for continued net absorption of unoccupied commercial real estate. Exhibit 1 - Vacancy rates

Source: CBRE-Econometric Advisors as of December 2015

The US labor market averaged a gain of 235,000 jobs per month during the six months ended February 2016, which was a relief after a slowdown during the late summer. Ultimately, we anticipate a total of 2.5 million new jobs to be created in the US during 2016. Even as the labor market accelerated, growth in Gross Domestic Product (GDP) slowed, exhibit 2. Between 4Q14 and 4Q15, the US economy grew 1.9%. As has been the case for the duration of this expansion, slow positive growth in domestic GDP was enough to support continued demand across all commercial real estate property types during the second half of 2015. Exhibit 2 – Economic fundamentals

Source: Moody's Analytics as of February 2016

Measured by the Consumer Price Index, inflation was up only 0.7% during the year ended December 2015. We expect upward pressure on inflation in 2016 as the largest decreases in energy prices roll off the 12-month figure, and wages should rise faster than in recent years. After nine years without an increase, the Federal Reserve finally announced a higher Federal Funds Rate target of 25 basis points (bps) in December 2015. The 10-year Treasury rate began rising in advance of the Federal Reserve's announcement, sunk below 2% in October 2015 and rose again through the balance of the fourth quarter. By the beginning of the first quarter, however, global uncertainty and low overall inflation expectations put renewed downward pressure on the long-end of the yield curve. Ultimately, the yield curve flattened in the US. Exhibit 3 - Transactions

Source: Real Capital Analytics as of December 2015

Nationally, sales reached an all-time high of USD 456 billion for the five major property types during 2015, exhibit 3, (excludes entity-level transactions). We expect that transaction volume will level-off in 2016 as Real Estate Investment Trusts reduce acquisitions activity, shifting capital toward share buybacks. News came in December 2015 of a decrease in the tax and withholding requirements for foreign investors in US real estate. Only time will reveal the magnitude of the effect that changes to the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) will have on foreign investment in US commercial real estate. Some global pension funds qualify for new exemptions but not all. We expect a boost to transaction volume to come from FIRPTA reform over the next few years; however, the impact is likely to be most measurable in the largest, most liquid US cities where foreign investment already represents more than 10% of the annual sales.

0

20

40

60

0

5

10

15

20

4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

Hot

el v

acan

cy ra

te %

Vac

ancy

rate

%

Apartments (L) Industrial (L) Office (L)

Retail (L) Hotels (R)

-1.0

-0.5

0.0

0.5

1.0

-2

0

2

4

6

4Q09 4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

Mill

ion

jobs

Real

GD

P gr

owth

(%)

Real GDP growth (L) Job growth (R)

0

100

200

300

400

500

0

50

100

150

2013 2014 2015

USD

bill

ions

USD

bill

ions

Office (L) Apartment (L) Retail (L)Industrial (L) Hotels (L) Total (R)

US Real Estate Summary Edition 1, 2016

Page 3 of 4

Property types Apartments The acceleration in job growth was welcome news for apartment owners. Demand for apartment rentals continues to be supported by low homeownership rates and increasing household formation rates. Supply growth is expected to peak during 2016, putting some upward pressure on vacancy rates. Homeownership could flatten out over the coming year but is unlikely to rise. Even as supply growth rivals record highs, apartment vacancy remains low at 4.5%, which is actually down 20 basis points (bps) from one year ago. Hotels The hotel sector is likely near peak performance as supply growth rises to meet the current high levels of demand. Full Service hotel construction is above long-term average levels with Limited Service hotel supply expected to rise over the next year. In 2016, we expect slightly positive RevPAR growth (Revenue per Available Room) to be driven by room rate increases as occupancy levels off at record high levels.

Industrial Industrial rents grew by 3.4% during 2015 and availability ended the year at 9.4%, the lowest rate since mid-2001. Weakness in US exports is a concern, which is counter-balanced by growth in the broad economy and moderate levels of supply growth, leading to a positive outlook for industrial overall. Office The office sector continues to be characterized by the differing performance of Downtown and Suburban assets. Downtown office markets average 10.3% vacancy, which is much tighter than their Suburban counterparts where vacancy averages 14.7%. Rent growth for Suburban offices did speed up to 3.5% during 2015; even so, office properties in Downtown locations posted 7.8% gross rent growth for the year.

Retail With a total return of15.3% in 2015, (see exhibit 4) retail overtook industrial as the top performing sector in the NPI. Driving that outperformance was the dominant mall subsector. Overall retail availability was 11.2% at the end of 2015, down 20 bps for the year. Rent growth is positive but has been lagging all other property types, as has new construction. Retail supply increased by only 0.5% in 2015.

Viewpoint As presented in our January US Real Estate Outlook 2016, our Base Case expectation is for continued positive momentum in the US economy to support income growth in the commercial real estate markets.

Upward pressure on rates (be they interest rates or required rates of return) will likely slow appreciation. Most of the total return would again be derived from income growth–as has been the case over the very long run; refer to 10- and 20-year average annual return breakouts in exhibit 4.

Since our Base Case was published, equity markets experienced a highly volatile start to 2016. In the US bond markets, risk spreads first widened but have begun to shrink somewhat. None of these short-term fluctuations changes our broad expectations or guidance concerning commercial real estate over the balance of 2016.

Exhibit 4 – Historical performance (%)

Sources: NCREIF, NAREIT, Bureau of Labor Statistics, Morningstar and Moody's Analytics as of December 2015

Total returns 2013 2014 2015 3Q15 4Q15 10-yr 20-yr

Bar cap (2.4) 6.0 0.1 1.2 (0.7) 4.5 5.3

S&P 500 32.4 13.7 1.4 (6.4) 7.0 7.3 8.2

NAREIT 2.9 28.0 2.8 1.0 7.7 7.4 10.9

CPI 1.5 0.6 0.7 (0.1) 0.1 1.8 2.2

NCREIF Property Index

Total 11.0 11.8 13.3 3.1 2.9 7.8 9.9

Income 5.6 5.4 5.0 1.2 1.2 5.8 7.0

Appreciation 5.2 6.2 8.0 1.9 1.7 1.9 2.7

NCREIF total returns by property type

Apartment 10.4 10.3 12.0 2.9 2.7 7.3 9.8

Hotel 7.7 11.1 13.2 3.5 3.0 6.5 9.7

Industrial 12.3 13.4 14.9 3.7 3.2 7.8 10.2

Office 9.9 11.5 12.5 3.0 2.6 7.5 9.8

Retail 12.9 13.1 15.3 3.1 3.5 8.7 10.5

Real Estate Research & Strategy – US William Hughes Kurt Edwards Tiffany Gherlone Amy Holmes Kim House Francesca Michel Brian O'Connell Joshua Rome Shane Russo Laurie Tillinghast For more information please contact UBS Realty Investors LLC 10 State House Square Hartford, CT 06103 Tel. +1-860-616 9000

@UBS www.ubs.com/realestate

This publication is not to be construed as a solicitation of an offer to buy or sell any securities or other financial instruments relating to UBS AG or its affiliates in Switzerland, the United States or any other jurisdiction. UBS specifically prohibits the redistribution or reproduction of this material in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith but no responsibility is accepted for any errors or omissions. All such information and opinions are subject to change without notice. Please note that past performance is not a guide to the future. With investment in real estate (via direct investment, closed- or open-end funds) the underlying assets are illiquid, and valuation is a matter of judgment by a valuer. The value of investments and the income from them may go down as well as up and investors may not get back the original amount invested. Any market or investment views expressed are not intended to be investment research.

The document has not been prepared in line with the requirements of any jurisdiction designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. The information contained in this document does not constitute a distribution, nor should it be considered a recommendation to purchase or sell any particular security or fund. A number of the comments in this document are considered forward-looking statements. Actual future results, however, may vary materially. The opinions expressed are a reflection of UBS Asset Management’s best judgment at the time this document is compiled and any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise is disclaimed. Furthermore, these views are not intended to predict or guarantee the future performance of any individual security, asset class, markets generally, nor are they intended to predict the future performance of any UBS Asset Management account, portfolio or fund. Source for all data /charts, if not stated otherwise: UBS Asset Management, Global Real Estate – US. The views expressed are as of March 1, 2016 and are a general guide to the views of UBS Asset Management, Global Real Estate – US. All information as at December 31,

2015 unless stated otherwise. Published March 1, 2016. Approved for global use. © UBS 2016. The key symbol and UBS are among the registered and unregistered trademarks of UBS. Other marks may be trademarks of their respective owners. All rights reserved

AgriVest Farmland Fund Inc

Periods ended March 31, 2016

Gross return

before fees

Net return

after fees

Gross and Net Returns

ab

0.90 %

2.03 %

1.13 %

0.65 %

1.13 %

1.78 %

Current Quarter Inv. Income

Appreciation

Total

Cal year to date 0.90 %

1.13 %

2.03 %

0.65 %

1.13 %

1.78 %

Inv. Income

Appreciation

Total

12 months to date 2.89 %

6.23 %

3.27 %

3.92 %

3.27 %

7.28 %

Inv. Income

Appreciation

Total

2 years to date

(annualized)

3.15 %

2.80 %

6.01 %

4.17 %

2.80 %

7.06 %

Inv. Income

Appreciation

Total

3 years to date

(annualized)

3.20 %

3.52 %

6.81 %

4.23 %

3.52 %

7.86 %

Inv. Income

Appreciation

Total

4 years to date

(annualized)

4.13 %

6.17 %

10.49 %

3.09 %

6.17 %

9.41 %

Inv. Income

Appreciation

Total

5 years to date

(annualized)

4.13 %

10.70 %

6.37 %

3.10 %

6.37 %

9.62 %

Inv. Income

Appreciation

Total

7 years to date

(annualized) 4.93 %

4.20 %

9.29 %

3.16 %

4.93 %

8.21 %

Inv. IncomeAppreciation

Total

Since inception

(annualized)

4.07 %

6.63 %

10.91 %

3.04 %

6.63 %

9.83 %

Inv. Income

Appreciation

Total

Inception Date 6/29/06

Note: Rates of return are time-weighted fund level calculations and include reinvestment of income. Past

performance is not indicative of future results.

FOR YOUR INTERNAL USE ONLY. This information 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 Farmland Investors LLC. This material should not be disseminated to third parties without the prior written permission of

UBS Farmland Investors LLC.

Trumbull Property Fund LP


Gross returnbefore fees

Net returnafter fees


ab

1.21 %

2.08 % 0.87 %

0.95 % 0.87 % 1.82 %

Current Quarter Inv. IncomeAppreciationTotal

Cal year to date 1.21 % 0.87 % 2.08 %

0.95 % 0.87 % 1.82 %

Inv. IncomeAppreciationTotal


10.83 % 6.75 %

4.95 % 6.75 %

11.95 %


2 years to date(annualized)

3.98 % 6.77 %

10.94 %

5.04 % 6.77 %

12.06 %



4.01 % 6.52 %

10.72 %

5.08 % 6.52 %

11.84 %



5.13 % 5.71 %

11.05 %

4.06 % 5.71 % 9.93 %



5.15 %

11.38 % 6.00 %

4.08 % 6.00 %

10.26 %


7 years to date(annualized) 2.95 %

5.65 %

8.74 %

4.63 % 2.95 % 7.69 %



5.55 %

6.75 % 1.14 %

4.55 % 1.14 % 5.74 %


Since inception(annualized)

7.63 % 1.40 % 9.11 %

6.64 % 1.41 % 8.12 %



Note: Rates of return are time-weighted and include reinvestment of income. On February 29, 2008 the Real Estate Separate Account (RESA) was converted to a Limited Partnership structure and renamed the Trumbull Property Fund (TPF). Returns include performance from both TPF and RESA and are before deduction of client contract charges, which are only applicable through February 29, 2008. Past performance is not indicative of future results.

FOR YOUR INTERNAL USE ONLY. This information 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.

Trumbull Property Growth & Income Fund LP


Gross return

before fees

Net return

after fees


ab

1.47 %

4.49 %

3.02 %

1.20 %

2.78 %

3.98 %

Current Quarter Inv. Income

Appreciation

Total

Cal year to date 1.47 %

3.02 %

4.49 %

1.20 %

2.78 %

3.98 %

Inv. Income

Appreciation

Total


16.66 %

12.18 %

5.17 %

13.95 %

19.65 %

Inv. Income

Appreciation

Total

2 years to date

(annualized)

4.01 %

10.95 %

15.28 %

5.03 %

12.52 %

18.01 %

Inv. Income

Appreciation

Total

3 years to date

(annualized)

3.95 %

12.28 %

16.59 %

4.98 %

13.99 %

19.48 %

Inv. Income

Appreciation

Total

4 years to date

(annualized)

4.91 %

13.93 %

19.35 %

3.88 %

12.28 %

16.52 %

Inv. Income

Appreciation

Total

5 years to date

(annualized)

4.82 %

17.94 %

12.68 %

3.88 %

11.28 %

15.49 %

Inv. Income

Appreciation

Total

7 years to date

(annualized) 2.27 %

6.23 %

8.67 %

5.04 %

1.31 %

6.44 %

Inv. IncomeAppreciation

Total

Since inception

(annualized)

6.74 %

(0.20)%

6.57 %

5.45 %

(0.87)%

4.58 %

Inv. Income

Appreciation

Total


Note: Rates of return are time-weighted and include reinvestment of income. Net returns reflect deduction

of the asset management fee, but does not include the Fund's incentive fee or the reduced fee that is in

effect until September 2010. Past performance is not indicative of future results.

FOR YOUR INTERNAL USE ONLY. This information 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.

Trumbull Property Income Fund LP


Gross returnbefore fees

Net returnafter fees


ab

1.08 %

2.65 % 1.57 %

0.87 % 1.57 % 2.44 %

Current Quarter Inv. IncomeAppreciationTotal

Cal year to date 1.08 % 1.57 % 2.65 %

0.87 % 1.57 % 2.44 %



10.59 % 6.97 %

4.32 % 6.97 %

11.51 %



3.33 % 6.92 %

10.41 %

4.20 % 6.92 %

11.33 %



3.31 % 6.72 %

10.20 %

4.18 % 6.72 %

11.11 %



4.17 % 6.69 %

11.06 %

3.30 % 6.69 %

10.15 %



4.27 %

11.17 % 6.69 %

3.41 % 6.69 %

10.27 %


7 years to date(annualized) 4.46 %

4.62 %

9.24 %

3.76 % 4.46 % 8.35 %



4.90 %

8.01 % 3.00 %

4.07 % 3.00 % 7.16 %


Since inception(annualized)

7.91 % 1.62 % 9.63 %

7.12 % 1.62 % 8.83 %



Note: Rates of return are time-weighted and include reinvestment of income. On February 29, 2008 the Participating Mortgage Separate Account (PMSA) was converted to a Limited Partnership structure and renamed the Trumbull Property Income Fund (TPI). Returns include performance from both TPI and PMSA and are before deduction of client contract charges, which are only applicable through February 29, 2008. Past performance is not indicative of future results.

FOR YOUR INTERNAL USE ONLY. This information 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 bedisseminated to third parties without the prior written permission of UBS Realty Investors LLC.

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TPFFlash Report 1Q16, Trumbull Property Fund

The Trumbull Property Fund (TPF) is an actively managed core portfolio of equity real estate. The Fund seeks to provide attractive returns while limiting downside risk.

Objective The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI-ODCE index over a full market cycle. The Fund seeks to achieve a real rate of return of at least a 5% (inflation-adjusted return), before advisory fees, over any given three- to five-year period.

Highlights - Net investment income before fees was USD 221.7 million.

The first quarter also reflected a net realized and unrealized gain of USD 160.5 million.

- TPF closed seven acquisition transactions during the quarter, including: two industrial warehouses (one in Fremont, CA, the other in Union City, CA) within the Westcore portfolio for USD 60.5 million; a USD 156.1 million total commitment to develop a mixed-use project in Chicago, IL consisting of a 148-unit apartment asset and a 145,628 SF retail asset; and as part for the Becknell Industrial joint venture, three industrial investments for a total gross purchase price of USD 37.0 million.

- TPF sold a 1.9-acre excess land parcel in Houston, TX for USD 0.9 million.

- TPF repaid in full a USD 280.0 million loan on 53 State Street in Boston, MA. The loan had a relatively high interest rate of 5.96% and was repaid at the earliest opportunity without incurring a prepayment fee.

- The Fund refinanced the debt on US Bancorp Tower, a Class A office tower located in Portland, OR. The new USD 195 million loan has a 12-year term and a fixed interest rate of 3.58%.

Key statistics

Gross asset value (GAV) USD 22.3 bn

Net asset value (NAV) USD 18.6 bn

Cash as a % of GAV 0.7%

Debt as % of GAV 15.0%

Number of investments 222

Number of investors 426

Deposits1 USD 356.5 m

Redemptions1 USD 267.2 m

Performance for periods ending March 31, 2016Gross returns (annualized %)

Returns (%)Quarterly One-year rolling

Income 1.21 4.95

Appreciation 0.87 6.75

Total (before fees) 2.08 11.95

Total (after fees) 1.82 10.83

Past performance is not an indication of future results. Inception date January 13, 1978. Net returns for the three-, five- and ten-year periods ended 3/31/2016 were 10.72%, 10.26% and 5.74% and the net return since inception was 8.12%.

11.84 11.38

6.75

9.11

0

4

8

12

16

3 Years 5 Years 10 Years Since Inception

Total returns by property type

Periods ending 3/31/2016 Apt Hotel Ind Office Retail

Quarter (%) 1.78 2.06 2.74 1.71 2.43

12 months (%) 12.74 11.29 14.74 9.83 12.91

For limited distribution to institutional investors

Distribution by geographic division2

UBS Realty Investors LLC10 State House Square, 15th FloorHartford, CT 06103-3604Tel. +1-860-616 9000Fax. +1-860-616 9104www.ubs.com/realestate

Portfolio distribution by property type2

West 37%

Midwest 13%

South 15%

East 35%

1Deposits and redemptions for the first quarter of 2016 were recorded in April 2016.2Percentage of gross market value of real estate investments.

All figures and performance reflect data as of March 31, 2016 and are denominated in USD, unless otherwise stated.The manager seeks to achieve the stated objectives; however there is no guarantee the objectives will be met.

This summary is not a recommendation, an offer, a solicitation, or advertisement to purchase or sell securities or interests in the Fund. The Fund will only be offered pursuant to a confidential offering memorandum and then only to accredited investors on a private placement basis in jurisdictions in which such an offer may be legally made. The Fund may not be available to investors in all jurisdictions—investors should consult their legal and tax advisors regarding investment in the Fund.

The Trumbull Property Fund (TPF) is a Delaware limited partnership and is part of the group of funds known as the Trumbull Funds. The Fund is denominated in USD. Returns include reinvestment of income and are before deduction of management fees. All returns shown are before the deduction of contract charges, which are only applicable through February 29, 2008. With property investment, the underlying assets are very illiquid and redemptions may be delayed. Past performance is not indicative of future results and the possibility of loss does exist. In the US, investment in the Fund is offered by UBS Fund Services (USA) LLC member FINRA and SIPC.

Ownership interests in the Fund are not endorsed or guaranteed by UBS AG, UBS Realty Investors LLC, UBS Fund Services (USA) LLC, any of their affiliates or any other banking entity, and are not insured by the federal deposit insurance corporation or any other governmental agency. Any losses in the Fund will be borne solely by investors in the Fund and not by UBS AG, UBS Realty Investors LLC, UBS Fund Services (USA) LLC or any of their affiliates. Therefore, losses of UBS AG, UBS Realty Investors LLC, UBS Fund Services (USA) LLC or any of its affiliates' in the Fund will be limited to losses attributable to the ownership interests in the covered Fund held by UBS AG, UBS Realty Investors LLC, UBS Fund Services (USA) LLC or any of its affiliates in their capacity as investors in the Fund. Investors should always read the Fund offering documents prior to investing in the Fund which includes a description of the roles of UBS AG, UBS Realty Investors LLC, UBS Fund Services (USA) LLC and its affiliates in greater detail.

Canada (CA) Investors – UBS Asset Management (Canada) Inc. is a subsidiary of UBS AG. UBS Asset Management (Canada) Inc. is registered as a portfolio manager and exempt market dealer (in all provinces of Canada). In addition, the firm is registered as an investment fund manager (Ontario, Quebec and Newfoundland), commodity trading manager (Ontario) and adviser - commodity futures (Manitoba) pursuant to Canadian securities law. Investment opportunities presented in this document may not be available to all Canadian investors. The use of forward-looking information or any disclaimers surrounding forward-looking information in this document was not made in accordance with any applicable Canadian legislation relating to such information. This document is distributed by UBS Asset Management (Canada) Inc. In Canada, the Fund may be offered through UBS Asset Management (Canada) Inc.

Approved for CA and US. © UBS 2016. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. Published April 15, 2016.

31%

4%

11% 31%

23%

ApartmentsHotelIndustrialOfficeRetail

Documents

Quarterly Report 4Q15, Trumbull Property Fund