I rarely transfer and have just two in my files from December, but I'm pretty sure it saves all of them - what I did notice, tho, is that the list is now much shorter than it used to be.... previously each item was listed with an ID number, and now I have just this:
Item ###### - Unknown
Contents: 59/125 items, 328/400 stones
Item ###### - Your Bank Box
Contents: 50/125 items, 57/400 stones
Item ##### - pouch
Weight: 44 stones
Contents: 43/125 items, 43/400 stones
Item ####### - Despicable Quiver
Weight: 8 stones
archery +5
Item ###### - Your Worn Equipment
Weight: 10 stones
Contents: 3/125 items, 6/400 stones
Item ####### - Your Backpack
Weight: 6 stones
Contents: 3/125 items, 3/400 stones
so, I don't know if the individual items are held in their files or not, but you should be able to tell by item count whether your left behind things are listed on the transfer?
don't know that all this helps anyone, like I said, just a curious sort
(each of those items up there had individual numbers, took them out cause I don't know about those things, seemed safer that way)
oooops, forgot.... to find the file Program Files > Electronic Arts > Ultima Online Classic and then look for 'translog' - and you won't find this file in the enhanced client