# EDGAR Filing Document

**Accession Number:** 0001225290
**File Stem:** 0001752724-25-205182
**Filing Date:** 2025-8
**Character Count:** 40877
**Document Hash:** 3e605bae6d961ff63c4895b8d0ef0406
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-205182.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-205182

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SMA RELATIONSHIP TRUST
- **CENTRAL INDEX KEY:** 0001225290

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21328
- **FILM NUMBER:** 251255711

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) INC
- **STREET 2:** ONE NORTH WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-525-7100

**MAIL ADDRESS:**
- **STREET 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) INC
- **STREET 2:** ONE NORTH WACKER DR.
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Series M (Series ID: S000002663)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007298 | Series M     | SRTMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SMA RELATIONSHIP TRUST

- **b. Investment Company Act file number:** 811-21328

- **c. CIK number of Registrant:** 0001225290

- **d. LEI of Registrant:** 549300VKW25DI75NND67

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** C/O UBS ASSET MANAGEMENT (AMERICAS) LLC.

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 212-821-3000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Series M

- **b. EDGAR series identifier (if any):** S000002663

- **c. LEI of Series:** 549300DLK0K9ZR86EJ22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $325194641.69

**Total Liabilities:** $250544.98

**Net Assets:** $324944096.71

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -552.76000000 | **1-Year:** -13531.24000000 | **5-Year:** -49081.74000000 | **10-Year:** -71720.01000000 | **30-Year:** -17996.25000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -6.93000000 | **1-Year:** -146.26000000 | **5-Year:** -626.09000000 | **10-Year:** -6216.73000000 | **30-Year:** -98.27000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007298 | -0.29%               | 0.02%                | 0.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1497894.03             | $-46987.13                                 |
| Month 2  | $-0.02                   | $-721569.61                                |
| Month 3  | $1521.08                 | $844763.32                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Barclays Municipal Bond (Returns Universe)

- **Index Identifier:** LEHM.MC.LEHMRT0730UUSD

### Schedule of Portfolio Investments

| Name                                                                    | Title                                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| County of Anne Arundel MD                                               | County of Anne Arundel                                                  | CUSIP: 03588JKK7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2810000 | PA      | $3124362.01   | 0.96%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of El Paso TX Water & Sewer Revenue                                | City of El Paso Water & Sewer Revenue                                   | CUSIP: 283822ZQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7155000 | PA      | $7464225.51   | 2.30%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Empire State Development Corp                                           | Empire State Development Corp.                                          | CUSIP: 64985TAL5<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   3420000 | PA      | $3507166.91   | 1.08%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Loudoun VA                                                    | County of Loudoun                                                       | CUSIP: 54589TPZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10685000 | PA      | $11726793.91  | 3.61%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                      | City of Seattle Municipal Light & Power Revenue                         | CUSIP: 812643A53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3810000 | PA      | $4046461.94   | 1.25%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                       | Mississippi Business Finance Corp.                                      | CUSIP: 60528ABJ2<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    645000 | PA      | $645000.00    | 0.20%             | 2030-12-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5450000 | PA      | $5692892.88   | 1.75%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York                                                        | CUSIP: 64966QC65<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6319419.60   | 1.94%             | 2046-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York                                                        | CUSIP: 64966MZX0<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1940000 | PA      | $1971939.58   | 0.61%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                       | Mississippi Business Finance Corp.                                      | CUSIP: 60528ACB8<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  14035000 | PA      | $14035000.00  | 4.32%             | 2035-11-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                      | CUSIP: 64990AHY4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3540121.90   | 1.09%             | 2043-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                           | Commonwealth of Massachusetts                                           | CUSIP: 57582RQX7<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2505000 | PA      | $2642936.07   | 0.81%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Department of Transportation State Highway Fund                   | Texas Department of Transportation State Highway Fund                   | CUSIP: 88283LKK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4345000 | PA      | $4473281.35   | 1.38%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                    | Colorado Health Facilities Authority                                    | CUSIP: 19648FPT5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.52%             | 2052-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority                    | Allegheny County Higher Education Building Authority                    | CUSIP: 01728RES4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2635000 | PA      | $2635000.00   | 0.81%             | 2037-12-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                      | State of Wisconsin                                                      | CUSIP: 977100EY8<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1529045.25   | 0.47%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                   | Louisiana Public Facilities Authority                                   | CUSIP: 546399QP4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007951.10   | 0.31%             | 2048-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority                          | CUSIP: 64613CBB3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2669451.40   | 0.82%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| King County School District No 414 Lake Washington                      | King County School District No. 414 Lake Washington                     | CUSIP: 495260M99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4205000 | PA      | $4334003.09   | 1.33%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority                          | CUSIP: 64613CGF9<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1910000 | PA      | $1950237.40   | 0.60%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                       | Mississippi Business Finance Corp.                                      | CUSIP: 60528ACC6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   5620000 | PA      | $5620000.00   | 1.73%             | 2035-11-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                            | Commonwealth of Pennsylvania                                            | CUSIP: 70914P4Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5633292.21   | 1.73%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                       | Mississippi Business Finance Corp.                                      | CUSIP: 60528ABX1<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   8330000 | PA      | $8330000.00   | 2.56%             | 2035-11-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                    | Colorado Health Facilities Authority                                    | CUSIP: 19648FVN1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5500000.00   | 1.69%             | 2062-05-15      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority                            | New York City Transitional Finance Authority                            | CUSIP: 64972JGR3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |  11050000 | PA      | $11351768.87  | 3.49%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Crowley Independent School District                                     | Crowley Independent School District                                     | CUSIP: 228130LC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5670000 | PA      | $5859402.38   | 1.80%             | 2044-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                      | CUSIP: 64990FX58<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3050312.10   | 0.94%             | 2046-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                      | CUSIP: 64990FA20<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6111245.40   | 1.88%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452153EZ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3877796.52   | 1.19%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                       | Mississippi Business Finance Corp.                                      | CUSIP: 60528ABZ6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1895000.00   | 0.58%             | 2035-11-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452153AK5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $3090971.63   | 0.95%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                    | State of Connecticut                                                    | CUSIP: 20772JY55<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2750910.66   | 0.85%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York                                                        | CUSIP: 64966QAY6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3060644.40   | 0.94%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                   | Metropolitan Transportation Authority                                   | CUSIP: 59261AB22<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   4550000 | PA      | $4550000.00   | 1.40%             | 2032-11-01      | Floating      | 3.90%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                        | Pennsylvania Turnpike Commission                                        | CUSIP: 709224MW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000359.40   | 0.62%             | 2046-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                         | New York City Municipal Water Finance Authority                         | CUSIP: 64972GZL1<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5300000 | PA      | $5435513.05   | 1.67%             | 2044-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                       | City of Irving                                                          | CUSIP: 463778BJ8<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1414224.96   | 0.44%             | 2038-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                | Arizona Industrial Development Authority                                | CUSIP: 04052EAA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1560000 | PA      | $1560000.00   | 0.48%             | 2048-02-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                     | City of New York                                                        | CUSIP: 64966QCX6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4320000 | PA      | $4392787.25   | 1.35%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Water Reclamation District of Greater Chicago              | Metropolitan Water Reclamation District of Greater Chicago              | CUSIP: 167560VP3<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1342956.42   | 0.41%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri      | Health & Educational Facilities Authority of the State of Missouri      | CUSIP: 6069014N3<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1440000 | PA      | $1440000.00   | 0.44%             | 2035-10-01      | Floating      | 3.85%                 | No            |                  2 | On Loan: No      |
| Alabama Corrections Institution Finance Authority                       | Alabama Corrections Institution Finance Authority                       | CUSIP: 010507CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5114418.00   | 1.57%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority             | Connecticut State Health & Educational Facilities Authority             | CUSIP: 20774LRU1<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.46%             | 2036-07-01      | Floating      | 2.45%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                           | Texas Water Development Board                                           | CUSIP: 88285AFV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8298016.80   | 2.55%             | 2044-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                      | South Carolina Jobs-Economic Development Authority                      | CUSIP: 837032BR1<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1865000 | PA      | $1970304.05   | 0.61%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452153BR9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1268185.29   | 0.39%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                            | District of Columbia Water & Sewer Authority                            | CUSIP: 254845UB4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2664840.25   | 0.82%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Argyle Independent School District                                      | Argyle Independent School District                                      | CUSIP: 040319P33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5121736.50   | 1.58%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue | New York City Transitional Finance Authority Future Tax Secured Revenue | CUSIP: 64971XB31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4028150.80   | 1.24%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                     | State of Washington                                                     | CUSIP: 93974EAW6<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   3070000 | PA      | $3127691.75   | 0.96%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alabama Corrections Institution Finance Authority                       | Alabama Corrections Institution Finance Authority                       | CUSIP: 010507CH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3810000 | PA      | $4039081.58   | 1.24%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                           | Commonwealth of Massachusetts                                           | CUSIP: 57582RD52<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   2005000 | PA      | $2031671.31   | 0.63%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority                   | New Jersey Health Care Facilities Financing Authority                   | CUSIP: 645793BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4010000 | PA      | $4010000.00   | 1.23%             | 2035-07-01      | Floating      | 1.97%                 | No            |                  2 | On Loan: No      |
| Austin Community College District                                       | Austin Community College District                                       | CUSIP: 052403EW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001525.30   | 0.31%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                     | State of Washington                                                     | CUSIP: 93974ERY4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5161070.00   | 1.59%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                      | South Carolina Jobs-Economic Development Authority                      | CUSIP: 837032BS9<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1308582.38   | 0.40%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp               | Tarrant County Cultural Education Facilities Finance Corp.              | CUSIP: 87638QSH3<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1700000.00   | 0.52%             | 2050-08-01      | Floating      | 3.35%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                      | New York State Dormitory Authority                                      | CUSIP: 64990FJH8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2545153.00   | 0.78%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Minnesota                                                      | State of Minnesota                                                      | CUSIP: 60412AS61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  16920000 | PA      | $17752369.25  | 5.46%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                       | Mississippi Business Finance Corp.                                      | CUSIP: 60528ABK9<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |    860000 | PA      | $860000.00    | 0.26%             | 2030-12-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                            | State Street Institutional US Government Money Market Fund              | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    238988 | NS      | $238987.95    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                 | County of Montgomery                                                    | CUSIP: 61334PHB2<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $10805860.86  | 3.33%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452153BJ7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3554920.25   | 1.09%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                                 | Los Angeles Department of Water & Power                                 | CUSIP: 544532PA6<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1043076.50   | 0.32%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maine Municipal Bond Bank                                               | Maine Municipal Bond Bank                                               | CUSIP: 56045R8D4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3560000 | PA      | $3815157.66   | 1.17%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                           | Texas Water Development Board                                           | CUSIP: 8828548A3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1360793.90   | 0.42%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dallas Independent School District                                      | Dallas Independent School District                                      | CUSIP: 235308L84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1051040.85   | 0.32%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452153GJ2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2155335.80   | 0.66%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                                       | Mississippi Business Finance Corp.                                      | CUSIP: 60528AAW4<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |  12060000 | PA      | $12060000.00  | 3.71%             | 2030-12-01      | Floating      | 3.65%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                            | Orlando Utilities Commission                                            | CUSIP: 686507LE2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3063012.60   | 0.94%             | 2048-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                          | New Jersey Transportation Trust Fund Authority                          | CUSIP: 64613CCT3<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2111675.20   | 0.65%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                 | Massachusetts Water Resources Authority                                 | CUSIP: 576051XM3<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2045559.60   | 0.63%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Transit System                                  | County of Miami-Dade Transit System                                     | CUSIP: 59334PHN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2051219.20   | 0.63%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois State Toll Highway Authority                                   | Illinois State Toll Highway Authority                                   | CUSIP: 452252PX1<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010823.60   | 0.31%             | 2046-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tri-County Metropolitan Transportation District of Oregon               | Tri-County Metropolitan Transportation District of Oregon               | CUSIP: 89546RQT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2621543.00   | 0.81%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allen Independent School District                                       | Allen Independent School District                                       | CUSIP: 018106YA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2510000 | PA      | $2604479.66   | 0.80%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                | Arizona Industrial Development Authority                                | CUSIP: 04052EAC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1155000.00   | 0.36%             | 2048-02-01      | Floating      | 3.95%                 | No            |                  2 | On Loan: No      |
| Salt River Project Agricultural Improvement & Power District            | Salt River Project Agricultural Improvement & Power District            | CUSIP: 79574CEP4<br>LEI: SHB8HO6GKXJ83RX5OV39 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049485.80   | 0.63%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                              | Michigan Finance Authority                                              | CUSIP: 59447TQD8<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1615000 | PA      | $1628052.11   | 0.50%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                           | State of Ohio                                                           | CUSIP: 677522VM3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5258300.00   | 1.62%             | 2027-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland Department of Transportation                          | State of Maryland Department of Transportation                          | CUSIP: 574204S95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2584023.00   | 0.80%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                               | County of Anne Arundel                                                  | CUSIP: 03588JLQ3<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   7110000 | PA      | $7845793.99   | 2.41%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                         | New York City Municipal Water Finance Authority                         | CUSIP: 64972GRD8<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3052514.40   | 0.94%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-29

**Name of Applicant:** SMA RELATIONSHIP TRUST

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer