# EDGAR Filing Document

**Accession Number:** 0001225290
**File Stem:** 0001410368-25-031058
**Filing Date:** 2025-11
**Character Count:** 62178
**Document Hash:** 042b6f4d2f394da16dfe9c1740dbca8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-031058.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001410368-25-031058

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**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:** 251521540

**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           |

## Nport-Ex

**SMA Relationship Trust**

**Portfolio** **of investments – September 30, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—98.4%** | **Municipal bonds—98.4%** | **Municipal bonds—98.4%** |
| **Alabama: 2.9%** | **Alabama: 2.9%** | **Alabama: 2.9%** |
| Alabama Corrections Institution Finance Authority, Corrections Institution Finance, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/38 | $3810000 | $4100923 |
| &nbsp;&nbsp;&nbsp;Series A, 5.250%, due 07/01/47 | 5000000 | 5182522 |
|  |  | 9283445 |
| **California: 0.3%** |  |  |
| Los Angeles Department of Water & Power Power System Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/28 | 1000000 | 1052917 |
| **Colorado: 0.7%** |  |  |
| Colorado Health Facilities Authority, Intermountain Healthcare Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series E, 3.700%, due 05/15/62<sup>1</sup> | 2400000 | 2400000 |
| **Connecticut: 2.2%** |  |  |
| Connecticut State Health & Educational Facilities Authority, Yale University, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series V-1, 3.250%, due 07/01/36<sup>1</sup> | 4080000 | 4080000 |
| &nbsp;&nbsp;&nbsp;Series V-2, 3.150%, due 07/01/36<sup>1</sup> | 255000 | 255000 |
| State of Connecticut, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 05/15/26 | 2700000 | 2739748 |
|  |  | 7074748 |
| **District of Columbia: 0.8%** | **District of Columbia: 0.8%** | **District of Columbia: 0.8%** |
| District of Columbia Water & Sewer Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 10/01/41 | 2500000 | 2699828 |
| **Florida: 3.6%** |  |  |
| Miami-Dade County Transit System, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/43 | 2000000 | 2080457 |
| Miami-Dade County, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/32 | 5585000 | 6390968 |
| Orlando Utilities Commission, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 10/01/48 | 3000000 | 3110179 |
|  |  | 11581604 |
| **Illinois: 6.5%** |  |  |
| Metropolitan Water Reclamation District of Greater Chicago, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, 5.000%, due 12/01/26 | 1300000 | 1337276 |
| State of Illinois, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 12/01/27 | 1215000 | 1274322 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 03/01/31 | 2870000 | 3174327 |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 05/01/33 | 3600000 | 3984222 |

---

**SMA Relationship Trust**

**Portfolio** **of investments – September 30, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Illinois—(continued)** | **Illinois—(continued)** | **Illinois—(continued)** |
| &nbsp;&nbsp;&nbsp;Series D, 5.000%, due 11/01/27 | $5450000 | $5699824 |
| State of Illinois, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, 4.000%, due 03/01/31 | 3500000 | 3660921 |
| &nbsp;&nbsp;&nbsp;Series D, 5.000%, due 07/01/33 | 2000000 | 2215003 |
|  |  | 21345895 |
| **Louisiana: 0.3%** |  |  |
| Louisiana Public Facilities Authority, Tulane University, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 10/15/48 | 1000000 | 1024628 |
| **Maine: 1.2%** |  |  |
| Maine Municipal Bond Bank, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 11/01/40 | 3560000 | 3890104 |
| **Maryland: 7.5%** |  |  |
| County of Anne Arundel, Consolidated General Improvements, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/30 | 7110000 | 7926670 |
| County of Anne Arundel, Consolidated Water & Sewer, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/30 | 2810000 | 3164996 |
| County of Montgomery, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 12/01/30 | 9695000 | 10948200 |
| State of Maryland Department of Transportation, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 12/01/26 | 2500000 | 2575776 |
|  |  | 24615642 |
| **Massachusetts: 1.4%** |  |  |
| Commonwealth of Massachusetts, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series E, 5.000%, due 11/01/27 | 2505000 | 2640078 |
| Massachusetts Water Resources Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 08/01/44 | 2000000 | 2066456 |
|  |  | 4706534 |
| **Michigan: 0.5%** |  |  |
| Michigan Finance Authority, Hospital Trinity Health Credit Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-MI, 5.000%, due 12/01/25 | 1615000 | 1620480 |
| **Minnesota: 5.4%** |  |  |
| State of Minnesota, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series D, 5.000%, due 08/01/27 | 16920000 | 17718595 |

---

**SMA Relationship Trust**

**Portfolio** **of investments – September 30, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Mississippi: 10.5%** | **Mississippi: 10.5%** | **Mississippi: 10.5%** |
| Mississippi Business Finance Corp., Chevron USA, Inc. Project, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 3.500%, due 12/01/30<sup>1</sup> | $645000 | $645000 |
| &nbsp;&nbsp;&nbsp;Series C, 3.500%, due 12/01/30<sup>1</sup> | 860000 | 860000 |
| &nbsp;&nbsp;&nbsp;Series E, 3.500%, due 12/01/30<sup>1</sup> | 2360000 | 2360000 |
| Mississippi Business Finance Corp., Chevron USA, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series G, 3.550%, due 11/01/35<sup>1</sup> | 8970000 | 8970000 |
| &nbsp;&nbsp;&nbsp;Series I, 3.500%, due 11/01/35<sup>1</sup> | 1895000 | 1895000 |
| &nbsp;&nbsp;&nbsp;Series K, 3.550%, due 11/01/35<sup>1</sup> | 14035000 | 14035000 |
| &nbsp;&nbsp;&nbsp;Series L, 3.550%, due 11/01/35<sup>1</sup> | 5620000 | 5620000 |
|  |  | 34385000 |
| **New Jersey: 3.4%** |  |  |
| New Jersey Health Care Facilities Financing Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;2.950%, due 07/01/35<sup>1</sup> | 4010000 | 4010000 |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series CC, 5.000%, due 06/15/44 | 1910000 | 2001860 |
| New Jersey Transportation Trust Fund Authority, State of New Jersey, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 06/15/38 | 2000000 | 2170832 |
| New Jersey Transportation Trust Fund Authority, State of New Jersey, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series BB, 5.000%, due 06/15/33 | 2450000 | 2732833 |
|  |  | 10915525 |
| **New York: 19.5%** |  |  |
| City of New York, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 08/01/43 | 4320000 | 4429024 |
| &nbsp;&nbsp;&nbsp;Subseries D-1, 5.000%, due 12/01/40 | 3000000 | 3109862 |
| &nbsp;&nbsp;&nbsp;Subseries D-1, 5.500%, due 05/01/46 | 6000000 | 6402088 |
| &nbsp;&nbsp;&nbsp;Subseries F-1, 5.000%, due 04/01/40 | 1940000 | 1996856 |
| Empire State Development Corp., State of New York Sales Tax Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 03/15/41 | 3420000 | 3557308 |

---

**SMA Relationship Trust**

**Portfolio** **of investments – September 30, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New York—(continued)** |  |  |
| Metropolitan Transportation Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Subseries 2012G-1-REMK, 3.850%, due 11/01/32<sup>1</sup> | $4550000 | $4550000 |
| New York City Municipal Water Finance Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series BB-1, 5.000%, due 06/15/44 | 5300000 | 5530636 |
| New York City Municipal Water Finance Authority, Second General Resolution, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series EE, 5.000%, due 06/15/40 | 3000000 | 3086935 |
| New York City Transitional Finance Authority Future Tax Secured Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, 5.000%, due 11/01/25 | 4000000 | 4007536 |
| New York City Transitional Finance Authority, Future Tax Secured Revenue, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series F-1, 5.000%, due 02/01/46 | 11050000 | 11529709 |
| New York State Dormitory Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 03/15/43 | 3500000 | 3576244 |
| New York State Dormitory Authority, State of New York Personal Income Tax Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 03/15/40 | 2500000 | 2582646 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 03/15/44 | 6000000 | 6226231 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 03/15/46 | 3000000 | 3096220 |
|  |  | 63681295 |
| **Ohio: 1.6%** |  |  |
| State of Ohio, Common Schools, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 09/15/27 | 5000000 | 5256597 |
| **Oregon: 0.8%** |  |  |
| Tri-County Metropolitan Transportation District of Oregon, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 09/01/43<sup>2</sup> | 2500000 | 2621630 |
| **Pennsylvania: 2.4%** |  |  |
| Commonwealth of Pennsylvania, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 08/15/30 | 5100000 | 5676532 |

---

**SMA Relationship Trust**

**Portfolio** **of investments – September 30, 2025 (unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Face**<br>**amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Pennsylvania—(continued)** | **Pennsylvania—(continued)** | **Pennsylvania—(continued)** |
| Pennsylvania Turnpike Commission, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-1, 5.000%, due 12/01/46 | $2000000 | $2001236 |
|  |  | 7677768 |
| **South Carolina: 5.0%** |  |  |
| Greenville County School District, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, 5.000%, due 06/29/26 | 5000000 | 5090420 |
| South Carolina Association of Governmental Organizations, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 03/02/26 | 7915000 | 7990593 |
| South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 11/01/38 | 1865000 | 2024394 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 11/01/39 | 1250000 | 1346733 |
|  |  | 16452140 |
| **Texas: 12.6%** |  |  |
| Allen Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/44 | 2510000 | 2635471 |
| Argyle Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/47 | 5000000 | 5187021 |
| City of El Paso Water & Sewer Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/41 | 7155000 | 7610978 |
| City of Irving, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/38 | 1430000 | 1443582 |
| Crowley Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/01/44 | 5670000 | 5941422 |
| Dallas Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/41 | 1010000 | 1067531 |
| Harris County Cultural Education Facilities Finance Corp., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, 3.700%, due 10/01/41<sup>1</sup> | 3000000 | 3000000 |
| Texas Department of Transportation State Highway Fund, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 10/01/26 | 4345000 | 4456206 |
| Texas Water Development Board, State Revolving Fund, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/41 | 1295000 | 1380072 |

---

**SMA Relationship Trust**

**Portfolio** **of investments – September 30, 2025 (unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Face** | **Face** | |
|  | **amount** | **amount** |<br>**Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Texas—(continued)** | **Texas—(continued)** | **Texas—(continued)** | **Texas—(continued)** |
| Texas Water Development Board, State Water Implementation Revenue Fund For Texas, Revenue Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 10/15/44 | $| 8000000 | $8480638 |
|  |  |  | 41202921 |
| **Virginia: 3.6%** |  |  |  |
| County of Loudoun VA, GO Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 12/01/29 |  | 10685000 | 11796293 |
| **Washington: 5.2%** |  |  |  |
| City of Seattle WA Municipal Light & Power Revenue, Refunding, Revenue Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/41 |  | 3810000 | 4114537 |
| King County School District No. 414 Lake Washington, Refunding, GO Bonds, (School Bond Guaranty), |  |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/27 |  | 4205000 | 4343637 |
| State of Washington, GO Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-A, 5.000%, due 08/01/43 |  | 3070000 | 3171570 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 08/01/43 |  | 5000000 | 5239615 |
|  |  |  | 16869359 |
| **Wisconsin: 0.5%** |  |  |  |
| State of Wisconsin, Refunding, Revenue Bonds, |  |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 05/01/31<sup>2</sup> |  | 1500000 | 1520965 |
| **Total municipal bonds** |  |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$326,964,815) |  |  | **321393913** |
|  | **Number of<br> shares** | **Number of<br> shares** |  |
| **Short-term investments—0.0†%** | **Short-term investments—0.0†%** | **Short-term investments—0.0†%** | **Short-term investments—0.0†%** |
| **Investment companies: 0.0%†** |  |  |  |
| State Street Institutional U.S. Government Money Market Fund, 4.090%<sup>3</sup> (cost $144,566) |  | 144566 | 144566 |
| **Total investments**<br> (cost—$327,109,381)—98.4% |  |  | **321538479** |
| Other assets in excess of liabilities—1.6% |  |  | 5111500 |
| **Net assets—100.0%** |  |  | $**326649979** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's investments. In the event a fund holds investments for which fair value is measured using the NAV per share practical expedient (or its equivalent), a separate column will be added to the fair value hierarchy table; this is intended to permit reconciliation to the amounts presented in the Portfolio of investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Unadjusted<br> quoted prices in<br> active market for<br> identical investments<br> (Level 1)** | **Other significant<br> observable inputs<br> (Level 2)** | **Unobservable<br> inputs<br> (Level 3)** | **Total** |
| **Assets** |  |  |  |  |
| Municipal bonds | $— | $321393913 | $— | $321393913 |
| Short-term investments | 144566 |  |  | 144566 |
| **Total** | $**144566** | $**321393913** | $**—** | $**321538479** |

---

**SMA Relationship Trust**

**Portfolio** **of investments – September 30, 2025 (unaudited)** 

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| 1 | Floating or variable rate securities. The rates disclosed are as of September 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description. Variable rate securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. Certain variable rate securities are not based on a published reference rate and spread, but are determined by the issuer or agent and are based on current market conditions; these securities do not indicate a reference rate and spread in the description. |
| 2 | Security is prerefunded or escrowed to maturity. The maturity date shown is the earlier of the reset date or the date of the prerefunded call. |
| 3 | Rate shown reflects yield at September 30, 2025. |

---

**Portfolio acronyms:**

GO General Obligation

**Valuation of investments**

The Fund generally calculates its net asset value on days that the New York Stock Exchange ("NYSE") is open. The Fund calculates net asset value separately for each class as of the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern time). The NYSE normally is not open, and the Fund does not price its shares, on most national holidays and Good Friday. To the extent that the Fund's assets are traded in other markets on days when the NYSE is not open, the value of the Fund's assets may be affected on those days. If trading on the NYSE is halted for the day before 4:00 p.m., Eastern time, the Fund's net asset value per share generally will still be calculated as of the close of regular trading on the NYSE. The time at which the Fund calculates its net asset value and until which purchase, sale or exchange orders are accepted may be changed as permitted by the SEC.

The Fund calculates its net asset value based on the current market value, where available, for its portfolio investments. The Fund normally obtains market values for its investments from independent pricing sources and broker-dealers. Independent pricing sources may use reported last sale prices, official market closing prices, current market quotations or valuations from computerized "evaluation" systems that derive values based on comparable investments. An evaluation system incorporates parameters such as security quality, maturity and coupon, and/ or research and evaluations by its staff, including review of broker-dealer market price quotations, if available, in determining the valuation of the portfolio investments. Investments also may be valued based on appraisals derived from information concerning the investment or similar investments received from recognized dealers in those holdings. Investments traded in the over-the-counter ("OTC") market and listed on The NASDAQ Stock Market, Inc. ("NASDAQ") normally are valued at the NASDAQ Official Closing Price. Other OTC securities are valued at the last bid price on the valuation date available prior to valuation. Investments which are listed on US and foreign stock exchanges normally are valued at the market closing price, the last sale price on the day the securities are valued or, lacking any sales on such day, at the last available bid price. Investments listed on foreign stock exchanges may be fair valued based on significant events that have occurred subsequent to the close of the foreign markets. In cases where investments are traded on more than one exchange, the investments are valued on the exchange designated as the primary market by UBS AM. If a market value is not readily available from an independent pricing source for a particular investment, that investment is valued at fair value as determined in good faith by or under the direction of the Fund's Board of Trustees (the "Board"). Foreign currency exchange rates are generally determined as of the close of the NYSE.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value. Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Fund's use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Fund's use of the practical expedient within ASC Topic 820, Fair Value Measurement, investments in investment companies without publicly published prices are also valued at the daily net asset value.

The Board has designated UBS AM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to UBS AM the responsibility for making fair value determinations with respect to portfolio holdings. UBS AM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third party pricing services. UBS AM has the Equities, Fixed Income and Multi-Asset Valuation Committee (the "VC") to assist with its designated responsibilities as valuation designee. Fair valuation determinations are subject to review at least monthly by the VC during scheduled meetings. Pricing decisions, processes, and controls over fair value determinations are subject to internal and external reviews, including annual internal compliance reviews and periodic internal audit reviews.

The types of investments for which such fair value pricing may be necessary include, but are not limited to: foreign investments under some circumstances; securities of an issuer that has entered into a restructuring; investments whose trading has been halted or suspended; fixed income securities that are in default and for which there is no current market value quotation; and investments that are restricted as to transfer or resale. The need to fair value the Fund's portfolio investments may also result from low trading volume in foreign markets or thinly traded domestic investments, and when a security that is subject to a trading limit or collar on the exchange or market on which it is primarily traded reaches the "limit up" or "limit down" price and no trading has taken place at that price. Various factors may be reviewed in order to make a good faith determination of an investment's fair value. These factors include, but are not limited to, fundamental analytical data relating to the investment; the nature and duration of restrictions on disposition of the investment; and the evaluation of forces which influence the market in which the investment is purchased and sold. Valuing investments at fair value involves greater reliance on judgment than valuing investments that have readily available market quotations. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service.

US generally accepted accounting principles ("US GAAP") requires disclosure regarding the various inputs that are used in determining the value of the Fund's investments. These inputs are summarized into the three broad levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical investments.

Level 2—Other significant observable inputs, including but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risks.

Level 3—Unobservable inputs inclusive of the Fund's own assumptions in determining the fair value of investments.

A fair value hierarchy table has been included near the end of the Fund's Portfolio of investments.

For more information regarding the Fund's other significant accounting policies, please refer to the Fund's semi-annual report to shareholders dated June 30, 2025.

## 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:** 2025-09-30

**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:** $325050213.58

**Total Liabilities:** $438053.08

**Net Assets:** $324612160.50

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -876.47000000 | **1-Year:** -14085.70000000 | **5-Year:** -50379.91000000 | **10-Year:** -67713.65000000 | **30-Year:** -16625.24000000

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

- **3-Month:** -6.78000000 | **1-Year:** -144.83000000 | **5-Year:** -626.44000000 | **10-Year:** -6804.30000000 | **30-Year:** -27.73000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007298 | 0.04%                | 0.62%                | 1.19%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-845205.97              | $207273.90                                 |
| Month 2  | $0.00                    | $1263361.42                                |
| Month 3  | $0.00                    | $3298723.93                                |

**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      | $3164996.29   | 0.98%             | 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      | $7610978.13   | 2.34%             | 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      | $3557308.55   | 1.10%             | 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      | $11796293.43  | 3.63%             | 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      | $4114537.11   | 1.27%             | 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      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5450000 | PA      | $5699824.19   | 1.76%             | 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      | $6402088.20   | 1.97%             | 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      | $1996856.55   | 0.62%             | 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      | 3.55%                 | 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      | $3576244.00   | 1.10%             | 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      | $2640077.62   | 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      | $4456206.36   | 1.37%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Wisconsin                                                      | State of Wisconsin                                                      | CUSIP: 977100EY8<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1520964.90   | 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      | $1024628.20   | 0.32%             | 2048-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL                                                 | County of Miami-Dade                                                    | CUSIP: 59333FR77<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5585000 | PA      | $6390968.56   | 1.97%             | 2032-07-01      | 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      | $2732832.90   | 0.84%             | 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      | $4343637.17   | 1.34%             | 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      | $2001859.54   | 0.62%             | 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      | 3.55%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                            | Commonwealth of Pennsylvania                                            | CUSIP: 70914P4Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5676532.56   | 1.75%             | 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        |   8970000 | PA      | $8970000.00   | 2.76%             | 2035-11-01      | Floating      | 3.55%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                    | Colorado Health Facilities Authority                                    | CUSIP: 19648FVN1<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2400000.00   | 0.74%             | 2062-05-15      | Floating      | 3.70%                 | 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      | $11529709.23  | 3.55%             | 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      | $5941422.33   | 1.83%             | 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      | $3096219.60   | 0.95%             | 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      | $6226230.60   | 1.92%             | 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      | $3984221.52   | 1.23%             | 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      | 3.50%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                       | State of Illinois                                                       | CUSIP: 452153AK5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $3174327.05   | 0.98%             | 2031-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut                                                    | State of Connecticut                                                    | CUSIP: 20772JY55<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2739747.78   | 0.84%             | 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      | $3109862.40   | 0.96%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority             | Connecticut State Health & Educational Facilities Authority             | CUSIP: 20774LRT4<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   4080000 | PA      | $4080000.00   | 1.26%             | 2036-07-01      | Floating      | 3.25%                 | 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      | 3.85%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Turnpike Commission                                        | Pennsylvania Turnpike Commission                                        | CUSIP: 709224MW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2001235.80   | 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      | $5530635.86   | 1.70%             | 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      | $1443582.00   | 0.44%             | 2038-09-15      | Fixed         | 4.00%                 | 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      | $4429023.84   | 1.36%             | 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      | $1337275.55   | 0.41%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenville County School District                                       | Greenville County School District                                       | CUSIP: 396064G76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5090419.50   | 1.57%             | 2026-06-29      | Fixed         | 5.00%                 | 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      | $5182522.00   | 1.60%             | 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        |    255000 | PA      | $255000.00    | 0.08%             | 2036-07-01      | Floating      | 3.15%                 | 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      | $8480637.60   | 2.61%             | 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      | $2024394.46   | 0.62%             | 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      | $1274322.50   | 0.39%             | 2027-12-01      | Fixed         | 5.00%                 | 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        |    144566 | NS      | $144566.44    | 0.04%             |  |  |  | No            |                  1 | 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      | $2699827.50   | 0.83%             | 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      | $5187021.50   | 1.60%             | 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      | $4007535.60   | 1.23%             | 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      | $3171569.42   | 0.98%             | 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      | $4100922.84   | 1.26%             | 2038-07-01      | 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   | 1.24%             | 2035-07-01      | Floating      | 2.95%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                     | State of Washington                                                     | CUSIP: 93974ERY4<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5239615.00   | 1.61%             | 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      | $1346732.88   | 0.41%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp                | Harris County Cultural Education Facilities Finance Corp.               | CUSIP: 414009RB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3000000.00   | 0.92%             | 2041-10-01      | Floating      | 3.70%                 | 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      | $2582645.75   | 0.80%             | 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      | $17718595.24  | 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      | 3.50%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                                 | County of Montgomery                                                    | CUSIP: 61334PHB2<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $10948199.94  | 3.37%             | 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      | $3660920.90   | 1.13%             | 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      | $1052917.40   | 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      | $3890104.20   | 1.20%             | 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      | $1380071.53   | 0.43%             | 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      | $1067531.22   | 0.33%             | 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      | $2215003.20   | 0.68%             | 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        |   2360000 | PA      | $2360000.00   | 0.73%             | 2030-12-01      | Floating      | 3.50%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                            | Orlando Utilities Commission                                            | CUSIP: 686507LE2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3110178.60   | 0.96%             | 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      | $2170832.20   | 0.67%             | 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      | $2066456.00   | 0.64%             | 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      | $2080457.20   | 0.64%             | 2043-07-01      | 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      | $2621630.00   | 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      | $2635470.63   | 0.81%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Association of Governmental Organizations                | South Carolina Association of Governmental Organizations                | CUSIP: 836895FT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7915000 | PA      | $7990593.00   | 2.46%             | 2026-03-02      | 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      | $1620480.02   | 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      | $5256597.50   | 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      | $2575775.75   | 0.79%             | 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      | $7926669.53   | 2.44%             | 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      | $3086934.60   | 0.95%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-31

**Name of Applicant:** SMA RELATIONSHIP TRUST

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer