# EDGAR Filing Document

**Accession Number:** 0001225290
**File Stem:** 0001410368-26-056371
**Filing Date:** 2026-5
**Character Count:** 56117
**Document Hash:** f787ed47b649664eb879d9a83cb931b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-056371.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001410368-26-056371

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261043956

**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 – March 31, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Municipal bonds—99.9%** |  |  |
| **Alabama—2.8%** |  |  |
| Alabama Corrections Institution Finance Authority, Corrections Institution Finance, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/38 | $3810000 | $4093857 |
| &nbsp;&nbsp;&nbsp;Series A, 5.250%, due 07/01/47 | 5000000 | 5193848 |
|  |  | 9287705 |
| **California—2.1%** |  |  |
| California Municipal Finance Authority, Chevron USA, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, 2.300%, due 11/01/35<sup>1</sup> | 1425000 | 1425000 |
| Irvine Ranch Water District, Special Assessment, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 2.300%, due 10/01/41<sup>1</sup> | 5630000 | 5630000 |
|  |  | 7055000 |
| **Connecticut—5.8%** |  |  |
| State of Connecticut Special Tax Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/32 | 2280000 | 2556863 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/33 | 12485000 | 14137028 |
| State of Connecticut, Refunding, GO Bonds, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/15/26 | 2700000 | 2708159 |
|  |  | 19402050 |
| **Delaware—0.9%** |  |  |
| State of Delaware, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 05/01/29 | 2920000 | 3133108 |
| **District of Columbia—2.1%** |  |  |
| District of Columbia Water & Sewer Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 10/01/41 | 2500000 | 2726724 |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 10/01/40 | 3965000 | 4398723 |
|  |  | 7125447 |
| **Florida—5.5%** |  |  |
| Miami-Dade County, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/32 | 5585000 | 6246579 |
| School Board of Miami-Dade County, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/15/33 | 6710000 | 7569047 |
| State of Florida Department of Transportation Turnpike System Revenue, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 07/01/29 | 4265000 | 4586553 |
|  |  | 18402179 |
| **Georgia—1.1%** |  |  |
| County of Fulton Water & Sewerage Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 01/01/33 | 3200000 | 3613228 |
| **Illinois—5.3%** |  |  |
| Metropolitan Water Reclamation District of Greater Chicago, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, 5.000%, due 12/01/26 | 1300000 | 1320043 |
| State of Illinois, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 03/01/31 | 2870000 | 3107322 |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 05/01/33 | 3600000 | 3902519 |
| &nbsp;&nbsp;&nbsp;Series D, 5.000%, due 11/01/27 | 3450000 | 3564301 |
| State of Illinois, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, 4.000%, due 03/01/31 | 3500000 | 3607096 |
| &nbsp;&nbsp;&nbsp;Series D, 5.000%, due 07/01/33 | 2000000 | 2172223 |
|  |  | 17673504 |
| **Maine—1.2%** |  |  |
| Maine Municipal Bond Bank, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 11/01/40 | 3560000 | 3881313 |

---

**SMA Relationship Trust**

**Portfolio of investments – March 31, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Municipal bonds—(continued)** |  |  |
| **Maryland—8.5%** |  |  |
| County of Anne Arundel, Consolidated General Improvements, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/01/30 | $7110000 | $7757488 |
| County of Anne Arundel, Consolidated Water & Sewer, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/30 | 2810000 | 3090808 |
| County of Montgomery, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 12/01/30 | 9695000 | 10690952 |
| State of Maryland Department of Transportation, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 12/01/26 | 2500000 | 2542050 |
| State of Maryland, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 06/01/32 | 2075000 | 2330142 |
| State of Maryland, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 08/01/29 | 1850000 | 1991381 |
|  |  | 28402821 |
| **Massachusetts—1.6%** |  |  |
| Commonwealth of Massachusetts, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series E, 5.000%, due 11/01/27 | 2505000 | 2604869 |
| Massachusetts Health & Educational Facilities Authority, Harvard University, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series Y-R, 1.800%, due 07/01/35<sup>1</sup> | 2800000 | 2800000 |
|  |  | 5404869 |
| **Mississippi—1.2%** |  |  |
| Mississippi Business Finance Corp., Chevron USA, Inc., Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series G, 2.800%, due 11/01/35<sup>1</sup> | 3870000 | 3870000 |
| **New Jersey—4.6%** |  |  |
| New Jersey Transportation Trust Fund Authority, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series CC, 5.000%, due 06/15/44 | 1910000 | 2028597 |
| New Jersey Transportation Trust Fund Authority, State of New Jersey, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 06/15/36 | 7500000 | 8395739 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 06/15/38 | 2000000 | 2171448 |
| New Jersey Transportation Trust Fund Authority, State of New Jersey, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series BB, 5.000%, due 06/15/33 | 2450000 | 2698092 |
|  |  | 15293876 |
| **New York—11.4%** |  |  |
| City of New York, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Subseries F-1, 5.000%, due 04/01/40 | 1940000 | 1992320 |
| 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 | 3569462 |
| New York City Municipal Water Finance Authority, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series AA-2, 5.000%, due 06/15/32 | 2000000 | 2246970 |

---

**SMA Relationship Trust**

**Portfolio of investments – March 31, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Municipal bonds—(continued)** |  |  |
| **New York—(continued)** |  |  |
| 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 | $2584636 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 03/15/44 | 6000000 | 6208600 |
| Triborough Bridge & Tunnel Authority, Metropolitan Transportation Authority Payroll Mobility Tax Revenue, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A-2, 5.000%, due 02/01/29 | 20000000 | 21292126 |
|  |  | 37894114 |
| **Ohio—10.5%** |  |  |
| Ohio Water Development Authority Fresh Water Fund, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 06/01/31 | 1320000 | 1463739 |
| Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 12/01/35 | 6925000 | 7938414 |
| State of Ohio, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 09/01/32 | 4585000 | 5162258 |
| State of Ohio, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 09/01/32 | 1750000 | 1970328 |
| &nbsp;&nbsp;&nbsp;Series B, 5.000%, due 11/01/31 | 4000000 | 4460076 |
| &nbsp;&nbsp;&nbsp;Series D, 5.000%, due 11/01/36 | 12235000 | 13834825 |
|  |  | 34829640 |
| **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 | 2586202 |
| **Pennsylvania—1.7%** |  |  |
| Commonwealth of Pennsylvania, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 08/15/30 | 5100000 | 5573685 |
| **South Carolina—2.5%** |  |  |
| Greenville County School District, |  |  |
| &nbsp;&nbsp;&nbsp;Series C, 5.000%, due 06/29/26 | 5000000 | 5029156 |
| South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 11/01/38 | 1865000 | 2014713 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 11/01/39 | 1250000 | 1347370 |
|  |  | 8391239 |
| **Texas—20.6%** |  |  |
| Allen Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/44 | 2510000 | 2668117 |
| City of El Paso Water & Sewer Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 03/01/41 | 7155000 | 7666648 |
| City of Irving, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 09/15/38 | 1430000 | 1441839 |
| Comal Independent School District, Refunding, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 02/01/36 | 7940000 | 8992411 |
| Dallas Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/41 | 1010000 | 1073081 |
| Fort Worth Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 02/15/29 | 2830000 | 3015094 |

---

**SMA Relationship Trust**

**Portfolio of investments – March 31, 2026 (unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Face<br> amount** | **Value** |
| **Municipal bonds—(continued)** |  |  |
| **Texas—(continued)** |  |  |
| Harris County Cultural Education Facilities Finance Corp., Houston Methodist Hospital Obligated Group, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 12/01/29 | $11390000 | $12291336 |
| La Porte Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 02/15/33 | 1580000 | 1776879 |
| Mesquite Independent School District, GO Bonds, (Permanent School Fund), |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/15/30 | 3645000 | 3988583 |
| State of Texas, Refunding, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/35 | 8105000 | 9286911 |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/36 | 8000000 | 9084210 |
| Texas Water Development Board, State Revolving Fund, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 04/15/34 | 5300000 | 6027935 |
| &nbsp;&nbsp;&nbsp;5.000%, due 08/01/41 | 1295000 | 1382923 |
|  |  | 68695967 |
| **Virginia—3.5%** |  |  |
| County of Loudoun, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 12/01/29 | 10685000 | 11589281 |
| **Washington—6.2%** |  |  |
| City of Seattle Municipal Light & Power Revenue, Refunding, Revenue Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, due 10/01/41 | 3810000 | 4180272 |
| King County School District No. 414 Lake Washington, Refunding, GO Bonds, (School Bond Guaranty), |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, due 12/01/27 | 4205000 | 4310062 |
| State of Washington, GO Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series 2020-A, 5.000%, due 08/01/43 | 3070000 | 3179834 |
| &nbsp;&nbsp;&nbsp;Series A, 5.000%, due 08/01/35 | 2825000 | 3235101 |
| State of Washington, Refunding, Go Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;Series R-2026A, 5.000%, due 07/01/33 | 5055000 | 5721416 |
|  |  | 20626685 |
| **Total municipal bonds** <br> (cost—$338,058,388) |  | **332731913** |
|  | **Number of<br> shares** |  |
| **Short-term investments—0.0%†** |  |  |
| **Investment companies—0.0%†** |  |  |
| State Street Institutional U.S. Government Money Market Fund, 3.602%<sup>3</sup><br> (cost—$80,375) | 80375 | 80375 |
| **Total investments—99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(cost—$338,138,763) |  | **332812288** |
| Other assets in excess of liabilities—0.1% |  | 279613 |
| **Net assets—100.0%** |  | $333091901 |

---

**SMA Relationship Trust**

**Portfolio of investments – March 31, 2026 (unaudited)**

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of March 31, 2026 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 | $— | $332731913 | $— | $332731913 |
| Short-term investments | 80375 |  |  | 80375 |
| **Total** | $**80375** | $**332731913** | $**—** | $**332812288** |

---

For the period ended March 31, 2026, there were no transfers in or out of Level 3.

**Portfolio footnotes**

---

| | |
|:---|:---|
| † | Amount represents less than 0.05% or (0.05)%. |
| 1 | Floating or variable rate securities. The rates disclosed are as of March 31, 2026. 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 March 31, 2026. |

---

**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 annual report to shareholders dated December 31, 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:** 1285 Avenue of the Americas

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $337149287.56

**Total Liabilities:** $3583584.23

**Net Assets:** $333565703.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -577.07000000 | **1-Year:** -16964.28000000 | **5-Year:** -72431.87000000 | **10-Year:** -81822.65000000 | **30-Year:** -5877.63000000

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

- **3-Month:** -2.33000000 | **1-Year:** -50.21000000 | **5-Year:** -455.60000000 | **10-Year:** -2749.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007298 | 1.06%                | 0.86%                | -2.42%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1339876.92             | $3798164.60                                |
| Month 2  | $84177.84                | $2059835.60                                |
| Month 3  | $702.51                  | $-8899102.67                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alabama Corrections Institution Finance Authority                     | Alabama Corrections Institution Finance Authority                     | CUSIP: 010507CH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3810000 | PA      | $4093857.19   | 1.23%             | 2038-07-01      | 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      | $5193847.50   | 1.56%             | 2047-07-01      | Fixed         | 5.25%                 | 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      | $2668116.70   | 0.80%             | 2044-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Anne Arundel MD                                             | County of Anne Arundel                                                | CUSIP: 03588JKK7<br>LEI: 549300L8Q6EFVTZGWW41 | Long             | DBT              | MUN               | US        |   2810000 | PA      | $3090807.80   | 0.93%             | 2030-10-01      | 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      | $7757488.50   | 2.33%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                | California Municipal Finance Authority                                | CUSIP: 13048TGV9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1425000 | PA      | $1425000.00   | 0.43%             | 2035-11-01      | Floating      | 2.30%                 | 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      | $1320043.27   | 0.40%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                     | Comal Independent School District                                     | CUSIP: 199821BJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7940000 | PA      | $8992411.27   | 2.70%             | 2036-02-01      | 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      | $2708158.86   | 0.81%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut Special Tax Revenue                              | CUSIP: 207758Y72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2280000 | PA      | $2556862.91   | 0.77%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Connecticut Special Tax Revenue                              | State of Connecticut Special Tax Revenue                              | CUSIP: 207758Y80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  12485000 | PA      | $14137027.69  | 4.24%             | 2033-07-01      | 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      | $1073081.37   | 0.32%             | 2041-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Delaware                                                     | State of Delaware                                                     | CUSIP: 246381UK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2920000 | PA      | $3133108.32   | 0.94%             | 2029-05-01      | 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      | $2726723.75   | 0.82%             | 2041-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                          | District of Columbia Water & Sewer Authority                          | CUSIP: 254845XJ4<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   3965000 | PA      | $4398723.42   | 1.32%             | 2040-10-01      | 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      | $7666648.33   | 2.30%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Florida Department of Transportation Turnpike System Revenue | State of Florida Department of Transportation Turnpike System Revenue | CUSIP: 343137B20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4265000 | PA      | $4586553.28   | 1.38%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fort Worth Independent School District                                | Fort Worth Independent School District                                | CUSIP: 349461BE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2830000 | PA      | $3015093.60   | 0.90%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Fulton GA Water & Sewerage Revenue                          | County of Fulton Water & Sewerage Revenue                             | CUSIP: 360066PZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3613228.16   | 1.08%             | 2033-01-01      | 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      | $5029155.50   | 1.51%             | 2026-06-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp              | Harris County Cultural Education Facilities Finance Corp.             | CUSIP: 414009UA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  11390000 | PA      | $12291336.26  | 3.68%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                     | State of Illinois                                                     | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3450000 | PA      | $3564300.57   | 1.07%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                     | State of Illinois                                                     | CUSIP: 452153AK5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2870000 | PA      | $3107322.02   | 0.93%             | 2031-03-01      | 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      | $3607096.50   | 1.08%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                     | State of Illinois                                                     | CUSIP: 452153EZ8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3902518.80   | 1.17%             | 2033-05-01      | 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      | $2172223.20   | 0.65%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Irvine Ranch Water District                                           | Irvine Ranch Water District                                           | CUSIP: 4636324K2<br>LEI: 2ZRS7W19IBMY48SFBI68 | Long             | DBT              | MUN               | US        |   5630000 | PA      | $5630000.00   | 1.69%             | 2041-10-01      | Floating      | 2.30%                 | No            |                  2 | On Loan: No      |
| City of Irving TX                                                     | City of Irving                                                        | CUSIP: 463778BJ8<br>LEI: 5493002R7BX8XPQ92O37 | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1441838.54   | 0.43%             | 2038-09-15      | Fixed         | 4.00%                 | 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      | $4310062.35   | 1.29%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| La Porte Independent School District/TX                               | La Porte Independent School District                                  | CUSIP: 5041023N2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1580000 | PA      | $1776878.59   | 0.53%             | 2033-02-15      | 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      | $11589281.17  | 3.47%             | 2029-12-01      | 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      | $3881313.14   | 1.16%             | 2040-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                     | State of Maryland                                                     | CUSIP: 574193WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2075000 | PA      | $2330141.79   | 0.70%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Maryland                                                     | State of Maryland                                                     | CUSIP: 574193XQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1850000 | PA      | $1991381.44   | 0.60%             | 2029-08-01      | 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      | $2542049.75   | 0.76%             | 2026-12-01      | 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      | $2604868.84   | 0.78%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Health & Educational Facilities Authority               | Massachusetts Health & Educational Facilities Authority               | CUSIP: 57585KKV9<br>LEI: 549300MV50RWQFTX5223 | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2800000.00   | 0.84%             | 2035-07-01      | Floating      | 1.80%                 | No            |                  2 | On Loan: No      |
| Mesquite Independent School District                                  | Mesquite Independent School District                                  | CUSIP: 590760UN2<br>LEI: 549300M7COV11VUIZE16 | Long             | DBT              | MUN               | US        |   3645000 | PA      | $3988583.17   | 1.20%             | 2030-08-15      | 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      | $6246578.99   | 1.87%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| School Board of Miami-Dade County/The                                 | School Board of Miami-Dade County                                     | CUSIP: 59333RMC5<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   6710000 | PA      | $7569047.08   | 2.27%             | 2033-03-15      | 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        |   3870000 | PA      | $3870000.00   | 1.16%             | 2035-11-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                               | County of Montgomery                                                  | CUSIP: 61334PHB2<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $10690951.84  | 3.21%             | 2030-12-01      | 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      | $2698091.41   | 0.81%             | 2033-06-15      | 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      | $2171448.40   | 0.65%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                        | New Jersey Transportation Trust Fund Authority                        | CUSIP: 64613CEN4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8395738.50   | 2.52%             | 2036-06-15      | Fixed         | 5.00%                 | 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      | $2028597.25   | 0.61%             | 2044-06-15      | Fixed         | 5.00%                 | 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      | $1992320.05   | 0.60%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                       | New York City Municipal Water Finance Authority                       | CUSIP: 64972GR30<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2246970.00   | 0.67%             | 2032-06-15      | 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      | $3569462.21   | 1.07%             | 2041-03-15      | 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      | $6208599.60   | 1.86%             | 2044-03-15      | Fixed         | 5.00%                 | 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      | $2584636.00   | 0.77%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio                                                         | CUSIP: 677523GP1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1970327.63   | 0.59%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio                                                         | CUSIP: 677523KB7<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4460076.00   | 1.34%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio                                                         | CUSIP: 677523MV1<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   4585000 | PA      | $5162258.38   | 1.55%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                         | State of Ohio                                                         | CUSIP: 677523PF3<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |  12235000 | PA      | $13834825.35  | 4.15%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                      | Ohio Water Development Authority                                      | CUSIP: 67765QPT7<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1463739.42   | 0.44%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund    | Ohio Water Development Authority Water Pollution Control Loan Fund    | CUSIP: 67766WV74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6925000 | PA      | $7938413.50   | 2.38%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                          | Commonwealth of Pennsylvania                                          | CUSIP: 70914P4Q2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5100000 | PA      | $5573685.45   | 1.67%             | 2030-08-15      | 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        |     80375 | NS      | $80375.01     | 0.02%             |  |  |  | No            |                  1 | 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      | $4180271.80   | 1.25%             | 2041-10-01      | 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      | $2014713.06   | 0.60%             | 2038-11-01      | 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      | $1347370.38   | 0.40%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                        | State of Texas                                                        | CUSIP: 882725CY8<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   8105000 | PA      | $9286910.81   | 2.78%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                        | State of Texas                                                        | CUSIP: 882725CZ5<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $9084209.60   | 2.72%             | 2036-10-01      | 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      | $1382923.25   | 0.41%             | 2041-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                         | Texas Water Development Board                                         | CUSIP: 88285AJK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5300000 | PA      | $6027935.39   | 1.81%             | 2034-04-15      | 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      | $2586201.50   | 0.78%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                  | Triborough Bridge & Tunnel Authority                                  | CUSIP: 89602HJD0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |  20000000 | PA      | $21292126.00  | 6.38%             | 2029-02-01      | 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      | $3179834.47   | 0.95%             | 2043-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                   | State of Washington                                                   | CUSIP: 93974FBN2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   2825000 | PA      | $3235100.73   | 0.97%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Washington                                                   | State of Washington                                                   | CUSIP: 93974FDV2<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |   5055000 | PA      | $5721415.82   | 1.72%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-12

**Name of Applicant:** SMA RELATIONSHIP TRUST

**Signature:** Rose Ann Bubloski

**Name of Signer:** Rose Ann Bubloski

**Title:** Director