# EDGAR Filing Document

**Accession Number:** 0001225290
**File Stem:** 0001410368-26-016543
**Filing Date:** 2026-2
**Character Count:** 35582
**Document Hash:** 8cd55d54be84ee112d0d3de129c2278a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-016543.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001410368-26-016543

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**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:** 26668230

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

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

## Series and Classes Contracts Data

### Series M (Series ID: S000002663)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $325719624.43

**Total Liabilities:** $243782.24

**Net Assets:** $325475842.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -860.57000000 | **1-Year:** -14191.14000000 | **5-Year:** -55858.70000000 | **10-Year:** -89564.34000000 | **30-Year:** -11579.36000000

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

- **3-Month:** -4.78000000 | **1-Year:** -105.04000000 | **5-Year:** -696.28000000 | **10-Year:** -7017.03000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000007298 | 0.70%                | 0.25%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1446075.30                                |
| Month 2  | $-1416061.25             | $1419883.07                                |
| Month 3  | $-381176.04              | $419571.07                                 |

**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      | $4166675.06   | 1.28%             | 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      | $5223033.00   | 1.60%             | 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      | $2680374.28   | 0.82%             | 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      | $3136926.64   | 0.96%             | 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      | $7856441.93   | 2.41%             | 2030-04-01      | 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      | $5205888.00   | 1.60%             | 2047-08-15      | 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      | $1327250.21   | 0.41%             | 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      | $9240993.61   | 2.84%             | 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      | $2724572.16   | 0.84%             | 2026-05-15      | 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        |   1000000 | PA      | $1000000.00   | 0.31%             | 2036-07-01      | Floating      | 1.90%                 | 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      | $2605263.66   | 0.80%             | 2032-07-01      | 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      | $6067418.81   | 1.86%             | 2044-02-01      | 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      | $1082522.65   | 0.33%             | 2041-02-15      | 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      | $2737761.75   | 0.84%             | 2041-10-01      | 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      | $7744608.49   | 2.38%             | 2041-03-01      | 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      | $5061462.00   | 1.56%             | 2026-06-29      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                           | State of Illinois                                                                   | CUSIP: 452152P96<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   5450000 | PA      | $5663751.73   | 1.74%             | 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      | $3150397.85   | 0.97%             | 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      | $3632898.15   | 1.12%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                           | State of Illinois                                                                   | CUSIP: 452153BR9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1263302.20   | 0.39%             | 2027-12-01      | 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      | $3983086.80   | 1.22%             | 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      | $2212335.40   | 0.68%             | 2033-07-01      | 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      | $1464156.69   | 0.45%             | 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      | $4318053.11   | 1.33%             | 2027-12-01      | 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      | $1045067.40   | 0.32%             | 2028-07-01      | 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      | $11722937.69  | 3.60%             | 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      | $3968846.78   | 1.22%             | 2040-11-01      | 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      | $2557659.25   | 0.79%             | 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      | $2620642.07   | 0.81%             | 2027-11-01      | 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      | $6355986.91   | 1.95%             | 2032-07-01      | 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      | $17601073.99  | 5.41%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                           | Mississippi Business Finance Corp.                                                  | CUSIP: 60528ABN3<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.31%             | 2030-12-01      | Floating      | 2.50%                 | 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      | 2.50%                 | No            |                  2 | On Loan: No      |
| Mississippi Business Finance Corp                           | Mississippi Business Finance Corp.                                                  | CUSIP: 60528ABZ6<br>LEI: 549300DYV074JUDKBQ77 | Long             | DBT              | MUN               | US        |   1395000 | PA      | $1395000.00   | 0.43%             | 2035-11-01      | Floating      | 2.50%                 | 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      | 2.50%                 | No            |                  2 | On Loan: No      |
| County of Montgomery MD                                     | County of Montgomery                                                                | CUSIP: 61334PHB2<br>LEI: 549300GNX5SDUEBKPK13 | Long             | DBT              | MUN               | US        |   9695000 | PA      | $10859376.29  | 3.34%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Health Care Facilities Financing Authority       | New Jersey Health Care Facilities Financing Authority                               | CUSIP: 645793BJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4010000 | PA      | $4010000.00   | 1.23%             | 2035-07-01      | Floating      | 3.36%                 | 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      | $2728198.48   | 0.84%             | 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      | $2215844.40   | 0.68%             | 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      | $8604154.50   | 2.64%             | 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      | $2027579.79   | 0.62%             | 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      | $1995011.03   | 0.61%             | 2040-04-01      | 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      | $3109117.80   | 0.96%             | 2040-12-01      | Fixed         | 5.00%                 | 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      | $4445324.50   | 1.37%             | 2043-08-01      | 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      | $2296709.80   | 0.71%             | 2032-06-15      | 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      | $3087126.90   | 0.95%             | 2040-06-15      | 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      | $5566167.59   | 1.71%             | 2044-06-15      | 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      | $3585797.84   | 1.10%             | 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      | $6224270.40   | 1.91%             | 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      | $2595093.50   | 0.80%             | 2040-03-15      | 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      | $3100157.70   | 0.95%             | 2046-03-15      | 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      | $5214447.50   | 1.60%             | 2027-09-15      | 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      | $5273767.87   | 1.62%             | 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      | $14200613.93  | 4.36%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orlando Utilities Commission                                | Orlando Utilities Commission                                                        | CUSIP: 686507LE2<br>LEI: 549300EJR7JVMRXL5D66 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3113980.80   | 0.96%             | 2048-10-01      | 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      | $5657009.76   | 1.74%             | 2030-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State Street Global Advisors                                | State Street Institutional U.S. Government Money Market Fund - Premier Class, 3.75% | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    294206 | NS      | $294206.37    | 0.09%             |  |  |  | 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      | $4217033.35   | 1.30%             | 2041-10-01      | 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      | $7946988.47   | 2.44%             | 2026-03-02      | 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      | $2055449.70   | 0.63%             | 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      | $1372062.38   | 0.42%             | 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      | $9590464.95   | 2.95%             | 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      | $9380638.40   | 2.88%             | 2036-10-01      | 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      | $4426019.48   | 1.36%             | 2026-10-01      | 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      | $1396801.63   | 0.43%             | 2041-08-01      | Fixed         | 5.00%                 | 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      | $8569495.20   | 2.63%             | 2044-10-15      | 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      | $6171557.44   | 1.90%             | 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      | $2602362.75   | 0.80%             | 2043-09-01      | 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      | $3177347.16   | 0.98%             | 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      | $3333913.86   | 1.02%             | 2035-08-01      | 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      | $1512252.00   | 0.46%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** SMA RELATIONSHIP TRUST

**Signature:** Joanne Kilkeary

**Name of Signer:** Joanne Kilkeary

**Title:** Vice President and Treasurer