# EDGAR Filing Document

**Accession Number:** 0001225290
**File Stem:** 0001104659-26-025159
**Filing Date:** 2026-3
**Character Count:** 102527
**Document Hash:** 05d1ae2b65b1f8ff89e8852a21111167
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-025159.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001104659-26-025159

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21328
- **FILM NUMBER:** 26734612

**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           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21328

SMA Relationship Trust

(Exact name of registrant as specified in charter)

One North Wacker Drive, Chicago, IL 60606-2807

(Address of principal executive offices) (Zip code)

---

| |
|:---|
| Keith A. Weller, Esq. |
| UBS Asset Management |
| One North Wacker Drive |
| Chicago, IL 60606 |
| (Name and address of agent for service) |
| Copy to: |
| Jana L. Cresswell, Esq. |
| Stradley Ronon Stevens & Young, LLP |
| 2500 Market Street, Suite 2600 |
| Philadelphia, PA 19103-7098 |

---

Registrant's telephone number, including area code: 888-793-8637

Date of fiscal year end: December 31

Date of reporting period: December 31, 2025

**<u>Item 1. Reports to Stockholders.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Copy of the report transmitted to shareholders:

**TABLE OF CONTENTS**

 [SMA Relationship Trust - Series M](#classnamea7788062-89de-4bc8-ab3a-833614860071)<br> **[SRTMX](#classnamea7788062-89de-4bc8-ab3a-833614860071)** <br>

![Image](tm262925d1_tsrimg001.jpg)

Annual Shareholder Report

December 31, 2025

# SMA Relationship Trust - Series M

# SRTMX

## Fund Overview
This annual shareholder report contains important information about SMA Relationship Trust - Series M (the "Series M") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.ubs.com/port-info. You can also request this information by contacting us at 1-800-647 1568.

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Series M | $0 | 0.00% |

---

Pursuant to the Advisory Contract, the Fund does not pay a fee to UBS Asset Management (Americas) LLC ("UBS AM") for investment advisory services provided by UBS AM. UBS AM (not the Fund) pays all ordinary operating expenses, interest expense, and commitment fees (i.e., bank line of credit facility fees), excluding extraordinary litigation expenses and any acquired fund fees and expenses, incurred by the Fund.

## How did the Fund perform last year and what affected its performance?
**Portfolio performance summary**

**What worked:**

• We began the year with a barbell strategy, combining short-term municipal bonds (maturities up to 3 years) with longer-term bonds (15-year and 20-year maturities). The 1-year and 3-year bonds returned 3.47% and 4.11%, respectively, while the 15-year and 20-year bonds returned 5.31% and 3.12%, respectively during the reporting period.

• Our focus on AAA-rated bonds was rewarded, as this category was the second-best performer across all rating categories at 4.25%, just behind single-A bonds at 4.35%. In addition, while we did not overweight single-A bonds, our selections in that category outperformed the Bloomberg Municipal Bond Index (the "Index").

• From a security selection perspective, the Fund saw strong results from our Hospital sector holdings and Illinois bonds, both of which outperformed the Index and added alpha.

**What didn't work:**

• Though our barbell strategy performed well, we were underweight in the 7-year and 10-year maturities compared to the Index, which were the top performers across the yield curve at 5.70% and 5.92%, respectively. Therefore, a more balanced approach across the curve would have likely improved total return in the reporting period.

• We avoided the Industrial Development Revenue (IDR) and Pollution Control Revenue (PCR) sectors, which returned 5.03%, and the municipal housing sector, which returned 5.77%. The portfolio management team typically does not invest in these sectors as they tend to carry higher risk and volatility, but they performed well in the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;– IDR bonds are issued to encourage private companies to build facilities to boost economic activity, while PCR bonds are issued

&nbsp;&nbsp;&nbsp;&nbsp; to fund the construction of pollution control equipment and facilities.

The Fund did not utilize derivatives during the reporting period.

Pursuant to the Advisory Contract, the Fund does not pay a fee to UBS Asset Management (Americas) LLC ("UBS AM") for investment advisory services provided by UBS AM. UBS AM (not the Fund) pays all ordinary operating expenses, interest expense, and commitment fees (i.e., bank line of credit facility fees), excluding extraordinary litigation expenses and any acquired fund fees and expenses, incurred by the Fund.

# SMA Relationship Trust - Series M

# Series M

## Fund Overview

## Fund Performance
![Growth of 10K Chart](tm262925d1_tsrimg002.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Series M** | **Bloomberg Municipal Bond Index** | **Bloomberg Municipal Managed Money Intermediate (1-17) Index** |
| **12/31/15** | $10000 | $10000 | $10000 |
| **1/31/16** | $10133 | $10119 | $10148 |
| **2/29/16** | $10149 | $10135 | $10160 |
| **3/31/16** | $10189 | $10167 | $10173 |
| **4/30/16** | $10267 | $10242 | $10250 |
| **5/31/16** | $10281 | $10270 | $10248 |
| **6/30/16** | $10466 | $10433 | $10406 |
| **7/31/16** | $10461 | $10440 | $10415 |
| **8/31/16** | $10481 | $10454 | $10414 |
| **9/30/16** | $10449 | $10401 | $10370 |
| **10/31/16** | $10343 | $10292 | $10257 |
| **11/30/16** | $9946 | $9908 | $9841 |
| **12/31/16** | $10068 | $10025 | $9973 |
| **1/31/17** | $10108 | $10091 | $10041 |
| **2/28/17** | $10171 | $10161 | $10108 |
| **3/31/17** | $10201 | $10183 | $10130 |
| **4/30/17** | $10277 | $10257 | $10221 |
| **5/31/17** | $10437 | $10420 | $10389 |
| **6/30/17** | $10394 | $10382 | $10339 |
| **7/31/17** | $10470 | $10466 | $10422 |
| **8/31/17** | $10548 | $10546 | $10491 |
| **9/30/17** | $10504 | $10492 | $10423 |
| **10/31/17** | $10507 | $10518 | $10441 |
| **11/30/17** | $10426 | $10462 | $10347 |
| **12/31/17** | $10523 | $10571 | $10460 |
| **1/31/18** | $10395 | $10447 | $10323 |
| **2/28/18** | $10351 | $10415 | $10282 |
| **3/31/18** | $10363 | $10454 | $10315 |
| **4/30/18** | $10338 | $10416 | $10280 |
| **5/31/18** | $10443 | $10536 | $10390 |
| **6/30/18** | $10453 | $10545 | $10400 |
| **7/31/18** | $10483 | $10570 | $10429 |
| **8/31/18** | $10504 | $10597 | $10448 |
| **9/30/18** | $10441 | $10529 | $10377 |
| **10/31/18** | $10386 | $10464 | $10319 |
| **11/30/18** | $10513 | $10580 | $10449 |
| **12/31/18** | $10641 | $10707 | $10587 |
| **1/31/19** | $10749 | $10787 | $10692 |
| **2/28/19** | $10820 | $10845 | $10750 |
| **3/31/19** | $10981 | $11017 | $10896 |
| **4/30/19** | $11023 | $11058 | $10919 |
| **5/31/19** | $11182 | $11211 | $11067 |
| **6/30/19** | $11225 | $11252 | $11109 |
| **7/31/19** | $11326 | $11343 | $11211 |
| **8/31/19** | $11505 | $11521 | $11367 |
| **9/30/19** | $11401 | $11429 | $11254 |
| **10/31/19** | $11404 | $11450 | $11277 |
| **11/30/19** | $11417 | $11478 | $11301 |
| **12/31/19** | $11456 | $11513 | $11339 |
| **1/31/20** | $11686 | $11720 | $11549 |
| **2/29/20** | $11848 | $11871 | $11673 |
| **3/31/20** | $11475 | $11441 | $11370 |
| **4/30/20** | $11317 | $11297 | $11290 |
| **5/31/20** | $11748 | $11656 | $11696 |
| **6/30/20** | $11790 | $11752 | $11713 |
| **7/31/20** | $11983 | $11950 | $11893 |
| **8/31/20** | $11904 | $11894 | $11818 |
| **9/30/20** | $11905 | $11897 | $11826 |
| **10/31/20** | $11875 | $11861 | $11781 |
| **11/30/20** | $12058 | $12040 | $11945 |
| **12/31/20** | $12110 | $12113 | $11986 |
| **1/31/21** | $12159 | $12191 | $12026 |
| **2/28/21** | $11950 | $11997 | $11808 |
| **3/31/21** | $12009 | $12071 | $11871 |
| **4/30/21** | $12107 | $12172 | $11962 |
| **5/31/21** | $12143 | $12208 | $11978 |
| **6/30/21** | $12180 | $12242 | $11991 |
| **7/31/21** | $12268 | $12344 | $12100 |
| **8/31/21** | $12231 | $12298 | $12060 |
| **9/30/21** | $12131 | $12209 | $11958 |
| **10/31/21** | $12115 | $12174 | $11919 |
| **11/30/21** | $12212 | $12277 | $12010 |
| **12/31/21** | $12226 | $12297 | $12032 |
| **1/31/22** | $11906 | $11961 | $11673 |
| **2/28/22** | $11867 | $11918 | $11641 |
| **3/31/22** | $11527 | $11531 | $11258 |
| **4/30/22** | $11267 | $11212 | $10957 |
| **5/31/22** | $11442 | $11379 | $11154 |
| **6/30/22** | $11309 | $11193 | $11020 |
| **7/31/22** | $11570 | $11488 | $11330 |
| **8/31/22** | $11355 | $11237 | $11086 |
| **9/30/22** | $11053 | $10805 | $10683 |
| **10/31/22** | $11020 | $10715 | $10644 |
| **11/30/22** | $11369 | $11217 | $11103 |
| **12/31/22** | $11400 | $11249 | $11163 |
| **1/31/23** | $11667 | $11572 | $11474 |
| **2/28/23** | $11431 | $11310 | $11198 |
| **3/31/23** | $11669 | $11561 | $11468 |
| **4/30/23** | $11644 | $11535 | $11420 |
| **5/31/23** | $11550 | $11435 | $11276 |
| **6/30/23** | $11627 | $11549 | $11372 |
| **7/31/23** | $11652 | $11595 | $11411 |
| **8/31/23** | $11536 | $11428 | $11242 |
| **9/30/23** | $11332 | $11093 | $10904 |
| **10/31/23** | $11274 | $10999 | $10846 |
| **11/30/23** | $11735 | $11697 | $11517 |
| **12/31/23** | $11970 | $11969 | $11798 |
| **1/31/24** | $11951 | $11908 | $11722 |
| **2/29/24** | $11954 | $11923 | $11724 |
| **3/31/24** | $11939 | $11923 | $11704 |
| **4/30/24** | $11845 | $11775 | $11535 |
| **5/31/24** | $11821 | $11740 | $11429 |
| **6/30/24** | $11971 | $11920 | $11609 |
| **7/31/24** | $12056 | $12029 | $11719 |
| **8/31/24** | $12120 | $12124 | $11830 |
| **9/30/24** | $12205 | $12244 | $11942 |
| **10/31/24** | $12058 | $12065 | $11735 |
| **11/30/24** | $12223 | $12274 | $11918 |
| **12/31/24** | $12118 | $12095 | $11761 |
| **1/31/25** | $12148 | $12156 | $11837 |
| **2/28/25** | $12231 | $12276 | $11968 |
| **3/31/25** | $12083 | $12068 | $11748 |
| **4/30/25** | $12048 | $11971 | $11672 |
| **5/31/25** | $12050 | $11978 | $11739 |
| **6/30/25** | $12116 | $12053 | $11832 |
| **7/31/25** | $12121 | $12029 | $11850 |
| **8/31/25** | $12197 | $12133 | $11955 |
| **9/30/25** | $12342 | $12414 | $12165 |
| **10/31/25** | $12429 | $12568 | $12301 |
| **11/30/25** | $12460 | $12597 | $12333 |
| **12/31/25** | $12490 | $12608 | $12368 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| Series M | 3.07% | 0.62% | 2.25% |
| Bloomberg Municipal Bond Index | 4.25% | 0.80% | 2.34% |
| Bloomberg Municipal Managed Money Intermediate (1-17) Index | 5.16% | 0.63% | 2.15% |

---

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or a redemption of Fund shares.

## Key Fund Statistics

---

| | |
|:---|:---|
| **FUND STATISTICS** | Value |
| Total Net Assets | $326245049 |
| # of Portfolio Holdings | 71 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid (includes Administration Fees) | $0 |

---

## What is the Fund's investment objective?
Total return consisting of capital appreciation and current income exempt from federal income tax.

## Top 5 Holdings (% of Net Assets)

---

| | |
|:---|:---|
| State of Minnesota, Series D, 5.000%, due 08/01/27 | 5.4% |
| State of Ohio, Series D, 5.000%, due 11/01/36 | 4.4 |
| County of Loudoun (Virginia), Series A, 5.000%, due 12/01/29 | 3.6 |
| County of Montgomery (Maryland), Series B, 5.000%, due 12/01/30 | 3.3 |
| State of Texas, 5.000%, due 10/01/35 | 2.9 |

---

# SMA Relationship Trust - Series M

# Series M

## Top 5 States (% of Net Assets)
![Group By Sector Chart](tm262925d1_tsrimg003.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Illinois | 6.5% |
| Maryland | 7.5% |
| Ohio | 7.6% |
| New York | 11.0% |
| Texas | 22.4% |

---

## Additional Information
If you wish to view additional information about the Fund, please visit:

• For the prospectus and financial statements: https://www.ubs.com/us/en/assetmanagement/capabilities/separately-managed-accounts.html

• For the shareholder reports: https://www.ubs.com/us/en/assetmanagement/funds/products/mutual-fund/ubs-tsr.html

• For portfolio holdings: https://www.ubs.com/port-info

• For proxy voting information: https://vds.issgovernance.com/vds/#/NDQx/FundFamily=322

Phone: 1-800-647 1568

# SMA Relationship Trust - Series M
S1863

# Series M
This page intentionally left blank.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Copy of each notice transmitted to shareholders in reliance on Rule 30e-3 under the Investment Company Act of 1940, as amended
(the "1940 Act"), that contains disclosures specified by paragraph (c)(3) of that rule: Not applicable to the registrant.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. (The registrant has designated the code of ethics adopted pursuant to Sarbanes-Oxley as a "Code of Conduct" to lessen the risk of confusion with its separate code of ethics adopted pursuant to Rule 17j-1 under the 1940 Act.).

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board has determined that the following person serving on the registrant's Audit Committee is an "audit committee financial expert" as defined in item 3 of Form N-CSR: Muhammad Gigani. Mr. Gigani is independent as defined in item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>:

For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate Ernst & Young LLP (E&Y) audit fees for professional services rendered to the registrant were approximately $39,466 and $39,405, respectively.

Fees included in the audit fees category are those associated with the annual audits of financial statements and services that are normally provided in connection with statutory and regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>:

In each of the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate audit-related fees billed by EY for services rendered to the registrant that are reasonably related to the performance of the audits of the financial statements, but not reported as audit fees, were approximately $2,017 and $1,987, respectively.

Fees included in the audit-related fees category are those associated with the reading and providing of comments on the 2025 and 2024 semiannual financial statements.

There were no audit-related fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>:

In each of the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate tax fees billed by EY for professional services rendered to the registrant were approximately $9,475 and $9,475, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant's tax division except those services related to the audits. This category comprises fees for review of tax compliance, tax return preparation and excise tax calculations and assistance with identification of passive foreign investment companies (PFICs).

There were no tax fees required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>:

In each of the fiscal years ended December 31, 2025 and December 31, 2024, there were no fees billed by EY for products and services, other than the services reported in Item 4(a)-(c) above, rendered to the registrant.

Fees included in the all other fees category would consist of services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the registrant.

There were no "all other fees" required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(e) (1) <u>Audit Committee Pre-Approval Policies and Procedures</u>:

The registrant's Audit Committee ("audit committee") has adopted an "Audit Committee Charter (Amended and Restated as of September 14, 2016)" (the "charter"). The charter contains the audit committee's pre-approval policies and procedures. Reproduced below is an excerpt from the charter regarding pre-approval policies and procedures:

The [audit] Committee shall:

…

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pre-approve (a) all audit and permissible non-audit services<sup>1</sup> to be provided to the Fund and (b) all permissible
non-audit services to be provided by the Fund's independent auditors to UBS AM and any Covered Service Providers, if the engagement
relates directly to the operations and financial reporting of the Fund. In carrying out this responsibility, the Committee shall seek
periodically from UBS AM and from the independent auditors a list of such audit and permissible non-audit services that can be expected
to be rendered to the Fund, UBS AM or any Covered Service Providers by the Fund's independent auditors, and an estimate of the fees
sought to be paid in connection with such services. The Committee has delegated its responsibility to pre-approve any such audit and permissible
non-audit services not exceeding $100,000 (excluding reasonable out-of-pocket expenses) on an annual basis to the Chairperson. All such
pre-approvals will be reported to the full Committee on a quarterly basis at the Committee's next regularly scheduled meeting after
the pre-approval. The Committee may not delegate to management its responsibility to pre-approve services to be performed by the independent
auditor. Requests or applications to provide services that require specific pre-approval by the Committee or the Chairperson will be submitted
by both the Fund's independent auditors and the Fund's Treasurer or other designated Fund officer and must include a joint
statement as to whether, in their view, the request or application is consistent with SEC rules on auditor independence. From year
to year, the Committee shall report to the Board whether this system of pre-approval has been effective and efficient or whether this
Charter should be amended to allow for pre-approval pursuant to such policies and procedures as the Committee shall approve, including
the delegation of some or all of the Committee's pre-approval responsibilities to other persons (other than UBS AM or the Fund's
officers).

<sup>1</sup> The Committee will not approve non-audit services that the Committee believes may taint the independence of the auditors. Currently, permissible non-audit services include any professional services (including tax services) that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may <u>not</u> include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, UBS AM and any service providers controlling, controlled by or under common control with UBS AM that provide ongoing services to the Fund ("Covered Service Providers") constitutes not more than 5% of the total amount of revenues paid to the independent auditors (during the fiscal year in which the permissible non-audit services are provided) by (a) the Fund, (b) its investment adviser and (c) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

(e) (2) Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

<u>Audit-Related Fees</u>:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended December 31, 2025 and December 31, 2024 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended December 31, 2025 and December 31, 2024 on behalf of the registrant's service providers that relate directly to the operations and financial reporting of the registrant.

<u>Tax Fees</u>:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended December 31, 2025 and December 31, 2024 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended December 31, 2025 and December 31, 2024 on behalf of the registrant's service providers that relate directly to the operations and financial reporting of the registrant.

<u>All Other Fees</u>:

There were no amounts that were approved by the audit committee pursuant to the de minimis exception for the fiscal years ended December 31, 2025 and December 31, 2024 on behalf of the registrant.

There were no amounts that were required to be approved by the audit committee pursuant to the de minimis exception for the fiscal years ended December 31, 2025 and December 31, 2024 on behalf of the registrant's service providers that relate directly to the operations and financial reporting of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the fiscal year ended December 31, 2025, if greater than 50%, specify the percentage of hours spent on the audit of the registrant's
financial statements for the most recent fiscal year that were attributed to work performed by persons who are not full-time, permanent
employees of E&Y. According to E&Y, such amount was below 50%; therefore, disclosure item not applicable for this filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the fiscal years ended December 31, 2025 and December 31, 2024, the aggregate fees billed
by EY of $2,963,436 and $1,548,108, respectively, for non-audit services rendered on behalf of the registrant ("covered"),
its investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen
by another investment adviser) and any entity controlling, controlled by, or under common control with the adviser ("non-covered")
that provides ongoing services to the registrant for each of the last two fiscal years of the registrant is shown in the table below:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| Covered Services | $11492 | $11462 |
| Non-Covered Services | $2951944 | $1536646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee was not required to consider whether the provision of non-audit services that were rendered
to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted
with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment
adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01
of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable to the registrant.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to the registrant.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Included as part of the report to shareholders filed under Item 1 of this form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>SMA Relationship Trust—Series M Form N-CSR Information Items 7 through 11</u>**

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) Copy of the most recent financial statements:

------

![](j2629252_ac004.jpg)

SMA Relationship Trust

Annual Financial Statements \| December 31, 2025

**Includes:**

• Series M

------

---

| | |
|:---|:---|
| **Table of contents** | **Page** |
| **SMA Relationship Trust—Series M** | **SMA Relationship Trust—Series M** |
| [**Portfolio of investments**](#PortfolioofInvestments-2) | **2** |
| [**Statement of assets and liabilities**](#StatementofAssetsandLiabilities-2) | **6** |
| [**Statement of operations**](#StatementofOperations-2) | **7** |
| [**Statement of changes in net assets**](#StatementofChangesinNetAssets-2) | **8** |
| [**Financial highlights**](#FinancialHighlights-2) | **9** |
| [**Notes to financial statements**](#NotestoFinancialStatements-2) | **10** |
| [**Report of independent registered public accounting firm**](#ReportofIndepRegPubAccFirm-2) | **16** |

---

------

SMA Relationship Trust—Series M

Portfolio of investments—December 31, 2025

---

| | | |
|:---|:---|:---|
| | **Face<br>amount** | **Value** |
| **Municipal bonds—98.7%** | **Municipal bonds—98.7%** | **Municipal bonds—98.7%** |
| **Alabama—2.9%** | **Alabama—2.9%** | **Alabama—2.9%** |
| Alabama Corrections Institution Finance Authority, <br>Corrections Institution Finance, Revenue Bonds,<br>Series A,<br>5.000%, due 07/01/38 | $3810000 | $4166676 |
| Series A,<br>5.250%, due 07/01/47 | 5000000 | 5223033 |
|  |  | 9389709 |
| **California—0.3%** | **California—0.3%** | **California—0.3%** |
| Los Angeles Department of Water & Power Power <br>System Revenue, Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 07/01/28 | 1000000 | 1045067 |
| **Connecticut—2.0%** | **Connecticut—2.0%** | **Connecticut—2.0%** |
| Connecticut State Health & Educational Facilities <br>Authority, Yale University, Revenue Bonds,<br>Series V-1,<br>1.900%, due 07/01/36<sup>1</sup> | 1000000 | 1000000 |
| State of Connecticut Special Tax Revenue, <br>Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 07/01/32 | 2280000 | 2605264 |
| State of Connecticut, Refunding, GO Bonds,<br>Series B,<br>5.000%, due 05/15/26 | 2700000 | 2724572 |
|  |  | 6329836 |
| **District of Columbia—0.8%** | **District of Columbia—0.8%** | **District of Columbia—0.8%** |
| District of Columbia Water & Sewer Authority, <br>Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 10/01/41 | 2500000 | 2737762 |
| **Florida—2.9%** | **Florida—2.9%** | **Florida—2.9%** |
| Miami-Dade County, GO Bonds,<br>Series A,<br>5.000%, due 07/01/32 | 5585000 | 6355987 |
| Orlando Utilities Commission, Revenue Bonds,<br>Series A,<br>5.000%, due 10/01/48 | 3000000 | 3113981 |
|  |  | 9469968 |
| **Illinois—6.5%** | **Illinois—6.5%** | **Illinois—6.5%** |
| Metropolitan Water Reclamation District of <br>Greater Chicago, Refunding, GO Bonds,<br>Series C,<br>5.000%, due 12/01/26 | 1300000 | 1327250 |
| State of Illinois, GO Bonds,<br>Series A,<br>5.000%, due 12/01/27 | 1215000 | 1263302 |
| Series A,<br>5.000%, due 03/01/31 | 2870000 | 3150398 |
| Series B,<br>5.000%, due 05/01/33 | 3600000 | 3983087 |
| Series D,<br>5.000%, due 11/01/27 | 5450000 | 5663752 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** | **Illinois—(concluded)** |
| State of Illinois, Refunding, GO Bonds,<br>Series C,<br>4.000%, due 03/01/31 | $| 3500000 | $| 3632898 |
| Series D,<br>5.000%, due 07/01/33 |  | 2000000 |  | 2212335 |
|  |  |  |  | 21233022 |
| **Maine—1.2%** | **Maine—1.2%** | **Maine—1.2%** | **Maine—1.2%** | **Maine—1.2%** |
| Maine Municipal Bond Bank, Revenue Bonds,<br>Series A,<br>5.000%, due 11/01/40 |  | 3560000 |  | 3968847 |
| **Maryland—7.5%** | **Maryland—7.5%** | **Maryland—7.5%** | **Maryland—7.5%** | **Maryland—7.5%** |
| County of Anne Arundel, Consolidated General <br>Improvements, Refunding, GO Bonds,<br>5.000%, due 04/01/30 |  | 7110000 |  | 7856442 |
| County of Anne Arundel, Consolidated <br>Water & Sewer, GO Bonds,<br>5.000%, due 10/01/30 |  | 2810000 |  | 3136927 |
| County of Montgomery, Refunding, GO Bonds,<br>Series B,<br>5.000%, due 12/01/30 |  | 9695000 |  | 10859376 |
| State of Maryland Department of Transportation,<br>Refunding, Revenue Bonds,<br>Series B,<br>5.000%, due 12/01/26 |  | 2500000 |  | 2557659 |
|  |  |  |  | 24410404 |
| **Massachusetts—0.8%** | **Massachusetts—0.8%** | **Massachusetts—0.8%** | **Massachusetts—0.8%** | **Massachusetts—0.8%** |
| Commonwealth of Massachusetts, Refunding, <br>GO Bonds,<br>Series E,<br>5.000%, due 11/01/27 |  | 2505000 |  | 2620642 |
| **Minnesota—5.4%** | **Minnesota—5.4%** | **Minnesota—5.4%** | **Minnesota—5.4%** | **Minnesota—5.4%** |
| State of Minnesota, Refunding, GO Bonds,<br>Series D,<br>5.000%, due 08/01/27 |  | 16920000 |  | 17601074 |
| **Mississippi—5.2%** | **Mississippi—5.2%** | **Mississippi—5.2%** | **Mississippi—5.2%** | **Mississippi—5.2%** |
| Mississippi Business Finance Corp., <br>Chevron USA, Inc., Revenue Bonds,<br>Series F,<br>2.500%, due 12/01/30<sup>1</sup> |  | 1000000 |  | 1000000 |
| Series G,<br>2.500%, due 11/01/35<sup>1</sup> |  | 8970000 |  | 8970000 |
| Series I,<br>2.500%, due 11/01/35<sup>1</sup> |  | 1395000 |  | 1395000 |
| Series L,<br>2.500%, due 11/01/35<sup>1</sup> |  | 5620000 |  | 5620000 |
|  |  |  |  | 16985000 |
| **New Jersey—6.0%** | **New Jersey—6.0%** | **New Jersey—6.0%** | **New Jersey—6.0%** | **New Jersey—6.0%** |
| New Jersey Health Care Facilities Financing <br>Authority, Refunding, Revenue Bonds,<br>3.360%, due 07/01/35<sup>1</sup> |  | 4010000 |  | 4010000 |

---

------

SMA Relationship Trust—Series M

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **New Jersey—(concluded)** | **New Jersey—(concluded)** | **New Jersey—(concluded)** | **New Jersey—(concluded)** | **New Jersey—(concluded)** |
| New Jersey Transportation Trust Fund Authority, <br>Revenue Bonds, <br>Series CC,<br>5.000%, due 06/15/44 | $| 1910000 | $| 2027580 |
| New Jersey Transportation Trust Fund Authority, <br>State of New Jersey, Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 06/15/36 |  | 7500000 |  | 8604155 |
| Series A,<br>5.000%, due 06/15/38 |  | 2000000 |  | 2215844 |
| New Jersey Transportation Trust Fund Authority, <br>State of New Jersey, Revenue Bonds,<br>Series BB,<br>5.000%, due 06/15/33 |  | 2450000 |  | 2728198 |
|  |  |  |  | 19585777 |
| **New York—11.0%** | **New York—11.0%** | **New York—11.0%** | **New York—11.0%** | **New York—11.0%** |
| City of New York, GO Bonds,<br>Series A-1,<br>5.000%, due 08/01/43 |  | 4320000 |  | 4445324 |
| Subseries D-1,<br>5.000%, due 12/01/40 |  | 3000000 |  | 3109118 |
| Subseries F-1,<br>5.000%, due 04/01/40 |  | 1940000 |  | 1995011 |
| Empire State Development Corp., State of <br>New York Sales Tax Revenue, Refunding, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 03/15/41 |  | 3420000 |  | 3585798 |
| New York City Municipal Water Finance Authority, <br>Refunding, Revenue Bonds,<br>Series AA-2,<br>5.000%, due 06/15/32 |  | 2000000 |  | 2296710 |
| Series BB-1,<br>5.000%, due 06/15/44 |  | 5300000 |  | 5566168 |
| New York City Municipal Water Finance Authority, <br>Second General Resolution, Refunding, <br>Revenue Bonds,<br>Series EE,<br>5.000%, due 06/15/40 |  | 3000000 |  | 3087127 |
| New York State Dormitory Authority, State of <br>New York Personal Income Tax Revenue, <br>Refunding, Revenue Bonds,<br>Series A,<br>5.000%, due 03/15/40 |  | 2500000 |  | 2595093 |
| Series A,<br>5.000%, due 03/15/44 |  | 6000000 |  | 6224270 |
| Series A,<br>5.000%, due 03/15/46 |  | 3000000 |  | 3100158 |
|  |  |  |  | 36004777 |
| **Ohio—7.6%** | **Ohio—7.6%** | **Ohio—7.6%** | **Ohio—7.6%** | **Ohio—7.6%** |
| State of Ohio, Common Schools, Refunding, <br>GO Bonds,<br>Series B,<br>5.000%, due 09/15/27 |  | 5000000 |  | 5214447 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Ohio—(concluded)** | **Ohio—(concluded)** | **Ohio—(concluded)** | **Ohio—(concluded)** | **Ohio—(concluded)** |
| State of Ohio, GO Bonds,<br>Series A,<br>5.000%, due 09/01/32 | $| 4585000 | $| 5273768 |
| State of Ohio, Refunding, GO Bonds,<br>Series D,<br>5.000%, due 11/01/36 |  | 12235000 |  | 14200614 |
|  |  |  |  | 24688829 |
| **Oregon—0.8%** | **Oregon—0.8%** | **Oregon—0.8%** | **Oregon—0.8%** | **Oregon—0.8%** |
| Tri-County Metropolitan Transportation District of <br>Oregon, Revenue Bonds,<br>Series A,<br>5.000%, due 09/01/43<sup>2</sup> |  | 2500000 |  | 2602363 |
| **Pennsylvania—1.7%** | **Pennsylvania—1.7%** | **Pennsylvania—1.7%** | **Pennsylvania—1.7%** | **Pennsylvania—1.7%** |
| Commonwealth of Pennsylvania, Refunding, <br>GO Bonds,<br>Series A,<br>5.000%, due 08/15/30 |  | 5100000 |  | 5657010 |
| **South Carolina—5.0%** | **South Carolina—5.0%** | **South Carolina—5.0%** | **South Carolina—5.0%** | **South Carolina—5.0%** |
| Greenville County School District, <br>Series C,<br>5.000%, due 06/29/26 |  | 5000000 |  | 5061462 |
| South Carolina Association of Governmental <br>Organizations,<br>Series B,<br>5.000%, due 03/02/26 |  | 7915000 |  | 7946988 |
| South Carolina Jobs-Economic Development <br>Authority, Novant Health Obligated Group, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 11/01/38 |  | 1865000 |  | 2055450 |
| Series A,<br>5.000%, due 11/01/39 |  | 1250000 |  | 1372062 |
|  |  |  |  | 16435962 |
| **Texas—22.4%** | **Texas—22.4%** | **Texas—22.4%** | **Texas—22.4%** | **Texas—22.4%** |
| Allen Independent School District, GO Bonds, <br>(Permanent School Fund),<br>5.000%, due 02/15/44 |  | 2510000 |  | 2680374 |
| Argyle Independent School District, GO Bonds, <br>(Permanent School Fund),<br>5.000%, due 08/15/47 |  | 5000000 |  | 5205888 |
| City of El Paso Water & Sewer Revenue, <br>Refunding, Revenue Bonds,<br>5.000%, due 03/01/41 |  | 7155000 |  | 7744609 |
| City of Irving, GO Bonds,<br>4.000%, due 09/15/38 |  | 1430000 |  | 1464157 |
| Comal Independent School District, Refunding, <br>GO Bonds, (Permanent School Fund),<br>Series A,<br>5.000%, due 02/01/36 |  | 7940000 |  | 9240994 |
| Crowley Independent School District, GO Bonds, <br>(Permanent School Fund),<br>5.000%, due 02/01/44 |  | 5670000 |  | 6067419 |

---

------

SMA Relationship Trust—Series M

Portfolio of investments—December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** | **Value** |
| **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** | **Municipal bonds—(continued)** |
| **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** | **Texas—(concluded)** |
| Dallas Independent School District, GO Bonds, <br>(Permanent School Fund),<br>5.000%, due 02/15/41 | $| 1010000 | $| 1082523 |
| State of Texas, Refunding, GO Bonds,<br>5.000%, due 10/01/35 |  | 8105000 |  | 9590465 |
| 5.000%, due 10/01/36 |  | 8000000 |  | 9380638 |
| Texas Department of Transportation State Highway <br>Fund, Revenue Bonds,<br>Series A,<br>5.000%, due 10/01/26 |  | 4345000 |  | 4426019 |
| Texas Water Development Board, State Revolving <br>Fund, Revenue Bonds,<br>5.000%, due 04/15/34 |  | 5300000 |  | 6171557 |
| 5.000%, due 08/01/41 |  | 1295000 |  | 1396802 |
| Texas Water Development Board, State Water <br>Implementation Revenue Fund For Texas, <br>Revenue Bonds,<br>Series A,<br>5.000%, due 10/15/44 |  | 8000000 |  | 8569495 |
|  |  |  |  | 73020940 |
| **Virginia—3.6%** | **Virginia—3.6%** | **Virginia—3.6%** | **Virginia—3.6%** | **Virginia—3.6%** |
| County of Loudoun VA, GO Bonds,<br>Series A,<br>5.000%, due 12/01/29 |  | 10685000 |  | 11722938 |
| **Washington—4.6%** | **Washington—4.6%** | **Washington—4.6%** | **Washington—4.6%** | **Washington—4.6%** |
| City of Seattle WA Municipal Light & Power <br>Revenue, Refunding, Revenue Bonds,<br>5.000%, due 10/01/41 |  | 3810000 |  | 4217033 |
| King County School District No. 414 Lake <br>Washington, Refunding, GO Bonds, <br>(School Bond Guaranty),<br>4.000%, due 12/01/27 |  | 4205000 |  | 4318053 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Face<br>amount** | **Face<br>amount** | **Value** |
| **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** | **Municipal bonds—(concluded)** |
| **Washington—(concluded)** | **Washington—(concluded)** | **Washington—(concluded)** | **Washington—(concluded)** |
| State of Washington, GO Bonds,<br>Series 2020-A,<br>5.000%, due 08/01/43 | $| 3070000 | $3177347 |
| Series A,<br>5.000%, due 08/01/35 |  | 2825000 | 3333914 |
|  |  |  | 15046347 |
| **Wisconsin—0.5%** | **Wisconsin—0.5%** | **Wisconsin—0.5%** | **Wisconsin—0.5%** |
| State of Wisconsin, Refunding, Revenue Bonds,<br>Series B,<br>5.000%, due 05/01/31<sup>2</sup> |  | 1500000 | 1512252 |
| **Total municipal bonds**<br> (cost—$324,353,898) |  |  | **322068526** |
|  | **Number of<br>shares** | **Number of<br>shares** |  |
| **Short-term investments—0.1%** | **Short-term investments—0.1%** | **Short-term investments—0.1%** | **Short-term investments—0.1%** |
| **Investment companies—0.1%** | **Investment companies—0.1%** | **Investment companies—0.1%** | **Investment companies—0.1%** |
| State Street Institutional U.S. Government <br>Money Market Fund, 3.740%<sup>3</sup>(cost—$294,206) |  | 294206 | $294206 |
| **Total investments**<br> (cost—$324,648,104)—98.8% |  |  | **322362732** |
| Other assets in excess of liabilities—1.2% |  |  | 3882317 |
| **Net assets—100.0%** |  |  | $**326245049** |

---

**Fair valuation summary**

The following is a summary of the fair valuations according to the inputs used as of December 31, 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** | **Assets** | **Assets** | **Assets** | **Assets** |
| Municipal bonds | $— | $322068526 | $— | $322068526 |
| Short-term investments | 294206 |  |  | 294206 |
| **Total** | $**294206** | $**322068526** | $**—** | $**322362732** |

---

For the period ended December 31, 2025, there were no transfers in or out of Level 3.

------

SMA Relationship Trust—Series M

Portfolio of investments—December 31, 2025

**Portfolio footnotes**

<sup>1</sup> Floating or variable rate securities. The rates disclosed are as of December 31, 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.

<sup>2</sup> 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.

<sup>3</sup> Rate shown reflects yield at December 31, 2025.

**Portfolio acronyms**

GO General Obligation

See accompanying notes to financial statements.

------

SMA Relationship Trust—Series M

**Statement of assets and liabilities December 31, 2025**

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost—$324,648,104) | $322362732 |
| Receivable for fund shares sold | 779408 |
| Receivable for interest and dividends | 3356892 |
| **Total assets** | **326499032** |
| **Liabilities:** | **Liabilities:** |
| Payable for fund shares redeemed | 253983 |
| **Net assets** | $**326245049** |
| **Net assets consist of:** | **Net assets consist of:** |
| Beneficial interest | $343700173 |
| Distributable earnings (accumulated losses) | (17455124) |
| **Net assets** | $**326245049** |
| Shares outstanding | 30309650 |
| Net asset value, offering and redemption proceeds per share | $10.76 |

---

See accompanying notes to financial statements.

------

SMA Relationship Trust—Series M

**Statement of operations For the year ended December 31, 2025**

---

| | |
|:---|:---|
| **Investment income:** | **Investment income:** |
| Interest | $9470541 |
| **Net realized and unrealized gains (loss) from investment activities:** | **Net realized and unrealized gains (loss) from investment activities:** |
| Net realized gain (loss) on investments | (5636956) |
| Net change in unrealized appreciation (depreciation) from investments | 6153610 |
| Net realized and unrealized gain (loss) from investment activities | 516654 |
| **Net increase (decrease) in net assets resulting from operations** | $**9987195** |

---

See accompanying notes to financial statements.

------

SMA Relationship Trust—Series M

**Statement of changes in net assets**

---

| | | |
|:---|:---|:---|
| | **For the years ended December 31,** | **For the years ended December 31,** |
| | **2025** | **2024** |
| **From operations:** | **From operations:** | **From operations:** |
| Net investment income (loss) | $9470541 | $11429955 |
| Net realized gain (loss) | (5636956) | (4241238) |
| Net change in unrealized appreciation (depreciation) | 6153610 | (1931562) |
| Net increase (decrease) in net assets resulting from operations | 9987195 | 5257155 |
| **Total distributions** | **(9474872)** | **(11429873)** |
| **From beneficial interest transactions:** | **From beneficial interest transactions:** | **From beneficial interest transactions:** |
| Proceeds from shares sold | 154900274 | 115599405 |
| Cost of shares redeemed | (177314537) | (121490166) |
| Shares issued on reinvestment of dividends and distributions | 24598 | 6120 |
| **Net increase (decrease) in net assets from beneficial interest transactions** | **(22389665)** | **(5884641)** |
| **Net increase (decrease) in net assets** | **(21877342)** | **(12057359)** |
| **Net assets:** | **Net assets:** | **Net assets:** |
| Beginning of year | 348122391 | 360179750 |
| End of year | $326245049 | $348122391 |

---

See accompanying notes to financial statements.

------

SMA Relationship Trust—Series M

Financial highlights

The table below sets forth financial data for one share of beneficial interest outstanding throughout each year presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Net asset value, beginning of year** | $**10.75** | $**10.93** | $**10.68** | $**11.66** | $**11.81** |
| Net investment income (loss)<sup>1</sup> | 0.31 | 0.31 | 0.27 | 0.19 | 0.18 |
| Net realized and unrealized gain (loss) | 0.01 | (0.18) | 0.25 | (0.98) | (0.07) |
| Net increase (decrease) from operations | 0.32 | 0.13 | 0.52 | (0.79) | 0.11 |
| Dividends from net investment income | (0.31) | (0.31) | (0.27) | (0.19) | (0.18) |
| Distributions from net realized gains |  |  |  |  | (0.08) |
| Total dividends and distributions | (0.31) | (0.31) | (0.27) | (0.19) | (0.26) |
| **Net asset value, end of year** | $**10.76** | $**10.75** | $**10.93** | $**10.68** | $**11.66** |
| **Total investment return<sup>2</sup>** | **3.07%** | **1.23%** | **5.00%** | **(6.76)%** | **0.96%** |
| **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** | **Ratios to average net assets:** |
| Net investment income (loss) | 2.94% | 2.89% | 2.55% | 1.77% | 1.55% |
| **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** | **Supplemental data:** |
| Net assets, end of year (000's) | $326245 | $348122 | $360180 | $379673 | $377417 |
| Portfolio turnover<sup>3</sup> | 60% | 38% | 21% | 21% | 18% |

---

<sup>1</sup> Calculated using the average shares method.

<sup>2</sup> Total investment return is calculated assuming a $10,000 investment on the first day of each year reported, reinvestment of all dividends and distributions, if any, at net asset value on the ex-dividend dates, and a sale at net asset value on the last day of each year reported. The figures do not include any applicable program fees; results would be lower if they were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund dividends/distributions or the redemption of Fund shares.

<sup>3</sup> The calculation of the portfolio turnover rate excludes transactions involving variable-rate demand notes, which are considered short-term instruments due to the ability to demand immediate repayment.

See accompanying notes to financial statements.

------

SMA Relationship Trust—Series M

Notes to financial statements

**Organization and significant accounting policies**

SMA Relationship Trust (the "Trust") is an open-end management investment company registered with the US Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended, (the "1940 Act"), currently offering one series.

The Trust has one series available for investment, Series M (the "Fund"). The Fund is classified as a non-diversified investment company for purposes of the 1940 Act. The investment objective of the Fund is to seek total return consisting of capital appreciation and current income exempt from federal income tax. The Fund pursues its investment objective by investing primarily in municipal bonds.

UBS Asset Management (Americas) LLC ("UBS AM") is the investment advisor and administrator for the Fund. UBS Asset Management (US) Inc. ("UBS AM (US)") serves as the principal underwriter for the Fund. UBS AM and UBS AM (US) are indirect wholly owned subsidiaries of UBS Group AG. UBS Group AG is an internationally diversified organization with headquarters in Zurich, Switzerland. UBS Group AG operates in many areas of the financial services industry.

In the normal course of business, the Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, there have been no prior claims or losses pursuant to these contracts and the Fund expects the risk of loss to be remote.

The Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") is the exclusive reference of authoritative US generally accepted accounting principles ("US GAAP") recognized by the FASB to be applied by nongovernmental entities. Rules and interpretive releases of the SEC under authority of federal laws are also sources of authoritative US GAAP for SEC registrants. The Fund's financial statements are prepared in accordance with US GAAP, which may require the use of management estimates and assumptions. Actual results could differ from those estimates.

The Fund adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280)*—*Improvements to Reportable Segment Disclosures ("ASU 2023-07")*. Adoption of the new standard impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's portfolio management team acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole, and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's single investment objective which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

The following is a summary of significant accounting policies:

**Investment transactions, investment income and expenses:** Investment transactions are recorded on the trade date. Realized gains and losses from investment transactions are calculated using the specific identified cost method. Dividend income and expenses are recorded on the ex-dividend date ("ex-date"). Interest income is

------

SMA Relationship Trust—Series M

Notes to financial statements

recorded on an accrual basis. Discounts are accreted and premiums are amortized as adjustments to interest income and the identified cost of investments.

**Dividends and distributions:** Dividends and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends from net investment income and distributions from net realized capital gains and/or return of capital are determined in accordance with US federal income tax regulations, which may differ from US GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Concentration of risk:** The ability of the issuers of debt securities held by the Fund to meet their obligations may be affected by economic, political and other developments particular to a specific industry, country, state or region.

**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 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 UBS AM as the valuation designee appointed by the Fund's Board of Trustees (the "Board") pursuant to Rule 2a-5 under the 1940 Act. 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 UBS AM 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

------

SMA Relationship Trust—Series M

Notes to financial statements

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 engaged 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 a 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 with unobservable inputs 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 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.

**Investments**

**Municipal securities risk:** Municipal securities are subject to interest rate, credit, illiquidity, market and political risks. The ability of a municipal issuer to make payments and the value of municipal securities can be affected by uncertainties in the municipal securities market. Such uncertainties could cause increased volatility in the municipal securities market and could negatively impact the Fund's net asset value and/or the distributions paid by the fund. Municipal bonds secured by revenues from public housing authorities may be subject to additional uncertainties relating to the possibility that proceeds may exceed supply of available mortgages to be purchased by public housing authorities, resulting in early retirement of bonds, or that homeowner repayments will create an irregular cash flow. Municipalities continue to experience difficulties in the current economic and political environment.

------

SMA Relationship Trust—Series M

Notes to financial statements

**Restricted securities:** The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the Fund's Portfolio of investments.

**Investment advisory and administration fees and other transactions with affiliates**

The Fund's Board has approved an investment advisory and administration contract ("Advisory Contract") with UBS AM under which UBS AM serves as investment advisor and administrator of the Fund. Pursuant to the Advisory Contract, the Fund will not pay a fee to UBS AM for investment advisory services provided by UBS AM.

UBS AM (not the Fund) pays all ordinary operating expenses, interest expense, and commitment fees (i.e., bank line of credit facility fees), excluding extraordinary litigation expenses and any acquired fund fees and expenses, incurred by the Fund. The Fund is part of a wrap fee program or other program advised or sub-advised by UBS AM or its affiliates, clients of which often pay a single aggregate fee for all costs and expenses of the program.

The Fund may invest in shares of certain affiliated investment companies also advised or managed by the Advisor. Investments in affiliated investment companies for the period ended December 31, 2025, if any, have been included near the end of the Fund's Portfolio of investments.

**Securities lending**

The Fund may lend securities up to 33<sup>1</sup>/<sub>3</sub>% of its total assets to qualified broker-dealers or institutional investors. The loans are initially secured by cash, U.S. government securities and irrevocable letters of credit in an amount at least equal to 102% of the market value of the securities loaned with respect to domestic securities and 105% of the market value of the securities loaned with respect to foreign securities. In the event that the market value of the cash, U.S. government securities, and irrevocable letters of credit securing the loan falls below 100% of the market value for domestic securities, and 103% for foreign securities, the borrower must provide additional cash, U.S. government securities, and irrevocable letters of credit so that the total securing of the loan is at least 102% of the market value for domestic securities and 105% of the market value for foreign securities.

The Fund will regain ownership of loaned securities to exercise certain beneficial rights; however, the Fund may bear the risk of delay in recovery of, or even loss of rights in, the securities loaned should the borrower fail financially. The Fund receives compensation for lending its securities from interest or dividends earned on the cash, U.S. government securities and irrevocable letters of credit held as collateral, net of fee rebates paid to the borrower plus reasonable administrative and custody fees. Cash collateral received is invested in State Street Navigator Securities Lending Government Money Market Fund, which is included in the Fund's Portfolio of investments. State Street Bank and Trust Company serves as the Fund's lending agent.

At December 31, 2025, the Fund did not have any securities on loan.

**Bank line of credit**

The Fund participates with other funds managed by UBS AM in a $185 million committed credit facility (the"Committed Credit Facility") with State Street Bank and Trust Company. The Committed Credit Facility is to be utilized for temporary financing until the settlement of sales or purchases of portfolio securities, the repurchase or redemption of shares of a participating fund at the request of shareholders and other temporary or emergency purposes. The expiration date of the line of credit agreement was March 31, 2025 and was renewed on April 1, 2025 with the same fees and terms expiring March 30, 2026.

------

SMA Relationship Trust—Series M

Notes to financial statements

Interest on amounts borrowed is calculated based on prevailing rates in effect at the time of borrowing. The Advisor has agreed to pay an annual 25 basis point commitment fee on the portion of the average daily balance of the Committed Credit Facility not utilized by the Fund. Commitment fees have been allocated among the funds participating in the Committed Credit Facility as follows: 50% of the allocation is based on the relative asset size of funds and the other 50% of the allocation is based on utilization.

For the period ended December 31, 2025, the Fund had borrowings as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Average daily<br>amount of<br>borrowing<br>outstanding** | **Days<br>outstanding** | **Interest<br>expense\*** | **Weighted<br>average<br>annualized<br>interest rate** |
| $5327677 | 5 | $4070 | 5.500% |

---

\* Interest expense is the responsibility of the Advisor.

**Purchases and sales of securities**

For the period ended December 31, 2025, aggregate purchases and sales of portfolio securities, excluding short-term securities, were $161,228,532 and $174,535,022, respectively. The calculation of the purchases and sales proceeds excludes transactions involving variable-rate demand notes, which are considered short-term instruments due to the ability to demand immediate repayment.

**Shares of beneficial interest**

There is an unlimited number of shares of no par value beneficial interest authorized. Transactions in shares of beneficial interest for the Fund were as follows:

---

| | | |
|:---|:---|:---|
| | **For the year ended<br>December 31, 2025** | **For the year ended<br>December 31, 2024** |
| Shares sold | 14554269 | 10653362 |
| Shares repurchased | (16623566) | (11237331) |
| Dividends reinvested | 2310 | 568 |
| Net increase (decrease) in shares outstanding | (2066987) | (583401) |

---

**Federal tax status**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Fund intends not to be subject to a federal excise tax. Accordingly, no federal income tax provision was required.

The tax character of distributions paid during the fiscal year ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **2025** | **2024** |
| Tax-exempt income | $9412589 | $11213381 |
| Ordinary Income | 62283 | 216492 |

---

------

SMA Relationship Trust—Series M

Notes to financial statements

Aggregate cost for federal income tax purposes, including derivatives (if any), was $324,648,104; and net unrealized appreciation (depreciation), including derivatives (if any) consisted of:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $1611037 |
| Gross unrealized depreciation | (3896409) |
| Net unrealized appreciation (depreciation) | (2285372) |

---

At December 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | |
|:---|:---|
| Accumulated realized capital and other losses | $(15169752) |
| Net unrealized appreciation/(depreciation) of investments | (2285372) |
| Total accumulated earnings (deficit) | (17455124) |

---

Net capital losses recognized by the Fund may be carried forward indefinitely, and retain their character as short-term and/or long-term losses. These carryforwards are available as a reduction, to the extent provided in the regulations, of future realized capital gains. To the extent that such losses are used to offset future net realized capital gains, it is probable these gains will not be distributed. Losses incurred that will be carried forward indefinitely are as follows:

---

| | |
|:---|:---|
| Short-term losses | $1156545 |
| Long-term losses | 14013207 |
| Net capital losses | 15169752 |

---

During the fiscal year ended, the Fund did not utilize any capital loss carryforwards to offset current year realized gains.

At December 31, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Fund's net assets as follows:

---

| | |
|:---|:---|
| Distributable earnings (losses) | $4249 |
| Beneficial Interest | (4249) |

---

ASC 740-10 "Income Taxes—Overall" sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken. The Fund has conducted an analysis and concluded as of December 31, 2025, that there are no significant uncertain tax positions taken or expected to be taken that would require recognition in the financial statements. It is the Fund's policy to record any significant foreign tax exposures on the financial statements. The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the Statement of operations. During the year ended December 31, 2025, the Fund did not incur any interest or penalties.

Each of the tax years in the four year fiscal period ended December 31, 2025, remains subject to examination by the Internal Revenue Service and state taxing authorities.

------

SMA Relationship Trust—Series M

Report of independent registered public accounting firm

To the Shareholders and the Board of Trustees of

SMA Relationship Trust

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Series M (the "Fund") (the sole fund constituting SMA Relationship Trust (the "Trust")), including the portfolio of investments, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (the sole fund constituting SMA Relationship Trust) at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](j2629252_fa005.jpg)

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York

February 24, 2026

------

**Trustees**

Adela Cepeda

*Chairperson*

Rodrigo Garcia

Muhammad Gigani

Abbie J. Smith

**Investment Advisor and Administrator**

UBS Asset Management (Americas) LLC

1285 Avenue of the Americas

New York, NY 10019

This report is sent to the shareholders of the Fund for their information. It is not a prospectus, circular or represen- tation intended for use in the purchase or sale of shares of the Fund or of any securities mentioned in this report.

@2026 UBS Asset Management (Americas) LLC All rights reserved.

------

PRESORTED

STANDARD

U.S. POSTAGE

PAID

COMPUTERSHARE

![](j2629252_za006.jpg)

**UBS Asset Management (Americas) LLC**

1285 Avenue of the Americas

New York, NY 10019

S303

------

(b) Included as part of the financial statements to shareholders filed under Item 7(a) of this form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

Remuneration paid by UBS Asset Management (Americas) LLC on behalf of SMA Relationship Trust—Series M:

(1) All board members and all members of any advisory board for regular compensation: $47,096

(2) Each board member and each member of an advisory board for special compensation: Not applicable.

(3) All officers: Not applicable.

(4) Each person of whom any officer or director of the registrant is an affiliated person: Not applicable.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable.

------

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to the registrant.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

The Nominating, Compensation and Governance Committee will consider nominees recommended by Qualifying Fund Shareholders if an Independent Trustee vacancy on the Board occurs. A Qualifying Fund Shareholder is a shareholder that: (i) owns of record, or beneficially through a financial intermediary, 1/2 of 1% or more of the Trust's outstanding shares and (ii) has been a shareholder of at least 1/2 of 1% of the Trust's total outstanding shares for 12 months or more prior to submitting the recommendation to the Nominating, Compensation and Corporate Governance Committee. In order to recommend a nominee, a Qualifying Fund Shareholder should send a letter to the chair of the Nominating Committee, Ms. Abbie Smith, care of Keith A. Weller, the Secretary of The UBS Funds at UBS Asset Management, One North Wacker Drive, Chicago, Illinois 60606, and indicate on the envelope "Nominating Committee." The Qualifying Fund Shareholder's letter should include: (i) the name and address of the Qualifying Fund Shareholder making the recommendation; (ii) the number of shares of each class and series of shares of the Trust which are owned of record and beneficially by such Qualifying Fund Shareholder and the length of time that such shares have been so owned by the Qualifying Fund Shareholder; (iii) a description of all arrangements and understandings between such Qualifying Fund Shareholder and any other person or persons (naming such person or persons) pursuant to which the recommendation is being made; (iv) the name and address of the nominee; and (v) the nominee's resume or curriculum vitae. The Qualifying Fund Shareholder's letter must be accompanied by a written consent of the individual to stand for election if nominated for the Board and to serve if elected by shareholders.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive officer and principal financial officer have concluded that
the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940,
as amended) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of
this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrant's principal executive officer and principal financial officer are aware of no changes
in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to the registrant.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

[(a)](tm262925d1_ex99-codeeth.htm) [(1) Code of Ethics as required pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (and designated by registrant as a "Code of Conduct") is filed herewith as Exhibit EX-99.CODE ETH.](tm262925d1_ex99-codeeth.htm)

(a) (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange
Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's
securities are listed. Not applicable to the registrant.

[(a)](tm262925d1_ex99-cert.htm) [(3) Certifications of principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.CERT.](tm262925d1_ex99-cert.htm)

(a) (4) Written solicitation to purchase securities under Rule 23c-1 under the Investment Company
Act of 1940 sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable
to the registrant.

(a) (5) Change in the registrant's independent public accountant. Provide the information called
for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary
for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting
period. Not applicable.

[(b)](tm262925d1_ex99-906cert.htm) [Certifications of principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit EX-99.906CERT.](tm262925d1_ex99-906cert.htm)

[(c)](tm262925d1_ex99-irannotice.htm) [Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended is attached hereto as Exhibit EX-99. IRANNOTICE.](tm262925d1_ex99-irannotice.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| SMA Relationship Trust | SMA Relationship Trust |
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | Principal Executive Officer |
| Date: | March 9, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | Principal Executive Officer |
| Date: | March 9, 2026 |
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Principal Financial Officer |
| Date: | March 9, 2026 |

---

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**UBS ASSET MANAGEMENT FUNDS**

**Code of Conduct**

**Introduction**

This Code of Conduct ("Code") applies to U.S. registered investment companies ("Funds") for which UBS Asset Management ("UBS AM") acts as advisor, sub-advisor and/or manager where UBS AM employees serve as officers of the Funds. This Code shall serve as the code of ethics required by Section 406 of the Sarbanes-Oxley Act.

This Code applies to a Fund's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

**Compliance with Laws, Rules and Regulations**

Each person to whom this Code applies (a "Covered Person") must respect, and comply with, the laws, rules and regulations applicable to a Fund.

It is the personal responsibility of each Covered Person to adhere to the standards and restrictions imposed by those laws, rules and regulations.

**Integrity and Conflicts of Interest**

Each Covered Person must act ethically, with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. A conflict of interest exists when a person's private interest interferes, or appears to interfere, in any way with the interests of a Fund.

Any Covered Person who becomes aware of a conflict of interest or potential conflict of interest not addressed by existing policies or procedures (e.g., Rule 17e-1 Procedures) must promptly consult the Compliance Procedure described in this Code.

**Fair Dealing**

A Covered Person must not take unfair advantage of a Fund through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair practice.

A Covered Person must respect and promote compliance with applicable insider trading laws, rules and regulations as well as with the internal directives and policies of UBS AM concerning illegal or unethical trading while in possession of material non-public information.

**Fund Opportunities**

A Covered Person must abstain from taking for himself or herself personally, or directing to third parties, opportunities that are discovered through the use of Fund property, information or position, or otherwise competing with the interests of a Fund, unless a Fund has already been offered the opportunity and turned it down or such actions are otherwise consistent with the policies and practices disclosed in the Fund's disclosure documents or approved by the Fund's board or otherwise permissible under securities laws and regulations (e.g., soft dollars, trade allocation policies).

**Protection and Proper Use of Fund Assets**

A Covered Person must endeavor to protect a Fund's assets.

Fund property should not be used for personal use.

**Disclosure in Reports and Documents**

A Covered Person must see that a Fund discloses information fully, fairly, accurately, timely and understandably in reports and documents that a Fund files with, or submits to, the SEC and in other public communications made by a Fund.

**Reporting Any Violations of the Code**

A Covered Person must promptly consult the Compliance Procedure described in this Code about any observed violations of this Code, including any violations of laws, rules, regulations or other legal requirements or when in doubt about the best course of action in a particular situation.

It is the policy of UBS AM not to allow retaliation for reports of misconduct by others made in good faith.

Reports may be made anonymously if the situation requires that identity be kept secret. UBS AM has established an ethics hotline that permits the anonymous reporting of ethical violations.

**Waivers of this Code**

Any waiver of this Code may be made only by the Board of the relevant Fund or the General Counsel or a Deputy General Counsel of UBS AM and will be disclosed as required by applicable law or regulations. Any waiver by the General Counsel or a Deputy General Counsel of UBS AM must be reported to the Board of the relevant Fund no later than their next regularly scheduled meeting.

For purposes of this provision, the term "waiver" means the approval of a material departure from a provision in this Code. It also includes an "implicit waiver," which means the failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of a fund or the General Counsel or a Deputy General Counsel of UBS AM.

Any person granting a waiver is responsible for promptly alerting the persons responsible for preparing SEC filings so that required disclosure regarding a waiver may be timely included in filings (e.g., Form N-CSR filings).

**Compliance Procedure**

If you are unsure about how to handle a situation with regard to this Code or are aware of any violations or apparent violations of this Code promptly contact the General Counsel or a Deputy General Counsel of UBS AM.

A Fund's Board, the General Counsel or a Deputy General Counsel of UBS AM has the authority to interpret this Code in any particular situation.

**Accountability for Adherence to this Code**

Those who violate the standards in this Code will be subject to disciplinary proceedings or dismissal by UBS AM.

A copy of this Code shall be provided to each Covered Person.

**Note Regarding Interplay with Other Requirements**

This Code deals with the required standards of fairness, honesty and integrity in a universal and general manner. UBS AM and its affiliates have issued, and will issue from time to time, more specific directives, policies, principals and procedures to implement such values while reflecting the specific requirements of a business group, business area or a particular jurisdiction. If there is any inconsistency between the requirements of this Code or any other applicable policy, the higher standard shall apply.

This Code is supplemental to, and does not replace, any other code applicable to Covered Persons, such as a code of ethics regarding personal investing or restrictions on the receipt of gifts from third-party vendors or service contractors.

[7/16 Version]

## Ex-99.Cert

Exhibit 99.CERT

**<u>Certifications</u>**

I, Mark E. Carver, Principal Executive Officer of UBS Investment Trust, certify that:

1. I have reviewed this report on Form N-CSR of UBS Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | Principal Executive Officer |
| Date: | March 9, 2026 |

---

I, Joanne M. Kilkeary, Principal Financial Officer of UBS Investment Trust, certify that:

1. I have reviewed this report on Form N-CSR of UBS Investment Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements, for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Principal Financial Officer |
| Date: | March 9, 2026 |

---

## Exhibit 99.906

Exhibit 99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

In connection with the attached report of UBS Investment Trust (the "Registrant") on Form N-CSR (the "Report"), each of the undersigned officers of the Registrant does hereby certify that, to the best of such officer's knowledge:

1) the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended;

2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the Report.

---

| | |
|:---|:---|
| Dated: | March 9, 2026 |
| By: | /s/ Mark E. Carver |
|  | Mark E. Carver |
|  | Principal Executive Officer |
| Dated: | March 9, 2026 |
| By: | /s/ Joanne M. Kilkeary |
|  | Joanne M. Kilkeary |
|  | Principal Financial Officer |

---

This certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Ex-99.Irannotice

**Exhibit 99.IRANNOTICE**

**Disclosure Pursuant To Section 219 of the Iran Threat Reduction And Syrian Human Rights Act**

Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 ("ITRA") added Section 13(r) to the US Securities Exchange Act of 1934, as amended (the "Exchange Act") requiring each SEC reporting issuer to disclose in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required disclosure may include reporting of activities not prohibited by US or other law, even if conducted outside the US by non-US affiliates in compliance with local law. Pursuant to Section 13(r) of the Exchange Act, we note the following for the period covered by this annual report:

UBS has a Group Sanctions Policy that prohibits transactions involving sanctioned countries, including Iran, and sanctioned individuals and entities. However, UBS Switzerland AG maintains one account involving the Iranian government under the auspices of the United Nations in Geneva after agreeing with the Swiss government that it would do so only under certain conditions. These conditions include that payments involving the account must: (1) be made within Switzerland; (2) be consistent with paying rent, salaries, telephone and other expenses necessary for its operations in Geneva; and (3) not involve any Specially Designated Nationals (SDNs) blocked or otherwise restricted under US or Swiss law. The corrected gross revenues for this UN-related account in 2023 were approximately USD 79,646 (CHF 67,022) and in 2022 approximately USD24,540 (CHF 22,702). In 2024, the gross revenues for this UN-related account were approximately USD 87,553 (CHF 79,481).We do not allocate expenses to specific client accounts in a way that enables us to calculate net profits with respect to any individual account. UBS AG intends to continue maintaining this account pursuant to the conditions it has established with the Swiss Government and consistent with its Group Sanctions Policy.

As previously reported, UBS had certain outstanding legacy trade finance arrangements issued on behalf of Swiss client exporters in favor of their Iranian counterparties. In February 2012 UBS ceased accepting payments on these outstanding export trade finance arrangements and worked with the Swiss government who insured these contracts (Swiss Export Risk Insurance "SERV"). On December 21, 2012, UBS and the SERV entered into certain Transfer and Assignment Agreements under which SERV purchased all of UBS's remaining receivables under or in connection with Iran-related export finance transactions. Hence, the SERV is the sole beneficiary of said receivables. There was no financial activity involving Iran in connection with these trade finance arrangements in 2024, and no gross revenue or net profit.

In connection with these trade finance arrangements, UBS Switzerland AG has maintained one existing account relationship with an Iranian bank. This account was established prior to the US designation of this bank and maintained due to the existing trade finance arrangements. In 2007, following the designation of the bank pursuant to sanctions issued by the US, UN and Switzerland, the account was blocked under Swiss law and remained subject to blocking requirements until January 2016.Client assets as of 31 December 2024 were CHF 3,097.40. Gross revenues were USD 15 equivalent (CHF 14).

In addition to the above, during 2024, up until the merger with UBS AG, Credit Suisse AG processed a small number of de minimis payments related to the operation of Iranian diplomatic missions in Switzerland and related to fees for ministerial government functions such as issuing passports and visas. After the merger, UBS continued to process these payments originally associated with Credit Suisse. Processing these payments is permitted under Swiss law. Revenues and profits from these activities are not calculated but would be negligible.