PTLA Portola Pharmaceuticals Inc

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

(Exact name of registrant as specified in charter)

One North Wacker Drive, Chicago, IL 60606-1295

(Address of principal executive offices) (Zip code)

Joseph J. Allessie, Esq.
UBS Global Asset Management (Americas) Inc.
1285 Avenue of the Americas
New York, NY 10019
(Name and address of agent for service)

Copy to:
Bruce Leto, Esq.
Stradley Ronon Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103-7098

Registrant’s telephone number, including area code: 212-821-3000

Date of fiscal year end: December 31

Date of reporting period: March 31, 2013

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Item 1. Schedule of Investments

SMA Relationship Trust - Series A

Industry diversification (unaudited) 1 As a percentage of net assets as of March 31, 2013
Investment company
UBS Global Corporate Bond Relationship Fund		65.86	%
Short-term investment		26.58
Options purchased		3.04
Total investments		95.48	%
Cash and other assets, less liabilities		4.52
Net assets		100.00	%

¹ Figures represent the direct investments of SMA Relationship Trust — Series A (excluding derivatives exposure). Figures might be different if a breakdown of the affiliated underlying investment company and derivatives exposure were included.

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SMA Relationship Trust - Series A — Portfolio of investments

March 31, 2013 (unaudited)

		Shares			Value
Investment company — 65.86%
UBS Global Corporate Bond
Relationship Fund *1
(cost $20,820,537)		1,775,690			$	22,266,083
Short-term investment — 26.58%
Investment company — 26.58%
UBS Cash Management Prime
Relationship Fund 1
(cost $8,988,059)		8,988,059				8,988,059
		Number of contracts
Options purchased * — 3.04%
Call options — 3.04%
DAX Index stri ke @ EUR 7,900,
expires December 2013		68				183,745
EURO STOXX 50 Index stri ke @
EUR 2,800, expires December 2013		117				94,785
FTSE 100 Index stri ke @ GBP
6,500, expires December 2013		32				87,277
NIKKEI 225 Index strike @ JPY
11,000, expires December 2013		12				217,985
S&P 500 Index strike @ USD
1,500, expires December 2013		20				218,760
S&P 200 Index strike @ AUD
5,100, expires December 2013		64				106,614
Swiss Market Index strike @ CHF
7,800, expires December 2013		38				117,567
Total options purchased
(cost $959,353)						1,026,733
Total investments — 95.48%
(cost $30,767,949)						32,280,875
Cash and other assets, less liabilities — 4.52%						1,527,464
Net assets — 100.00%					$	33,808,339

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SMA Relationship Trust - Series A — Portfolio of investments

March 31, 2013 (unaudited)

Gross unrealized appreciation		$	1,649,478
Gross unrealized depreciation			(136,552	)
Net unrealized appreciation of investments		$	1,512,926

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Forward foreign currency contracts

Counterparty		Contracts to deliver				In exchange for				Maturity date		Unrealized appreciation/ (depreciation)
JPMCB		AUD		220,000		USD		228,285		06/11/13		$	449
JPMCB		AUD		2,175,000		USD		2,188,278		06/11/13			(64,191	)
JPMCB		CAD		1,725,000		USD		1,673,897		06/11/13			(21,460	)
JPMCB		CHF		634,157		EUR		520,000		06/11/13			(1,736	)
JPMCB		CHF		195,000		USD		206,422		06/11/13			820
JPMCB		CZK		11,140,000		USD		563,765		06/11/13			9,478
JPMCB		EUR		480,000		USD		622,038		06/11/13			6,439
JPMCB		GBP		295,000		USD		443,397		06/11/13			(4,674	)
JPMCB		JPY		26,700,000		USD		285,549		06/11/13			1,773
JPMCB		NOK		3,200,000		USD		556,574		06/11/13			10,216
JPMCB		NZD		3,285,000		USD		2,687,183		06/11/13			(48,329	)
JPMCB		USD		1,148,556		INR		64,380,000		06/11/13			18,692
JPMCB		USD		170,722		INR		9,380,000		06/11/13			(657	)
JPMCB		USD		600,171		KRW		659,000,000		06/11/13			(10,146	)
JPMCB		USD		1,290,200		MXN		16,610,000		06/11/13			45,553
JPMCB		USD		559,344		PHP		22,800,000		06/11/13			(315	)
JPMCB		USD		542,073		PLN		1,740,000		06/11/13			(10,794	)
JPMCB		USD		565,438		ZAR		5,210,000		06/11/13			(4,256	)
Net unrealized depreciation on forward foreign currency contracts												$	(73,138	)

Futures contracts

		Expiration date		Cost/ (proceeds)				Value				Unrealized appreciation/ (depreciation)
US Treasury futures sell contracts:
10 Year US Treasury Notes, 69 contracts (USD)		June 2013		$	(9,056,155	)		$	(9,106,922	)		$	(50,767	)
Index futures buy contracts:
CAC 40 Euro Index, 21 contracts (EUR)		April 2013			1,015,227				1,004,612				(10,615	)
Dow Jones EURO STOXX 50 Index, 49 contracts (EUR)		June 2013			1,637,226				1,604,184				(33,042	)
FTSE China A50 Index, 151 contracts (USD)		April 2013			1,279,184				1,208,000				(71,184	)
Mini MSCI Emerging Markets Index, 34 contracts (USD)		June 2013			1,781,721				1,746,580				(35,141	)
OMX Stockholm 30 Index, 56 contracts (SEK)		April 2013			1,011,431				1,022,627				11,196
SPI 200 Index, 6 contracts (AUD)		June 2013			795,510				775,709				(19,801	)
Index futures sell contracts:
H-Shares Index, 17 contracts (HKD)		April 2013			(1,196,884	)			(1,191,909	)			4,975
Interest rate futures buy contracts:
Australian Government 10 Year Bond, 27 contracts (AUD)		June 2013			3,376,007				3,418,335				42,328
Euro-BTP, 14 contracts (EUR)		June 2013			1,936,484				1,947,310				10,826
Long Gilt, 4 contracts (GBP)		June 2013			697,516				721,921				24,405
Interest rate futures sell contracts:
Euro-Bund, 8 contracts (EUR)		June 2013			(1,470,498	)			(1,491,971	)			(21,473	)
Net unrealized depreciation on futures contracts												$	(148,293	)

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SMA Relationship Trust - Series A — Portfolio of investments

March 31, 2013 (unaudited)

Credit default swaps on credit indices — sell protection ²

Counterparty		Referenced Index 3		Notional amount		Termination date		Payments received by the Fund 4			Upfront payments (made)/ received				Value			Unrealized appreciation			Credit spread 5
CITI		CDX.NA.HY.Series 20
		Index		USD 3,400,000		06/20/18		5.000%			$	(95,375	)		$	108,146		$	12,771		4.313	%

Options written

		Expiration date		Premiums received			Value
Call options
FTSE 100 Index, 32 contracts, strike @ GBP 6,900		December 2013		$	41,491		$	(27,715)
NIKKEI 225 Index, 12 contracts, strike @ JPY 13,000		December 2013			78,075			(72,661)
S&P 500 Index, 20 contracts, strike @ USD 1,600		December 2013			90,750			(103,800)
Total options written				$	210,316		$	(204,176)

Written options activity for the period ended March 31, 2013 was as follows:

		Number of contracts		Premiums received
Options outstanding at December 31, 2012		—		$	—
Options written		64			210,316
Options terminated in closing purchase transactions		—			—
Options expired prior to exercise		—			—
Options outstanding at March 31, 2013		64		$	210,316

The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Fund's investments:

Description		Unadjusted quoted prices in active markets for identical investments (Level 1) 1				Other significant observable inputs (Level 2)				Unobservable inputs (Level 3)			Total
Investment company		$	—			$	22,266,083			$	—		$	22,266,083
Short-term investment			—				8,988,059				—			8,988,059
Options purchased			1,026,733				—				—			1,026,733
Forward foreign currency contracts, net			—				(73,138	)			—			(73,138	)
Futures contracts, net			(148,293	)			—				—			(148,293	)
Swap agreements, net			—				108,146				—			108,146
Options written			(204,176	)			—				—			(204,176	)
Total		$	674,264			$	31,289,150			$	—		$	31,963,414

¹ At March 31, 2013, securities valued at $(86,010) were transferred between Level 1 and Level 2 pursuant to the Fund’s fair valuation policy.

Portfolio footnotes
*		Non-income producing security.
1		The table below details the Fund’s investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds.

Security description		Value 12/31/12			Purchases during the three months ended 03/31/13			Sales during the three months ended 03/31/13			Net realized gain during the three months ended 03/31/13			Change in net unrealized appreciation/ (depreciation) during the three months ended 03/31/13			Value 03/31/13			Net income earned from affiliate for the three months ended 03/31/13
UBS Cash Management Prime Relationship Fund		$	6,491,345		$	5,928,159		$	3,431,445		$	—		$	—		$	8,988,059		$	3,248
UBS Global Corporate Bond Relationship Fund			20,005,083			2,250,000			—			—			11,000			22,266,083			—
		$	26,496,428		$	8,178,159		$	3,431,445		$	—		$	11,000		$	31,254,142		$	3,248

2		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the underlying securities comprising the referenced index.
3		Payments to the counterparty will be made upon the occurrence of a bankruptcy and/or restructuring event with respect to the referenced index.
4		Payments received are based on the notional amount.
5		Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity. Credit spreads are unaudited.

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SMA Relationship Trust - Series G

Industry diversification (unaudited) 1 As a percentage of net assets as of March 31, 2013
Common stocks
Auto components		1.11	%
Automobiles		4.36
Beverages		1.60
Capital markets		2.16
Chemicals		2.74
Commercial banks		17.52
Computers & peripherals		1.80
Construction materials		1.69
Consumer finance		0.92
Diversified financial services		1.78
Electronic equipment, instruments & components		1.82
Energy equipment & services		2.94
Food & staples retailing		0.90
Food products		4.02
Hotels, restaurants & leisure		3.64
Household products		0.87
Industrial conglomerates		1.07
Insurance		0.82
Internet & catalog retail		3.28
Internet software & services		1.66
Life sciences tools & services		1.76
Machinery		7.36
Marine		0.65
Media		2.08
Metals & mining		2.71
Multiline retail		0.99
Oil, gas & consumable fuels		2.80
Pharmaceuticals		5.32
Real estate investment trust (REIT)		0.96
Real estate management & development		3.14
Semiconductors & semiconductor equipment		1.60
Specialty retail		2.41
Textiles, apparel & luxury goods		3.21
Trading companies & distributors		1.10
Total common stocks		92.79	%
Preferred stock		1.35
Investment company
iShares MSCI EAFE Index Fund		2.11
Short-term investment		0.67
Total investments		96.92	%
Cash and other assets, less liabilities		3.08
Net assets		100.00	%

¹ Figures represent the direct investments of SMA Relationship Trust - Series G. Figures might be different if a breakdown of the underlying investment companies was included.

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SMA Relationship Trust - Series G — Portfolio of investments

March 31, 2013 (unaudited)

		Shares		Value
Common stocks — 92.79%
Australia — 4.44%
Australia & New Zealand Banking
Group Ltd.		27,348		$	812,345
BHP Billiton Ltd.		32,124			1,095,688
Commonwealth Bank of Australia		16,885			1,195,603
Treasury Wine Estates Ltd.		212,001			1,255,924
Westpac Banking Corp.		32,585			1,043,560
Total Australia common stocks					5,403,120
Austria — 0.94%
Andritz AG		17,088			1,146,469
Belgium — 0.26%
Anheuser-Busch InBev NV		3,230			319,844
China — 1.92%
Brilliance China Automotive
Holdings Ltd. *		1,312,000			1,541,431
China Shipping Container Lines
Co., Ltd., H Shares *		2,928,000			792,111
Total China common stocks					2,333,542
Denmark — 2.65%
Novo Nordisk A/S, Class B		19,843			3,223,925
France — 2.80%
BNP Paribas SA		27,850			1,429,408
Lafarge SA		12,808			850,942
Technip SA		5,517			565,616
Valeo SA		10,394			562,454
Total France common stocks					3,408,420
Germany — 8.16%
Allianz SE		3,257			442,340
BASF SE		11,361			994,951
Bayer AG		9,752			1,005,923
Bayerische Motoren Werke AG		13,389			1,155,221
Deutsche Bank AG		6,826			266,128
GEA Group AG		22,713			748,538
Gerresheimer AG *		37,269			2,141,437
Hugo Boss AG		5,683			636,833
Kabel Deutschland Holding AG		27,393			2,527,485
Total Germany common stocks					9,918,856
Hong Kong — 1.42%
Shangri-La Asia Ltd.		360,000			704,923
Sun Hung Kai Properties Ltd.		76,000			1,024,096
Total Hong Kong common stocks					1,729,019
India — 0.92%
ICICI Bank Ltd. ADR		26,000			1,115,400
Indonesia — 2.77%
Bank Rakyat Indonesia Persero Tbk PT		2,410,500			2,170,504
Semen Indonesia Persero Tbk PT		660,000			1,202,161
Total Indonesia common stocks					3,372,665
Japan — 24.02%
Calsonic Kansei Corp.		180,000			791,629
Cosmos Pharmaceutical Corp.		8,400			1,090,434
Credit Saison Co., Ltd.		44,800			1,115,538
Don Quijote Co., Ltd.		27,100			1,199,039
FANUC Corp.		8,500			1,299,357
Ibiden Co., Ltd.		74,500			1,160,217
Isuzu Motors Ltd.		184,000			1,108,281
Kakaku.com, Inc.		55,600			1,398,638
Komatsu Ltd.		62,000			1,470,717
Makino Milling Machine Co., Ltd.		231,000			1,430,637
Mitsubishi Corp.		71,500			1,336,804
Mitsubishi Estate Co., Ltd.		49,000			1,379,922
Mitsubishi UFJ Financial Group, Inc.		590,700			3,539,117
Murata Manufacturing Co., Ltd.		14,000			1,052,956
Nippon Steel & Sumitomo Metal Corp.		463,000			1,170,595
Nissan Motor Co., Ltd.		156,000			1,503,075
ORIX Corp.		105,000			1,334,042
Shin-Etsu Chemical Co., Ltd.		19,000			1,253,413
Sumitomo Mitsui Financial Group, Inc.		45,000			1,835,662
Tadano Ltd.		118,000			1,333,744
Tokyo Tatemono Co., Ltd.		199,000			1,412,143
Total Japan common stocks					29,215,960
Macau — 3.06%
Sands China Ltd.		718,800			3,727,087
Netherlands — 4.07%
ASML Holding NV		10,427			701,306
Gemalto NV		25,238			2,201,508
ING Groep NV CVA *		117,640			834,962
Unilever NV CVA		29,579			1,211,601
Total Netherlands common stocks					4,949,377
Norway — 2.40%
DNB ASA		78,234			1,147,240
Subsea 7 SA		76,010			1,776,375
Total Norway common stocks					2,923,615
Philippines — 1.07%
SM Investments Corp.		47,430			1,295,870
Spain — 2.91%
Banco Bilbao Vizcaya Argentaria SA		54,661			473,864
Banco Santander SA		70,394			473,010
Inditex SA		11,071			1,467,386
Viscofan SA		21,516			1,128,172
Total Spain common stocks					3,542,432
Sweden — 2.41%
Skandinaviska Enskilda Banken AB, Class A		139,077			1,396,842
Trelleborg AB, Class B		9,599			131,688
Volvo AB, Class B		96,413			1,401,835
Total Sweden common stocks					2,930,365
Switzerland — 8.56%
Cie Financiere Richemont SA, Class A		23,573			1,849,983
Credit Suisse Group AG *		40,108			1,052,449
GAM Holding AG *		77,076			1,303,139
Nestle SA		35,147			2,541,706
Novartis AG		31,480			2,236,728
Swatch Group AG		14,015			1,422,464
Total Switzerland common stocks					10,406,469
Thailand — 1.21%
Home Product Center PCL		2,555,520			1,466,032
Turkey — 0.96%
Turkiye Halk Bankasi AS		109,369			1,169,673

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SMA Relationship Trust - Series G — Portfolio of investments

March 31, 2013 (unaudited)

		Shares		Value
United Kingdom — 15.84%
Afren PLC *		152,318		$	328,181
ARM Holdings PLC		88,674			1,240,916
ASOS PLC *		78,467			3,990,517
BG Group PLC		33,894			581,438
Croda International PLC		26,074			1,086,726
Derwent London PLC		16,981			555,254
Diageo PLC		11,928			376,073
Great Portland Estates PLC		81,310			612,667
HSBC Holdings PLC		180,947			1,931,453
Jardine Lloyd Thompson Group PLC		43,210			558,728
John Wood Group PLC		93,197			1,227,035
Reckitt Benckiser Group PLC		14,806			1,061,407
Rio Tinto PLC		21,943			1,028,579
Royal Dutch Shell PLC, Class A		65,180			2,108,514
Standard Chartered PLC		60,891			1,576,092
Telecity Group PLC		45,462			624,113
Tullow Oil PLC		20,510			383,628
Total United Kingdom common stocks					19,271,321
Total common stocks
(cost $102,535,108)					112,869,461
Preferred stock — 1.35%
Germany — 1.35%
Volkswagen AG, Preference
shares (cost $1,746,437)		8,240			1,637,179
Investment company — 2.11%
iShares MSCI EAFE Index Fund
(cost $2,564,052)		43,500			2,565,630
Short-term investment — 0.67%
Investment company — 0.67%
UBS Cash Management Prime
Relationship Fund 1
(cost $810,906)		810,906			810,906
Total investments — 96.92%
(cost $107,656,503)					117,883,176
Cash and other assets, less liabilities— 3.08%					3,745,543
Net assets — 100.00%				$	121,628,719

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SMA Relationship Trust - Series G — Portfolio of investments

March 31, 2013 (unaudited)

Gross unrealized appreciation		$	13,085,115
Gross unrealized depreciation			(2,858,442	)
Net unrealized appreciation of investments		$	10,226,673

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Fund's investments:

Description		Unadjusted quoted prices in active markets for identical investments (Level 1) 1			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)			Total
Common stocks		$	112,869,461		$	—		$	—		$	112,869,461
Preferred stock			1,637,179			—			—			1,637,179
Investment company			2,565,630			—			—			2,565,630
Short-term investment			—			810,906			—			810,906
Total		$	117,072,270		$	810,906		$	—		$	117,883,176

¹ At March 31, 2013, securities valued at $97,208,596 were transferred between Level 1 and Level 2 pursuant to the Fund’s fair valuation policy.

Portfolio footnotes
*	Non-income producing security.
1	The table below details the Fund’s investment in a fund advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund.

Security description		Value 12/31/12			Purchases during the three months ended 03/31/13			Sales during the three months ended 03/31/13			Value 03/31/13			Net income earned from affiliate for the three months ended 03/31/13
UBS Cash Management Prime Relationship Fund		$	656,839		$	16,519,531		$	16,365,464		$	810,906		$	229

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SMA Relationship Trust - Series M

Summary of municipal securities by state (unaudited) As a percentage of net assets as of March 31, 2013
Long-term municipal bonds
Arizona		1.43	%
California		13.85
Colorado		2.46
Delaware		3.40
Florida		4.13
Georgia		6.75
Hawaii		3.69
Illinois		4.85
Louisiana		2.08
Massachusetts		4.49
Minnesota		2.29
Mississippi		2.52
New Jersey		3.17
New York		2.40
North Carolina		6.40
Oregon		1.34
South Carolina		6.95
Tennessee		3.06
Texas		11.36
Virginia		5.38
Washington		0.99
Wisconsin		5.27
Total long-term municipal bonds		98.26	%
Total short-term investments		1.30
Total investments		99.56	%
Cash and other assets, less liabilities		0.44
Net assets		100.00	%

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SMA Relationship Trust - Series M — Portfolio of investments

March 31, 2013 (unaudited)

		Face amount			Value
Long-term municipal bonds — 98.26%
Arizona — 1.43%
Arizona State Transportation Board Highway
Revenue Bonds,
Series A,
5.000%, due 07/01/23		$	2,000,000		$	2,457,300
California — 13.85%
California State Department of Water
Resources Revenue Bonds,
Series AM,
5.000%, due 12/01/20			2,000,000			2,511,080
California State Public Works Board Revenue Bonds,
Series A,
5.000%, due 04/01/21			1,500,000			1,805,625
California Statewide Communities
Development Authority Revenue Bonds,
5.000%, due 06/15/13			5,000,000			5,051,550
Los Angeles County Metropolitan Transitional
Authority Sales Tax Revenue Bonds,
5.000%, due 07/01/19			1,100,000			1,352,021
State of California, GO,
5.000%, due 02/01/20			8,000,000			9,675,760
5.000%, due 09/01/21			2,755,000			3,380,165
						23,776,201
Colorado — 2.46%
City & County of Denver, COP,
Series A2,
0.150%, due 12/01/29 1			4,215,000			4,215,000
Delaware — 3.40%
State of Delaware, GO,
Series B,
5.000%, due 02/01/17			5,000,000			5,838,400
Florida — 4.13%
Florida State Board of Education, GO, Public Education,
Series C,
5.000%, due 06/01/22			1,000,000			1,254,120
Tampa Health System Revenue Bonds,
Series A,
5.000%, due 11/15/25			5,000,000			5,829,400
						7,083,520
Georgia — 6.75%
City of Atlanta GA Revenue Bonds,
Series B,
5.000%, due 01/01/20			3,500,000			4,231,885
Municipal Electric Authority of Georgia
Revenue Bonds,
Series A, 2.250%, due 11/01/18			1,750,000			1,838,025
5.000%, due 01/01/21			3,500,000			4,250,995
State of Georgia, GO,
Series I,
5.000%, due 11/01/21			1,000,000			1,271,260
						11,592,165
Hawaii — 3.69%
County of Hawaii, GO,
Series B,
4.000%, due 09/01/21			2,200,000			2,566,850
State of Hawaii, GO,
Series EF,
5.000%, due 11/01/22			3,000,000			3,764,040
						6,330,890
Illinois — 4.85%
State of Illinois, GO,
5.000%, due 03/01/18			6,000,000			6,851,940
5.000%, due 03/01/19			1,300,000			1,478,763
						8,330,703
Louisiana — 2.08%
City of New Orleans LA, GO,
AGC-ICC, FGIC,
5.500%, due 12/01/21			3,010,000			3,571,154
Massachusetts — 4.49%
Massachusetts Health & Educational Facilities
Authority Revenue Bonds,
Series A,
5.500%, due 11/15/36			4,000,000			4,773,160
Massachusetts Municipal Wholesale Electric Co.
Revenue Bonds,
5.000%, due 07/01/19			2,500,000			2,934,225
						7,707,385
Minnesota — 2.29%
Minneapolis-St Paul Metropolitan Airports
Commission Revenue Bonds,
5.000%, due 01/01/19			3,300,000			3,926,802
Mississippi — 2.52%
Mississippi Business Finance Corp., Miss Gulf
Opportunity Zone Industrial Revenue Bonds,
Series G,
0.130%, due 11/01/35 1			4,320,000			4,320,000
New Jersey — 3.17%
New Jersey Economic Development Authority
Revenue Bonds,
Series NN,
5.000%, due 03/01/23			4,500,000			5,451,165
New York — 2.40%
City of New York, GO,
Series F-1,
5.000%, due 03/01/37			1,435,000			1,636,086
New York City Transitional Finance Authority
Future Tax Secured Revenue Bonds,
Series A-1,
5.000%, due 11/01/21			2,000,000			2,483,940
						4,120,026
North Carolina — 6.40%
Charlotte-Mecklenburg Hospital Authority,
Health Care System, Revenue Bonds,
Series H,
0.130%, due 01/15/45 1			5,000,000			5,000,000

---

SMA Relationship Trust - Series M — Portfolio of investments

March 31, 2013 (unaudited)

		Face amount			Value
North Carolina — (concluded)
North Carolina Eastern Municipal Power
Agency Power Systems Revenue Bonds,
Series D,
5.000%, due 01/01/23		$	5,000,000		$	5,981,550
						10,981,550
Oregon — 1.34%
Tri-County Metropolitan Transportation
District Revenue Bonds
Series A,
5.000%, due 09/01/37			2,000,000			2,308,480
South Carolina — 6.95%
Piedmont Municipal Power Agency Revenue Bonds,
Series A-3,
5.000%, due 01/01/18			5,080,000			5,939,333
Series A-4,
5.000%, due 01/01/20			5,000,000			5,989,100
						11,928,433
Tennessee — 3.06%
State of Tennessee, GO,
Series B,
5.000%, due 08/01/20			4,195,000			5,254,070
Texas — 11.36%
Garland Independent School District, GO,
5.000%, due 02/15/22			2,000,000			2,459,140
Harris County Cultural Education Facility,
Financial Corp., Methodist Hospital,
Revenue Bonds,
Series C-2,
0.140%, due 12/01/27 1			5,000,000			5,000,000
Lower Colorado River Authority,
Transmission Contract,
Transmission Services, Revenue Bonds,
5.000%, due 05/15/14			1,515,000			1,595,961
5.000%, due 05/15/15			3,080,000			3,377,713
Lower Neches Valley Authority, Exxonmobil
Project, Revenue Bonds,
0.120%, due 11/01/51			850,000			850,000
San Antonio Electric & Gas, Revenue Bonds,
5.000%, due 02/01/22			5,000,000			6,219,100
						19,501,914
Virginia — 5.38%
Virginia College Building Authority,
Education Facility 21st Century College &
Equipment, Revenue Bonds,
Series B,
5.000%, due 02/01/23			5,000,000			6,152,100
Virginia Public Building Authority Revenue Bonds,
Series A,
5.000%, due 08/01/21			2,465,000			3,083,789
						9,235,889
Washington — 0.99%
Washington State Health Care Facilities
Authority Revenue Bonds,
Series A,
5.000%, due 10/01/25			1,435,000			1,698,653
Wisconsin — 5.27%
State of Wisconsin Revenue Bonds, State
Appropriation,
Series A,
5.750%, due 05/01/33			2,500,000			2,981,325
6.000%, due 05/01/36			5,000,000			6,061,700
						9,043,025
Total long-term municipal bonds
(cost $163,164,189)						168,672,725
		Shares
Short-term investment — 1.30%
Investment company — 1.30%
UBS Cash Management Prime Relationship Fund 2
(cost $2,235,737)			2,235,737			2,235,737
Total investments — 99.56%
(cost $165,399,926)						170,908,462
Cash and other assets, less liabilities— 0.44%						757,847
Net assets — 100.00%					$	171,666,309

---

SMA Relationship Trust - Series M — Portfolio of investments

March 31, 2013 (unaudited)

Gross unrealized appreciation		$	6,080,002
Gross unrealized depreciation			(571,466	)
Net unrealized appreciation of investments		$	5,508,536

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Fund's investments:

Description		Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)			Total
Municipal bonds		$	—		$	168,672,725		$	—		$	168,672,725
Short-term investment			—			2,235,737			—			2,235,737
Total		$	—		$	170,908,462		$	—		$	170,908,462

At March 31, 2013, there were no transfers between Level 1 and Level 2.

1 Variable or floating rate security — The interest rate shown is the current rate as of March 31, 2013 and changes periodically.

2 The table below details the Fund’s investment in a fund advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund.

Security description		Value 12/31/12			Purchases during the three months ended 03/31/13			Sales during the three months ended 03/31/13			Value 03/31/13			Net income earned from affiliate for the three months ended 03/31/13
UBS Cash Management Prime Relationship Fund		$	3,704,597		$	53,022,382		$	54,491,242		$	2,235,737		$	2,102

---

SMA Relationship Trust - Series S

Industry diversification (unaudited) 1 As a percentage of net assets as of March 31, 2013
Common stocks
Aerospace & defense		4.36	%
Air freight & logistics		1.28
Auto components		1.86
Building products		1.49
Capital markets		4.18
Chemicals		2.71
Commercial banks		6.89
Commercial services & supplies		1.48
Communications equipment		2.88
Construction & engineering		1.61
Diversified consumer services		3.61
Electric utilities		2.01
Electrical equipment		1.32
Electronic equipment, instruments & components		0.71
Energy equipment & services		2.39
Health care equipment & supplies		10.64
Health care providers & services		1.07
Hotels, restaurants & leisure		4.51
Household products		1.49
Insurance		1.48
Internet software & services		1.60
Life sciences tools & services		2.31
Machinery		1.89
Media		2.75
Metals & mining		1.21
Multiline retail		0.77
Oil, gas & consumable fuels		2.76
Personal products		3.00
Real estate investment trust (REIT)		7.22
Road & rail		0.64
Semiconductors & semiconductor equipment		1.48
Software		7.48
Textiles, apparel & luxury goods		1.97
Thrifts & mortgage finance		2.29
Trading companies & distributors		1.28
Total common stocks		96.62	%
Investment company
iShares Russell 2000 Index Fund		1.92
Short-term investment		1.38
Total investments		99.92	%
Cash and other assets, less liabilities		0.08
Net assets		100.00	%

¹ Figures represent the direct investments of SMA Relationship Trust - Series S. Figures might be different if a breakdown of the underlying investment companies was included.

---

SMA Relationship Trust - Series S — Portfolio of investments

March 31, 2013 (unaudited)

		Shares		Value
Common stocks — 96.62%
Aerospace & defense — 4.36%
BE Aerospace, Inc. *		21,200		$	1,278,148
Esterline Technologies Corp. *		13,600			1,029,520
LMI Aerospace, Inc. *		33,600			698,544
					3,006,212
Air freight & logistics — 1.28%
Hub Group, Inc., Class A *		23,100			888,426
Auto components — 1.86%
Tenneco, Inc. *		32,800			1,289,368
Building products — 1.49%
AO Smith Corp.		14,000			1,029,980
Capital markets — 4.18%
Evercore Partners, Inc., Class A		29,500			1,227,200
Golub Capital BDC, Inc.		44,000			726,440
PennantPark Investment Corp.		83,100			938,199
					2,891,839
Chemicals — 2.71%
Cytec Industries, Inc.		12,600			933,408
HB Fuller Co.		24,100			941,828
					1,875,236
Commercial banks — 6.89%
Bank of Hawaii Corp.		12,200			619,882
Banner Corp.		21,300			677,979
BBCN Bancorp, Inc.		65,225			851,839
City National Corp.		12,400			730,484
East West Bancorp, Inc.		42,400			1,088,407
Prosperity Bancshares, Inc.		16,600			786,674
					4,755,265
Commercial services & supplies — 1.48%
InnerWorkings, Inc. *		50,100			758,514
Performant Financial Corp. *		21,774			267,385
					1,025,899
Communications equipment — 2.88%
Aruba Networks, Inc. *		36,400			900,536
Finisar Corp. *		42,200			556,618
NETGEAR, Inc. *		16,100			539,511
					1,996,665
Construction & engineering — 1.61%
MasTec, Inc. *		38,200			1,113,530
Diversified consumer services — 3.61%
Coinstar, Inc. *		12,500			730,250
LifeLock, Inc. *		56,800			546,984
Regis Corp.		66,900			1,216,911
					2,494,145
Electric utilities — 2.01%
Portland General Electric Co.		18,200			552,006
UNS Energy Corp.		17,100			836,874
					1,388,880
Electrical equipment — 1.32%
Regal-Beloit Corp.		11,200			913,472
Electronic equipment, instruments & components — 0.71%
InvenSense, Inc. *		45,800			489,144
Energy equipment & services — 2.39%
C&J Energy Services, Inc. *		40,300			922,870
Dawson Geophysical Co. *		24,400			732,000
					1,654,870
Health care equipment & supplies — 10.64%
AtriCure, Inc. *		68,400			541,728
CONMED Corp.		20,000			681,200
Cooper Companies, Inc.		10,600			1,143,528
Given Imaging Ltd. *		34,500			564,075
Greatbatch, Inc. *		57,900			1,729,473
Hill-Rom Holdings, Inc.		20,100			707,922
ICU Medical, Inc. *		11,000			648,450
Orthofix International NV *		18,000			645,660
STERIS Corp.		16,600			690,726
					7,352,762
Health care providers & services — 1.07%
Patterson Cos., Inc.		19,500			741,780
Hotels, restaurants & leisure — 4.51%
Bravo Brio Restaurant Group, Inc. *		60,400			956,132
Ignite Restaurant Group, Inc. *		64,664			949,268
Vail Resorts, Inc.		19,500			1,215,239
					3,120,639
Household products — 1.49%
Central Garden and Pet Co., Class A *		125,400			1,030,788
Insurance — 1.48%
Validus Holdings Ltd.		27,300			1,020,201
Internet software & services — 1.60%
Demandware, Inc. *		6,600			167,310
ExactTarget, Inc. *		7,200			167,544
ValueClick, Inc. *		26,000			768,300
					1,103,154
Life sciences tools & services — 2.31%
Bio-Rad Laboratories, Inc., Class A *		12,700			1,600,200
Machinery — 1.89%
CIRCOR International, Inc.		14,200			603,500
Nordson Corp.		10,700			705,665
					1,309,165
Media — 2.75%
Cinemark Holdings, Inc.		41,100			1,209,984
ReachLocal, Inc. *		46,100			689,656
					1,899,640
Metals & mining — 1.21%
Compass Minerals
International, Inc.		10,600			836,340
Multiline retail — 0.77%
Big Lots, Inc. *		15,000			529,050
Oil, gas & consumable fuels — 2.76%
Berry Petroleum Co., Class A		23,100			1,069,299
Kodiak Oil & Gas Corp. *		92,100			837,189
					1,906,488
Personal products — 3.00%
Elizabeth Arden, Inc. *		26,400			1,062,600
Inter Parfums, Inc.		41,500			1,013,845
					2,076,445
Real estate investment trust (REIT) — 7.22%
Campus Crest Communities, Inc.		84,800			1,178,720
Hudson Pacific Properties, Inc.		57,300			1,246,275
LaSalle Hotel Properties		32,700			829,926
Mack-Cali Realty Corp.		25,800			738,138
Summit Hotel Properties, Inc.		95,700			1,001,979
					4,995,038

---

SMA Relationship Trust - Series S — Portfolio of investments

March 31, 2013 (unaudited)

		Shares		Value
Road & rail — 0.64%
Knight Transportation, Inc.		27,700		$	445,970
Semiconductors & semiconductor equipment — 1.48%
ON Semiconductor Corp. *		123,200			1,020,096
Software — 7.48%
Cadence Design Systems, Inc. *		59,800			833,014
Guidewire Software, Inc. *		24,500			941,780
Infoblox, Inc. *		21,600			468,720
Qualys, Inc. *		63,470			783,220
RealPage, Inc. *		16,800			347,928
Solera Holdings, Inc.		13,900			810,787
SS&C Technologies Holdings, Inc. *		33,100			992,338
					5,177,787
Textiles, apparel & luxury goods — 1.97%
Crocs, Inc. *		33,500			496,470
Movado Group, Inc.		25,900			868,168
					1,364,638
Thrifts & mortgage finance — 2.29%
Brookline Bancorp, Inc.		103,200			943,248
EverBank Financial Corp.		41,500			639,100
					1,582,348
Trading companies & distributors — 1.28%
Watsco, Inc.		10,500			883,890
Total common stocks
(cost $55,620,540)					66,809,350
Investment company — 1.92%
iShares Russell 2000 Index Fund
(cost $1,206,678)		14,100			1,329,066
Short-term investment — 1.38%
Investment company — 1.38%
UBS Cash Management Prime
Relationship Fund 1
(cost $953,775)		953,775			953,775
Total investments — 99.92%
(cost $57,780,993)					69,092,191
Cash and other assets,
less liabilities — 0.08%					52,201
Net assets — 100.00%				$	69,144,392

---

SMA Relationship Trust - Series S — Portfolio of investments

March 31, 2013 (unaudited)

Notes to portfolio of investments

Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation		$	12,085,866
Gross unrealized depreciation			(774,668	)
Net unrealized appreciation of investments		$	11,311,198

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Fund's investments:

Description		Unadjusted quoted prices in active markets for identical investments (Level 1)			Other significant observable inputs (Level 2)			Unobservable inputs (Level 3)			Total
Common stocks		$	66,809,350		$	—		$	—		$	66,809,350
Investment company			1,329,066			—			—			1,329,066
Short-term investment			—			953,775			—			953,775
Total		$	68,138,416		$	953,775		$	—		$	69,092,191

At March 31, 2013, there were no transfers between Level 1 and Level 2.

Portfolio footnotes

*		Non-income producing security.
1		The table below details the Fund’s investment in a fund advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Fund.

Security description		Value 12/31/12			Purchases during the three months ended 03/31/13			Sales during the three months ended 03/31/13			Value 03/31/13			Net income earned from affiliate for the three months ended 03/31/13
UBS Cash Management Prime Relationship Fund		$	605,589		$	5,382,078		$	5,033,892		$	953,775		$	602

---

SMA Relationship Trust - Series T

Industry diversification (unaudited) 1 As a percentage of net assets as of March 31, 2013
Bonds
Corporate bonds
Automobiles		0.40	%
Beverages		0.42
Building products		0.05
Capital markets		3.21
Chemicals		0.46
Commercial banks		2.75
Commercial services & supplies		0.33
Communications equipment		0.16
Consumer finance		2.18
Diversified financial services		4.19
Diversified operations		0.23
Diversified telecommunication services		0.65
Electric utilities		0.65
Electronic equipment, instruments & components		0.26
Energy equipment & services		0.46
Food & staples retailing		0.23
Food products		0.29
Gas utilities		0.28
Independent power producers & energy traders		0.16
Insurance		2.61
Leisure equipment & products		0.12
Media		1.89
Metals & mining		1.05
Multiline retail		0.08
Multi-utilities		0.58
Oil, gas & consumable fuels		5.97
Pharmaceuticals		0.85
Real estate investment trust (REIT)		0.28
Road & rail		0.94
Semiconductors & semiconductor equipment		0.12
Tobacco		1.31
Trading companies & distributors		0.19
Wireless telecommunication services		0.56
Total corporate bonds		33.91	%
Commercial mortgage-backed securities		9.76
Mortgage & agency debt securities		43.20
Municipal bonds		1.80
US government obligations		2.77
Total bonds		91.44	%
Investment companies
UBS Credit Bond Relationship Fund		3.32
UBS High Yield Relationship Fund		4.94
Total investment companies		8.26	%
Short-term investment		14.36
Options purchased		0.15
Total investments		114.21	%
Liabilities, in excess of cash and other assets		(14.21	)
Net assets		100.00	%

1

Figures represent the direct investments of SMA Relationship Trust – Series T (excluding derivatives exposure). Figures might be different if a breakdown of the affiliated underlying investment companies and derivatives exposure were included.

---

SMA Relationship Trust - Series T — Portfolio of investments

March 31, 2013 (unaudited)

		Face amount			Value
Bonds — 91.44%
Corporate bonds — 33.91%
Australia — 0.47%
Westpac Banking Corp.,
2.000%, due 08/14/17		$	460,000		$	473,516
Brazil — 1.00%
Caixa Economica Federal,
2.375%, due 11/06/17 1			375,000			363,750
Petrobras International Finance Co.,
2.875%, due 02/06/15			345,000			352,163
5.375%, due 01/27/21			275,000			296,703
Total Brazil corporate bonds						1,012,616
Canada — 0.27%
Petro-Canada,
6.800%, due 05/15/38			150,000			195,611
Teck Resources Ltd.,
6.250%, due 07/15/41			80,000			84,620
Total Canada corporate bonds						280,231
Cayman Islands — 1.20%
Hutchison Whampoa International Ltd.,
3.250%, due 11/08/22 1			240,000			236,700
Transocean, Inc.,
3.800%, due 10/15/22			260,000			256,130
6.800%, due 03/15/38			190,000			209,266
Vale Overseas Ltd.,
4.375%, due 01/11/22			425,000			436,070
6.875%, due 11/21/36			75,000			85,189
Total Cayman Islands corporate bonds						1,223,355
Curacao — 0.50%
Teva Pharmaceutical Finance Co. BV,
2.400%, due 11/10/16			240,000			250,728
Teva Pharmaceutical Finance IV BV,
3.650%, due 11/10/21			235,000			250,087
Total Curacao corporate bonds						500,815
Mexico — 1.21%
America Movil SAB de CV,
3.125%, due 07/16/22			280,000			274,582
5.000%, due 03/30/20			265,000			298,044
Petroleos Mexicanos,
4.875%, due 01/24/22			600,000			662,400
Total Mexico corporate bonds						1,235,026
Norway — 0.32%
Eksportfinans ASA,
3.000%, due 11/17/14			325,000			323,375
Singapore — 0.26%
Flextronics International Ltd.,
5.000%, due 02/15/23 1			260,000			259,350
South Africa — 0.15%
AngloGold Ashanti Holdings PLC,
5.375%, due 04/15/20			140,000			148,187
Spain — 0.40%
Santander US Debt SA Unipersonal,
3.724%, due 01/20/15 1			400,000			404,348
United Kingdom — 1.53%
Barclays Bank PLC,
5.140%, due 10/14/20			20,000			21,458
HSBC Holdings PLC,
4.000%, due 03/30/22			500,000			537,964
Imperial Tobacco Finance PLC,
3.500%, due 02/11/23 1			360,000			366,601
Lloyds TSB Bank PLC,
6.500%, due 09/14/20 1			560,000			627,971
Total United Kingdom corporate bonds						1,553,994
United States — 26.60%
AbbVie, Inc.,
2.900%, due 11/06/22 1			355,000			355,320
ADT Corp.,
3.500%, due 07/15/22 1			330,000			328,977
Airgas, Inc.,
2.375%, due 02/15/20			225,000			224,515
Altria Group, Inc.,
9.950%, due 11/10/38			145,000			239,459
American International Group, Inc.,
3.000%, due 03/20/15			205,000			212,684
4.250%, due 09/15/14			175,000			183,306
8.250%, due 08/15/18			250,000			323,878
Anadarko Petroleum Corp.,
5.950%, due 09/15/16			390,000			448,932
6.450%, due 09/15/36			260,000			319,559
Anheuser-Busch InBev Worldwide, Inc.,
2.500%, due 07/15/22			160,000			157,268
8.200%, due 01/15/39			165,000			265,390
Apache Corp.,
5.250%, due 02/01/42			260,000			286,376
AT&T, Inc.,
1.600%, due 02/15/17			335,000			339,093
4.300%, due 12/15/42 1			3,000			2,795
6.500%, due 09/01/37			257,000			315,162
Bank of America Corp.,
5.625%, due 07/01/20			175,000			204,219
Berkshire Hathaway Finance Corp.,
3.000%, due 05/15/22			80,000			81,543
Burlington Northern Santa Fe LLC,
4.450%, due 03/15/43			300,000			303,448
6.150%, due 05/01/37			75,000			94,236
Capital One Financial Corp.,
2.150%, due 03/23/15			145,000			147,974
Citigroup, Inc.,
4.500%, due 01/14/22			75,000			83,386
5.375%, due 08/09/20			90,000			105,367
5.500%, due 02/15/17			1,060,000			1,178,752
6.125%, due 05/15/18			374,000			445,557
8.500%, due 05/22/19			160,000			213,160
Comcast Corp.,
6.300%, due 11/15/17			250,000			304,889
6.950%, due 08/15/37			115,000			152,906
ConocoPhillips,
6.500%, due 02/01/39			120,000			160,467
CVS Caremark Corp.,
6.125%, due 09/15/39			190,000			234,740
DirecTV Holdings LLC,
6.000%, due 08/15/40			315,000			335,730
Discover Financial Services,
3.850%, due 11/21/22			350,000			360,251
DPL, Inc.,
7.250%, due 10/15/21			190,000			201,400

---

SMA Relationship Trust - Series T — Portfolio of investments

March 31, 2013 (unaudited)

		Face amount			Value
United States — (continued)
El Paso Pipeline Partners Operating Co. LLC,
5.000%, due 10/01/21		$	230,000		$	257,872
Energy Transfer Partners LP,
5.200%, due 02/01/22			360,000			404,186
6.500%, due 02/01/42			200,000			228,525
7.500%, due 07/01/38			50,000			62,433
9.000%, due 04/15/19			310,000			408,434
ERP Operating LP, REIT,
4.750%, due 07/15/20			65,000			73,485
Ford Motor Credit Co. LLC,
8.125%, due 01/15/20			1,335,000			1,685,588
General Electric Capital Corp.,
4.650%, due 10/17/21			305,000			341,463
Series A, 6.750%, due 03/15/32			265,000			337,317
Goldman Sachs Group, Inc.,
6.150%, due 04/01/18			440,000			518,481
7.500%, due 02/15/19			260,000			325,277
Hartford Financial Services Group, Inc.,
5.950%, due 10/15/36			110,000			128,408
Hasbro, Inc.,
6.350%, due 03/15/40			105,000			121,051
International Lease Finance Corp.,
7.125%, due 09/01/18 1			160,000			188,000
JPMorgan Chase & Co.,
3.150%, due 07/05/16			480,000			508,937
3.250%, due 09/23/22			300,000			299,537
5.400%, due 01/06/42			180,000			206,613
Kinder Morgan Energy Partners LP,
3.500%, due 09/01/23			220,000			223,031
3.950%, due 09/01/22			325,000			345,313
6.500%, due 09/01/39			155,000			187,058
Marathon Oil Corp.,
6.600%, due 10/01/37			65,000			81,857
Markel Corp.,
3.625%, due 03/30/23			160,000			160,607
Maxim Integrated Products, Inc.,
3.375%, due 03/15/23			125,000			125,889
Merrill Lynch & Co., Inc.,
6.875%, due 04/25/18			260,000			313,825
Series C, 5.000%, due 01/15/15			325,000			345,731
MidAmerican Energy Holding Co.,
5.950%, due 05/15/37			280,000			345,048
Morgan Stanley,
3.750%, due 02/25/23			210,000			212,265
4.875%, due 11/01/22			155,000			164,317
7.300%, due 05/13/19			250,000			309,370
Series F, 6.625%, due 04/01/18			890,000			1,063,908
Motorola Solutions, Inc.,
3.500%, due 03/01/23			160,000			160,944
National Fuel Gas Co.,
3.750%, due 03/01/23			280,000			283,877
News America, Inc.,
6.200%, due 12/15/34			85,000			100,543
Nissan Motor Acceptance Corp.,
1.800%, due 03/15/18 1			400,000			401,417
Norfolk Southern Corp.,
3.250%, due 12/01/21			290,000			302,841
Owens Corning,
6.500%, due 12/01/16			46,000			51,789
Petrohawk Energy Corp.,
7.250%, due 08/15/18			550,000			615,420
Philip Morris International, Inc.,
2.900%, due 11/15/21			455,000			469,415
Phillips 66,
4.300%, due 04/01/22			100,000			109,776
PPL Energy Supply LLC,
4.600%, due 12/15/21			150,000			159,853
Principal Financial Group, Inc.,
8.875%, due 05/15/19			330,000			448,959
Prudential Financial, Inc.,
5.200%, due 03/15/44 2			160,000			160,400
6.625%, due 12/01/37			190,000			238,832
7.375%, due 06/15/19			540,000			693,341
Reynolds American, Inc.,
7.750%, due 06/01/18			200,000			252,918
Ryder System, Inc.,
2.350%, due 02/26/19			250,000			252,376
Sempra Energy,
9.800%, due 02/15/19			175,000			245,991
Southern California Edison Co.,
4.050%, due 03/15/42			145,000			146,983
Southern Copper Corp.,
3.500%, due 11/08/22			310,000			308,517
Southwestern Electric Power Co.,
3.550%, due 02/15/22			290,000			302,123
SunTrust Banks, Inc.,
3.600%, due 04/15/16			335,000			358,733
Target Corp.,
7.000%, due 01/15/38			55,000			78,573
Time Warner Cable, Inc.,
6.550%, due 05/01/37			150,000			173,080
6.750%, due 07/01/18			405,000			498,382
Time Warner, Inc.,
6.100%, due 07/15/40			85,000			98,551
Valero Energy Corp.,
6.625%, due 06/15/37			320,000			389,918
Valspar Corp.,
4.200%, due 01/15/22			225,000			244,857
Ventas Realty LP/Ventas Capital Corp.,
2.700%, due 04/01/20			210,000			210,698
Viacom, Inc.,
4.875%, due 06/15/43			250,000			249,815
WM Wrigley Jr. Co.,
3.700%, due 06/30/14 1			285,000			292,694
Total United States corporate bonds						26,886,181
Total corporate bonds
(cost $33,424,213)						34,300,994
Commercial mortgage-backed
securities — 9.76%
United States — 9.76%
Banc of America Commercial Mortgage, Inc.,
Series 2007-4, Class AM,
5.821%, due 02/10/51 2			675,000			772,955

---

SMA Relationship Trust - Series T — Portfolio of investments

March 31, 2013 (unaudited)

		Face amount			Value
United States — (concluded)
Commercial Mortgage Loan Trust,
Series 2008-LS1, Class A4B,
6.005%, due 12/10/49 2		$	685,000		$	800,734
Extended Stay America Trust,
Series 2013-ESH7, Class B7,
3.604%, due 12/05/31 1			600,000			607,084
FDIC Structured Sale Guaranteed Notes,
Series 2010-C1, Class A,
2.980%, due 12/06/20 1			746,166			780,565
Greenwich Capital Commercial Funding Corp.,
Series 2007-GG11, Class A4,
5.736%, due 12/10/49			500,000			577,412
GS Mortgage Securities Corp. II,
Series 2006-RR2, Class H,
5.571%, due 06/23/46 1,2,*			3,991,000			0
Series 2007-GG10, Class A4,
5.982%, due 08/10/45 2			500,000			572,135
JP Morgan Chase Commercial Mortgage
Securities Corp.,
Series 2007-CB18, Class AM,
5.466%, due 06/12/47 2			500,000			560,733
Series 2006-LDP8, Class AJ,
5.480%, due 05/15/45			500,000			533,730
Series 2006-LDP7, Class AJ,
5.871%, due 04/15/45 2			825,000			855,980
Morgan Stanley Bank of America Merrill
Lynch Trust,
Series 2013-C8, Class B,
3.676%, due 12/15/48 2			675,000			696,227
Series 2013-C7, Class B,
3.769%, due 02/15/46			150,000			157,130
Morgan Stanley Re-REMIC Trust,
Series 2009-GG10, Class A4B,
5.982%, due 08/12/45 1,2			980,000			1,113,212
Wachovia Bank Commercial Mortgage Trust,
Series 2007-C32, Class A3,
5.732%, due 06/15/49 2			525,000			602,459
Series 2007-C34, Class AM,
5.818%, due 05/15/46 2			525,000			597,032
WF-RBS Commercial Mortgage Trust,
Series 2013-C11, Class B,
3.714%, due 03/15/45 2			150,000			154,509
Series 2013-C12, Class B,
3.863%, due 03/15/48			475,000			493,205
Total commercial mortgage-backed securities
(cost $10,963,291)						9,875,102
Mortgage & agency debt securities — 43.20%
United Kingdom — 3.08%
Arkle Master Issuer PLC
Series 2012-1A, Class 2A1,
1.990%, due 05/17/60 1,2			630,000			646,655
Fosse Master Issuer PLC
Series 2011-1A, Class A2,
1.703%, due 10/18/54 1,2			531,327			537,530
Series 2012-1A, Class 2A2,
1.703%, due 10/18/54 1,2			550,000			562,005
Holmes Master Issuer PLC
Series 2010-1A, Class A2,
1.704%, due 10/15/54 1,2			220,820			222,322
Series 2012-1A, Class A2,
1.954%, due 10/15/54 1,2			775,000			791,412
Silverstone Master Issuer PLC
Series 2012-1A, Class 1A,
1.852%, due 01/21/55 1,2			350,000			358,894
Total United Kingdom mortgage &
agency debt securities						3,118,818
United States — 40.12%
Banc of America Funding Corp.
Series 2006-I, Class SB2,
2.594%, due 12/20/36 2			600,363			11,647
Credit Suisse Mortgage Capital
Certificates
Series 2006-4, Class CB1,
0.791%, due 05/25/36 2,*			100,703			81
Federal Home Loan Mortgage Corp. Gold Pools 3
3.500%, TBA			850,000			894,459
#A96140, 4.000%, due 01/01/41			568,632			604,415
#G04913, 5.000%, due 03/01/38			305,362			328,971
#G05132, 5.000%, due 12/01/38			705,526			758,852
#G02922, 5.500%, due 04/01/37			266,462			297,916
#G06381, 5.500%, due 08/01/40			1,185,210			1,292,524
#C56030, 6.000%, due 03/01/31			4,630			5,171
#G06019, 6.000%, due 10/01/36			305,501			338,126
#C55783, 6.500%, due 01/01/29			88,110			100,621
#G00194, 7.500%, due 02/01/24			123,811			142,553
#C00410, 8.000%, due 07/01/25			44,950			54,102
#C37436, 8.000%, due 01/01/30			17,543			21,565
Federal National Mortgage Association
Pools 3
#AK7377, 3.000%, due 03/01/27			269,685			285,091
#AP1589, 3.000%, due 08/01/27			1,064,359			1,129,152
#AB6198, 3.000%, due 09/01/27			1,929,005			2,046,432
#AP7537, 3.000%, due 09/01/27			957,219			1,015,490
3.000%, TBA			2,050,000			2,114,383
#AP3098, 3.500%, due 10/01/42			685,123			728,415
#AQ0600, 3.500%, due 10/01/42			297,673			316,854
3.500%, TBA			1,075,000			1,135,133
3.500%, TBA			2,100,000			2,212,219
#AH3347, 4.000%, due 01/01/41			669,003			713,554
#AB2331, 4.000%, due 02/01/41			469,348			500,750
#AE9202, 4.000%, due 09/01/41			883,317			942,416
4.000%, TBA			400,000			426,438
4.000%, TBA			800,000			851,875
#889657, 4.500%, due 09/01/37			682,926			738,037
#AB1475, 4.500%, due 09/01/40			1,048,314			1,130,946
#AI6578, 4.500%, due 07/01/41			1,474,930			1,592,110
#AJ1415, 4.500%, due 09/01/41			732,948			791,179
#975213, 5.000%, due 03/01/38			93,135			100,902
#890209, 5.000%, due 05/01/40			27,593			29,946
#AD9114, 5.000%, due 07/01/40			1,063,768			1,171,031
#AJ1422, 5.000%, due 09/01/41			891,872			981,858
#244450, 5.500%, due 11/01/23			32,118			34,962

---

SMA Relationship Trust - Series T — Portfolio of investments

March 31, 2013 (unaudited)

		Face amount			Value
United States — (concluded)
#555591, 5.500%, due 07/01/33		$	565,562		$	622,713
#708631, 6.000%, due 06/01/33			34,944			40,015
#901999, 6.000%, due 11/01/36			301,048			330,529
#918098, 6.000%, due 05/01/37			567,992			622,903
#AE0405, 6.000%, due 08/01/37			351,630			389,707
#990686, 6.000%, due 09/01/38			87,142			95,555
#872912, 6.500%, due 06/01/36			518,062			576,353
#675469, 7.000%, due 04/01/18			25,833			26,549
#253824, 7.000%, due 03/01/31			18,939			22,291
Federal National Mortgage Association
Pools Re-REMIC 3
Series 2005-29, Class KA,
4.500%, due 02/25/35			178,520			185,910
First Horizon Asset Securities, Inc.
Series 2004-FL1, Class 1A1,
0.474%, due 02/25/35 2			241,960			232,025
Government National Mortgage
Association Pools
#738970, 3.500%, due 11/15/26			463,752			495,755
#G2 5256, 3.500%, due 12/20/26			892,075			953,218
#G2 AB2784, 3.500%, due 08/20/42			2,249,528			2,432,795
#G2 AB2302, 3.500%, due 09/20/42			288,838			310,654
3.500%, TBA			100,000			107,562
3.500%, TBA			50,000			53,617
#G2 5107, 4.000%, due 07/20/26			688,215			746,078
#G2 779424, 4.000%, due 06/20/42			569,847			632,285
#AA8267, 4.000%, due 07/15/42			451,670			501,159
#AA0785, 4.000%, due 08/15/42			197,655			219,312
4.000%, TBA			900,000			978,926
4.500%, TBA			1,575,000			1,721,918
4.500%, TBA			1,000,000			1,092,031
5.000%, TBA			875,000			951,563
#G2 2687, 6.000%, due 12/20/28			24,042			27,227
#495814, 6.000%, due 01/15/29			24,330			27,530
#G2 508540, 6.000%, due 02/20/34			273,780			309,267
#486873, 6.500%, due 01/15/29			10,262			11,999
#338523, 8.000%, due 12/15/22			2,144			2,453
#780339, 8.000%, due 12/15/23			19,114			22,659
Total United States mortgage & agency
debt securities						40,582,734
Total mortgage & agency debt securities
(cost $45,089,727)						43,701,552
Municipal bonds — 1.80%
Chicago Transit Authority
Series 2008-A, 6.899%, due 12/01/40			140,000			172,922
Illinois State Taxable Pension
Series 2003, 5.100%, due 06/01/33			250,000			246,980
Los Angeles Unified School District
6.758%, due 07/01/34			350,000			475,038
State of California, GO Bonds
Series 2009, 7.300%, due 10/01/39			250,000			348,412
7.550%, due 04/01/39			95,000			137,256
State of Illinois, GO bonds
5.877%, due 03/01/19			385,000			443,062
Total municipal bonds
(cost $1,554,790)						1,823,670
US government obligations — 2.77%
US Treasury Bonds,
3.125%, due 02/15/43			465,000			465,872
US Treasury Notes,
0.750%, due 02/28/18			1,825,000			1,824,573
2.000%, due 02/15/23			500,000			506,328
Total US government obligations
(cost $2,796,873)						2,796,773
Total bonds
(cost $93,828,894)						92,498,091
		Shares
Investment companies — 8.26%
UBS Credit Bond Relationship Fund *4			199,077			3,355,322
UBS High Yield Relationship Fund *4			156,439			4,998,215
Total investment companies
(cost $7,348,698)						8,353,537
Short-term investment — 14.36%
Investment company — 14.36%
UBS Cash Management Prime
Relationship Fund 4
(cost $14,522,010)			14,522,010			14,522,010
		Number of contracts
Options purchased * — 0.15%
Call options — 0.06%
30 Year US Treasury Bonds,
strike @ USD 143.00,
expires May 2013			27			56,953
Put options — 0.09%
30 Year US Treasury Bonds,
strike @ USD 143.00,
expires May 2013			27			17,297
30 Year US Treasury Bonds,
strike @ USD 144.00,
expires June 2013			38			61,750
Euro-Schatz,
strike @ EUR 110.70,
expires May 2013			113			12,312
						91,359
Total options purchased
(cost $201,458)						148,312
Total investments — 114.21%
(cost $115,901,060)						115,521,950
Liabilities, in excess of cash and other
assets— (14.21%)						(14,370,808	)
Net assets — 100.00%					$	101,151,142

---

SMA Relationship Trust - Series T — Portfolio of investments

March 31, 2013 (unaudited)

Notes to portfolio of investments
Aggregate cost for federal income tax purposes was substantially the same as for book purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation		$	1,554,553
Gross unrealized depreciation			(1,933,663	)
Net unrealized appreciation of investments		$	(379,110	)

For a listing of defined portfolio acronyms, counterparty abbreviations and currency abbreviations that are used throughout the Portfolio of investments as well as the tables that follow, please refer to the end of this report.

Forward foreign currency contracts

Counterparty		Contracts to deliver				In exchange for				Maturity date		Unrealized appreciation/ (depreciation)
GSI		GBP		920,000		USD		1,382,015		06/11/13		$	(15,359	)
JPMCB		GBP		1,615,000		USD		2,427,410		06/11/13			(25,590	)
JPMCB		JPY		421,800,000		USD		4,511,032		06/11/13			28,006
RBS		USD		2,125,000		JPY		202,504,638		06/11/13			27,284
Net unrealized appreciation on forward foreign currency contracts												$	14,341

Futures contracts

		Expiration date		Cost/ (proceeds)				Value				Unrealized appreciation/ (depreciation)
US Treasury futures buy contracts:
2 Year US Treasury Notes, 70 contracts (USD)		June 2013		$	15,432,342			$	15,431,719			$	(623	)
5 Year US Treasury Notes, 123 contracts (USD)		June 2013			15,243,705				15,258,727				15,022
US Treasury futures sell contracts:
US Long Bond, 2 contracts (USD)		June 2013			(286,623	)			(288,938	)			(2,315	)
Net unrealized appreciation on futures contracts												$	12,084

Interest rate swap agreements

Counterparty		Notional amount				Termination date		Payments made by the Fund 5		Payments received by the Fund 5		Upfront payments			Value			Unrealized appreciation
BB		USD		18,025,000		03/31/15		0.420%		3 month LIBOR		$	—		$	3,609		$	3,609
JPMCB		USD		15,870,000		08/31/17		0.830		3 month LIBOR			—			7,309			7,309
															$	10,918		$	10,918

Credit default swaps on credit indices — buy protection ⁶

Counterparty		Referenced Index 7		Notional amount				Termination date		Payments made by the Fund 5		Upfront payments (made)/ received			Value				Unrealized depreciation
JPMCB		CDX.NA.IG.        Series 19 Index		USD		3,150,000		12/20/17		1.000%		$	3,142		$	(27,173	)		$	(24,031	)

Credit default swaps on corporate issues — buy protection ⁶

Counterparty		Referenced Obligation 7		Notional amount				Termination date		Payments made by the Fund 5		Upfront payments (made)/ received				Value			Unrealized depreciation
MSCI		Deutsche Bank AG,        5.125%, due 8/31/2017		EUR		310,000		06/20/17		1.000%		$	(13,855	)		$	1,150		$	(12,705	)

Credit default swaps on credit indices — sell protection ⁸

Counterparty		Referenced Index 7		Notional amount				Termination date		Payments received by the Fund 5		Upfront payments (made)/ received			Value				Unrealized appreciation			Credit spread 10
CITI		MCDX.NA.        Series 19 Index		USD		3,150,000		12/20/17		1.000%		$	83,884		$	(20,737	)		$	63,147		1.161%

Total return swap agreements ⁹

Counterparty		Notional amount			Termination date		Payments made by the Fund		Payments received by the Fund		Upfront payments			Value			Unrealized appreciation
JPMCB		GBP	815,000		06/25/13		3 month USD LIBOR		— 11		$	—		$	18,967		$	18,967

Options written

		Expiration date		Premiums received			Value
Call options
30 Year US Treasury Bonds, 38 contracts, strike @ USD 147.00		June 2013		$	39,123		$	(32,656	)
Euro-Schatz, 113 contracts, strike @ EUR 110.80		May 2013			17,339			(21,003	)
Put options
30 Year US Treasury Bonds, 38 contracts, strike @ USD 141.00		June 2013			54,559			(24,344	)
Euro-Schatz, 113 contracts, strike @ EUR 110.20		May 2013			2,042			(1,449	)
Total options written				$	113,063		$	(79,452	)

Written options activity for the period ended March 31, 2013 was as follows:

		Number of contracts			Premiums received
Options outstanding at December 31, 2012		282			$	28,008
Options written		302				113,063
Options terminated in closing purchase transactions		(282	)			(28,008	)
Options expired prior to exercise		—				—
Options outstanding at March 31, 2013		302			$	113,063
Written swaption activity for the period ended March 31, 2013 was as follows:
Swaptions outstanding at December 31, 2012					$	44,625
Swaptions written						—
Swaptions terminated in closing purchase transactions						(44,625	)
Swaptions expired prior to exercise						—
Written swaptions outstanding at March 31, 2013					$	—

---

SMA Relationship Trust - Series T — Portfolio of investments

March 31, 2013 (unaudited)

The following is a summary of the fair valuations according to the inputs used as of March 31, 2013 in valuing the Fund's investments:

Description		Unadjusted quoted prices in active markets for identical investments (Level 1)				Other significant observable inputs (Level 2)				Unobservable inputs (Level 3)			Total
Corporate bonds		$	—			$	34,300,994			$	—		$	34,300,994
Commercial mortgage-backed securities			—				9,875,102				0			9,875,102
Mortgage & agency debt securities			—				43,701,552				—			43,701,552
Municipal bonds			—				1,823,670				—			1,823,670
US government obligations			—				2,796,773				—			2,796,773
Investment companies			—				8,353,537				—			8,353,537
Short-term investment			—				14,522,010				—			14,522,010
Options purchased			148,312				—				—			148,312
Forward foreign currency contracts, net			—				14,341				—			14,341
Futures contracts, net			12,084				—				—			12,084
Swap agreements, net			—				(16,875	)			—			(16,875	)
Options written			(79,452	)			—				—			(79,452	)
Total		$	80,944			$	115,371,104			$	0		$	115,452,048

At March 31, 2013, there were no transfers between Level 1 and Level 2.

Level 3 rollforward disclosure

The following is a rollforward of the Fund’s investments that were valued using unobservable inputs for the period:

		Commercial mortgage-backed Security				Total
Assets
Beginning balance		$	0			$	0
Purchases			—				—
Issuances			—				—
Sales			—				—
Accrued discounts (premiums)			478				478
Total realized gain (loss)			—				—
Change in net unrealized appreciation/depreciation			(478	)			(478	)
Transfers into Level 3			—				—
Transfers out of Level 3			—				—
Ending balance		$	0			$	0

Portfolio footnotes
*		Non-income producing security.
1		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities are considered liquid, unless noted otherwise, and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of these securities amounted to $9,447,602 or 9.34% of net assets.
2		Variable or floating rate security — The interest rate shown is the current rate as of March 31, 2013 and changes periodically.
3		On September 7, 2008, the Federal Housing Finance Agency placed the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association into conservatorship, and the US Treasury guaranteed the debt issued by those organizations.
4		The table below details the Fund’s investments in funds advised by the same advisor as the Fund. The advisor does not earn a management fee from the affiliated UBS Relationship Funds.

Security description		Value 12/31/12			Purchases during the three months ended 03/31/13			Sales during the three months ended 03/31/13			Net realized gain during the three months ended 03/31/13			Change in net unrealized appreciation/ (depreciation) during the three months ended 03/31/13			Value 03/31/13			Net income earned from affiliate for the three months ended 03/31/13
UBS Cash Management         Prime Relationship        Fund		$	10,010,927		$	22,919,495		$	18,408,412		$	—		$	—		$	14,522,010		$	5,959
UBS Credit Bond        Relationship Fund			3,350,784			—			—			—			4,538			3,355,322			—
UBS High Yield        Relationship Fund			1,902,883			3,000,000						—			95,332			4,998,215			—
		$	15,264,594		$	25,919,495		$	18,408,412		$	—		$	99,870		$	22,875,547		$	5,959

5		Payments made or received are based on the notional amount.
6		If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
7		Payments from/to the counterparty will be received/made upon the occurrence of a bankruptcy and/or restructuring event with respect to the referenced index/obligation.
8		If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the underlying securities comprising the referenced index.
9		Security is illiquid. At March 31, 2013, the value of this security and other illiquid derivative instruments amounted to $18,967 or 0.02% of net assets.
10		Credit spreads, represented in absolute terms, utilized in determining the market value as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event occurring for the credit derivative. The credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity. Credit spreads are unaudited.
11		Payment is based on the performance of the underlying iBoxx GBP Corporates Total Return Index.

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Portfolio acronyms
ADR		American depositary receipt
AGC-ICC		Agency Insured Custody Certificate
COP		Certificate of Participation
CVA		Dutch certification - depositary certificate
FDIC		Federal Deposit Insurance Corp.
FGIC		Financial Guaranty Insurance Co.
GO		General Obligation
GS		Goldman Sachs
LIBOR		London Interbank Offered Rate
Preference shares		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
REIT		Real estate investment trust
Re-REMIC		Combined Real Estate Mortgage Investment Conduit
TBA		(To be announced) Security is purchased on a forward commitment basis with an approximate principal amount (generally +/-1.0%) and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement, when the specific mortgage pools are assigned.
Counterparty abbreviations
BB		Barclays Bank PLC
CITI		Citibank N.A.
GSI		Goldman Sachs International
JPMCB		JPMorgan Chase Bank
MSCI		Morgan Stanley & Co. International PLC
RBS		Royal Bank of Scotland PLC
Currency abbreviations
AUD		Australian Dollar
CAD		Canadian Dollar
CHF		Swiss Franc
CZK		Czech Koruna
EUR		Euro
GBP		Great Britain Pound
HKD		Hong Kong Dollar
INR		Indian Rupee
JPY		Japanese Yen
KRW		Korean Won
MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
PHP		Philippine Peso
PLN		Polish Zloty
SEK		Swedish Krona
USD		United States Dollar
ZAR		South African Rand

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Valuation of investments: Each Fund calculates its net asset value based on the current market value, where available, for its portfolio securities. The Funds normally obtain market values for their securities and other instruments 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 securities or instruments. 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 securities or instruments. Securities and other instruments also may be valued based on appraisals derived from information concerning the security or instrument or similar securities or instruments received from recognized dealers in those holdings. Securities and instruments 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. Securities and instruments 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. Securities and instruments 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 securities or instruments are traded on more than one exchange, the securities or instruments are valued on the exchange designated as the primary market by UBS Global Asset Management (Americas) Inc. (“UBS Global AM” or the “Advisor”), the investment advisor of the Funds. UBS Global AM is an indirect wholly owned asset management subsidiary of UBS AG, an internationally diversified organization with headquarters in Zurich and Basel, Switzerland and operations in many areas of the financial services industry. If a market value is not readily available from an independent pricing source for a particular security or instrument, that security or instrument is valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”). Various factors may be reviewed in order to make a good faith determination of a security’s or instrument’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 securities or instruments; and the evaluation of forces which influence the market in which the securities or instruments are purchased and sold. Foreign currency exchange rates are generally determined as of the close of the New York Stock Exchange (“NYSE”).

Certain securities or instruments in which the Funds invest are traded in markets that close before 4:00 p.m., Eastern time. Normally, developments that occur between the close of the foreign markets and 4:00 p.m., Eastern time, will not be reflected in the Fund’s net asset value. However, if any of the Funds determine that such developments are so significant that they will materially affect the value of the Fund’s securities or instruments, the Fund may adjust the previous closing prices to reflect what the Board believes to be the fair value of these securities or instruments as of 4:00 p.m. Eastern time.

Certain Funds may use a systematic fair valuation model provided by an independent third party to value securities or instruments principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. The systematic fair valuation model may use calculations based on indices of domestic securities and other appropriate indicators, such as prices of relevant ADRs and futures contracts. If a security or instrument is valued at a “fair value,” that value is likely to be different from the last quoted market price for the security or instrument. The use of the fair valuation model may result in securities being transferred between Level 1 and Level 2 of the fair valuation hierarchy at the end of the reporting period.

The amortized cost method of valuation, which approximates market value, generally is used to value short-term debt instruments with 60 days or less remaining to maturity, unless the Board determines that this does not represent fair value. Investments in open-end investment companies are valued at the daily closing net asset value of the respective investment company. Pursuant to the Funds’ use of the practical expedient within ASC Topic 820, investments in non-registered investment companies are also valued at the daily net asset value. All investments quoted in foreign currencies will be valued daily in US dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined by the Funds’ custodian.

Futures contracts are generally valued at the settlement price established each day on the exchange on which they are traded. Forward foreign currency contracts are valued daily using forward exchange rates quoted by independent pricing services.

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Swaps are marked-to-market daily based upon values from third party vendors or quotations from market makers to the extent available, and the change in value, if any, is recorded as an unrealized gain or loss on the Statement of assets and liabilities. In the event that market quotations are not readily available or deemed unreliable, the swap is valued at fair value as determined in good faith by or under the direction of the Board.

The Board has delegated to the UBS Global Asset Management Global Valuation Committee (“GVC”) the responsibility for making fair value determinations with respect to the Funds’ portfolio holdings. The GVC is comprised of representatives of management, including members of the investment team.

The GVC provides reports to the Board at each quarterly meeting regarding any securities or instruments that have been fair valued, valued pursuant to standing instructions approved by the GVC, or where non-vendor pricing sources had been used to make fair value determinations when sufficient information exists during the prior quarter. Fair valuation determinations are subject to review at least monthly by the GVC 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 securities or instruments for which such fair value pricing may be necessary include, but are not limited to: foreign securities and instruments under some circumstances, as discussed below, securities of an issuer that has entered into a restructuring; securities or instruments 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 securities or instruments that are restricted as to transfer or resale. The need to fair value a Fund’s portfolio securities and other instruments may also result from low trading volume in foreign markets or thinly traded domestic securities or instruments, and when a security 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 a security’s or instrument’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 securities or instruments; and the evaluation of forces which influence the market in which the securities or instruments are purchased and sold. Valuing securities and other instruments at fair value involves greater reliance on judgment than valuing securities and other instruments 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 Funds’ 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 risk.

Level 3—Unobservable inputs inclusive of the Funds’ own assumptions in determining the fair value of investments.

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

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In January 2013 Accounting Standards Update 2013-01 ("ASU 2013-01"), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced Accounting Standards Update 2011-11 ("ASU 2011-11"), Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Fund's financial statements.

For more information regarding the Funds’ other significant accounting policies, please refer to the Funds’ annual report to shareholders dated December 31, 2012.

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Item 2. Controls and Procedures.

	(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 (“Investment Company Act”)) 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.
	(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 (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

	(a)		Certifications of principal executive officer and principal financial officer of registrant pursuant to Rule 30a-2(a) under the Investment Company Act is attached hereto as Exhibit EX-99.CERT.

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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

By:		/s/ Mark E. Carver
		Mark E. Carver
		President
Date:		May 30, 2013

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.

SMA Relationship Trust

By:		/s/ Mark E. Carver
		Mark E. Carver
		President
Date:		May 30, 2013
By:		/s/ Thomas Disbrow
		Thomas Disbrow
		Treasurer and Principal Accounting Officer
Date:		May 30, 2013

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