As filed with the Securities and Exchange Commission on March 28, 2008
                                                 File Nos. 333-104218; 811-21328


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

                                  FORM N-18F-1


                NOTIFICATION OF ELECTION TO RULE 18f-1 UNDER THE
                         INVESTMENT COMPANY ACT OF 1940


                             SMA RELATIONSHIP TRUST
---------------------------------------------------------------------------------------------------------------------------------------
                           (Exact Name of Registrant)


                            NOTIFICATION OF ELECTION

The undersigned  registered  open-end investment company  ("Registrant")  hereby
notifies the Securities and Exchange  Commission that it elects to commit itself
to pay in cash all  redemptions  by a shareholder  of record as provided by Rule
18f-1 under the  Investment  Company Act of 1940,  with respect to the following
series of the  Registrant:  Series A. It is  understood  that this  election  is
irrevocable to this series of the Registrant  (but is  inapplicable to any other
series of the  Registrant  that had not  previously  made an election,  unless a
future election is made for such other series of the Registrant) while such Rule
is in effect  unless  the  Commission  by order  upon  application  permits  the
withdrawal of this Notification of Election.


                                    SIGNATURE

Pursuant to the  requirements of Rule 18f-1 under the Investment  Company Act of
1940,  the  Registrant  has caused  this  notification  of  election  to be duly
executed  on its behalf in the city of New York and the state of New York on the
28th day of March 2008.


                          Signature: SMA RELATIONSHIP TRUST,
                          on behalf of Series A


                          By:  /s/ Joseph J. Allessie
                               Name: Joseph J. Allessie
                               Title: Vice President and Assistant Secretary

Attest: /s/ Tammie Lee
         Name: Tammie Lee
         Title: Assistant Secretary