# EDGAR Filing Document

**Accession Number:** 0001939052
**File Stem:** 0001133228-26-004540
**Filing Date:** 2026-4
**Character Count:** 244523
**Document Hash:** fe53866edb8d937600c8b4b51a136bb8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-004540.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0001133228-26-004540

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**EFFECTIVENESS DATE**: 20260402

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stone Ridge Trust VIII
- **CENTRAL INDEX KEY:** 0001939052

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23824
- **FILM NUMBER:** 26832841

**BUSINESS ADDRESS:**
- **STREET 1:** ONE VANDERBILT AVENUE
- **STREET 2:** 65TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-202-3138

**MAIL ADDRESS:**
- **STREET 1:** ONE VANDERBILT AVENUE
- **STREET 2:** 65TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

?xml version='1.0' encoding='ASCII'?

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 **<u>811-23824</u>**

**<u>Stone Ridge Trust VIII</u>**

(Exact name of registrant as specified in charter)

**<u>One Vanderbilt Avenue, 65<sup>th</sup> Floor</u>**

**<u>New York, New York 10017</u>**

(Address of principal executive offices) (Zip code)

**<u>Stone Ridge Asset Management LLC</u>**

**<u>One Vanderbilt Avenue, 65<sup>th</sup> Floor</u>**

**<u>New York, New York 10017</u>**

(Name and address of agent for service)

**<u>(855) 609-3680</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>July 31, 2026</u>**

Date of reporting period: **<u>January 31, 2026</u>**

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

(a) Semi-Annual Report

January 31, 2026

Unaudited

![](stoneridge_logo.jpg)

Stone Ridge Art Risk Premium Fund

------

**Table of Contents**

---

| | |
|:---|:---|
| [Allocation of Portfolio Holdings (Unaudited)](#ap1) | [2](#ap1) |
| [Consolidated Schedule of Investments (Unaudited)](#soi) | [3](#soi) |
| [Consolidated Statement of Assets and Liabilities (Unaudited)](#sal) | [14](#sal) |
| [Consolidated Statement of Operations (Unaudited)](#sop) | [15](#sop) |
| [Consolidated Statement of Changes in Net Assets (Unaudited)](#scna) | [16](#scna) |
| [Consolidated Statement of Cash Flows (Unaudited)](#scf) | [17](#scf) |
| [Consolidated Financial Highlights (Unaudited)](#fih) | [18](#fih) |
| [Notes to Consolidated Financial Statements (Unaudited)](#notes) | [20](#notes) |
| [Expense Examples (Unaudited)](#ee1) | [31](#ee1) |
| [Additional Information (Unaudited)](#ai1) | [32](#ai1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

&nbsp;&nbsp;&nbsp;&nbsp; **ALLOCATION OF PORTFOLIO HOLDINGS AT January 31, 2026 (Unaudited)** <br>

---

| | | |
|:---|:---|:---|
| **STONE RIDGE ART RISK PREMIUM FUND** <br>**PORTFOLIO ALLOCATION BY ASSET TYPE**  | **STONE RIDGE ART RISK PREMIUM FUND** <br>**PORTFOLIO ALLOCATION BY ASSET TYPE**  | **STONE RIDGE ART RISK PREMIUM FUND** <br>**PORTFOLIO ALLOCATION BY ASSET TYPE**  |
|  Class A Equity Shares  | $108826148  | 96.8%  |
|  Short-Term Investments  | 581758  | 0.5%  |
|  Assets in Excess of Other Liabilities<sup>(1)</sup>  | 3088192  | 2.7%  |
|  Net Assets  | $112496098  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Cash, cash equivalents, prepaid
 forward contracts and assets in excess of other liabilities.

---

| | |
|:---|:---|
| **2** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **CLASS A EQUITY SHARES** |  |  |
|  **Art (a) (b) (c) - 96.8%** | **Art (a) (b) (c) - 96.8%** | **Art (a) (b) (c) - 96.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 040, LxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x xLxixdxlxexsxsx xExyxex,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $114,808, Initial Acquisition Date: 03/28/2023) | 8835 | $100833  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $5,306, Acquisition Date: 08/29/2025)(d) | 660 | 7533  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 041, LxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xZxixexgxex,x 1984 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $437,337, Acquisition Date: 03/28/2023) | 22709 | 399356  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $66,400, Acquisition Date: 08/29/2025)(d) | 5000 | 87929  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 042, LxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xDxaxrxkx xMxixlxkx,x 1986 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $362,749, Initial Acquisition Date: 03/28/2023) | 36778 | 888214  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $151,817, Acquisition Date: 08/29/2025)(d) | 8337 | 201344  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 043, LxLxCx-xHxaxrxixnxgx,x xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $575,705, Acquisition Date: 03/28/2023) | 31752 | 480639  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 044, LxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xMxixsxsxixsxsxixpxpxix,x 1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $632,411, Acquisition Date: 03/28/2023) | 33233 | 767111  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 046, LxLxCx-xHxexrxrxexrxax,x xCxaxrxmxexnx;x xGxrxexexnx xaxnxdx xOxrxaxnxgxex,x 1958 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $755,839, Initial Acquisition Date: 03/28/2023) | 32081 | 718444  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,639, Acquisition Date: 08/29/2025)(d) | 240 | 5375  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 047, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xLxixsxtxexnxixnxgx xtxox xVxoxixcxexsx,x 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $169,134, Acquisition Date: 03/28/2023) | 8308 | 158185  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $57,838, Acquisition Date: 08/29/2025)(d) | 3908 | 74409  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 048, LxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x xUxnxtxixtxlxexdx,x 2007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $63,475, Initial Acquisition Date: 03/28/2023) | 4040 | 87488  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,963, Acquisition Date: 08/29/2025)(d) | 306 | 6627  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 049, LxLxCx-xTxexhx-xCxhxuxnx,x xCxhxux;x xPxrxixnxtxexmxpxsx xHxixvxexrxnxaxlx,x <br>1986-1987 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,235,825, Initial Acquisition Date: 03/28/2023) | 70092 | 1106430  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $6,270, Acquisition Date: 08/29/2025)(d) | 526 | 8303  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 050, LxLxCx-xSxhxixrxaxgxax,x xKxaxzxuxox;x xKxoxsxhxax,x 1992 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $619,408, Initial Acquisition Date: 03/28/2023) | 34682 | 676135  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,812, Acquisition Date: 08/29/2025)(d) | 259 | 5049  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 053, LxLxCx-xWxoxoxlx,x xCxhxrxixsxtxoxpxhxexrx;x xUxnxtxixtxlxexdx,x 1997 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $439,150, Initial Acquisition Date: 03/28/2023) | 26183 | $302804  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 054, LxLxCx-xMxixtxcxhxexlxlx,x xJxoxaxnx;x x1x2x xHxaxwxkxsx xaxtx x3x xOx'xCxlxoxcxkx,x 1962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,435,469, Initial Acquisition Date: 03/28/2023) | 137421 | 3485313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $113,465, Acquisition Date: 08/29/2025)(d) | 6180 | 156739  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 055, LxLxCx-xMxaxrxtxixnx,x xAxgxnxexsx;x xUxnxtxixtxlxexdx x#x1x2x,x 1988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,423,736, Initial Acquisition Date: 03/28/2023) | 61178 | 1424958  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $6,949, Acquisition Date: 08/29/2025)(d) | 459 | 10691  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 056, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xUxnxtxixtxlxexdx,x 1967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,098,247, Acquisition Date: 03/28/2023) | 65886 | 888973  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 057, LxLxCx-xGxixlxlxixaxmx,x xSxaxmx;x xTxhxrxoxuxgxhx,x 1970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $368,650, Initial Acquisition Date: 03/28/2023) | 18950 | 319637  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,872, Acquisition Date: 08/29/2025)(d) | 143 | 2412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 058, LxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xAxlxlx xCxoxlxoxrxexdx x<br>Cxaxsxtx xIxIx,x 1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,298,541, Initial Acquisition Date: 03/28/2023) | 141728 | 2963660  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $201,209, Acquisition Date: 08/29/2025)(d) | 12759 | 266802  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 059, LxLxCx-xHxaxrxixnxgx,x xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1984 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $677,421, Acquisition Date: 03/28/2023) | 42995 | 590313  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 062, LxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xAxbxsxtxrxaxkxtxexsx xBxixlxdx x<br>9x0x8x-x8x,x 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $690,102, Initial Acquisition Date: 03/28/2023) | 31493 | 443299  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $7,083, Acquisition Date: 08/29/2025)(d) | 714 | 10050  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 063, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xPxlxaxaxox)x,x 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $513,217, Acquisition Date: 03/28/2023) | 29125 | 290481  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 064, LxLxCx-xHxaxrxixnxgx,x xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,520,910, Initial Acquisition Date: 03/28/2023) | 87882 | 1574625  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $23,995, Acquisition Date: 08/29/2025)(d) | 1988 | 35620  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026<sub>3</sub>

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 066, LxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x xAxnxtxexlxoxpxex xAxtxtxaxcxkxexdx xNxexaxrx xGxaxsx xPxixpxex,x 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $682,176, Initial Acquisition Date: 03/28/2023) | 32698 | $588636  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,343, Acquisition Date: 08/29/2025)(d) | 246 | 4429  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 068, LxLxCx-xWxoxux-xKxix,x xZxaxox;x x2x2x.x0x1x.x6x8x,x 1968 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $895,862, Initial Acquisition Date: 03/28/2023) | 52648 | 885212  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $5,013, Acquisition Date: 08/29/2025)(d) | 395 | 6641  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 071, LxLxCx-xWxaxrxhxoxlx,x xAxnxdxyx;x xDxoxlxlxaxrx xSxixgxnx,x 1981 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $207,857, Initial Acquisition Date: 03/28/2023) | 10756 | 108075  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 072, LxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x xUxnxtxixtxlxexdx xPxixnxkx x(xSxfxmxoxmxax xBxexnxexfxixtx)x,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $740,344, Initial Acquisition Date: 03/28/2023) | 37823 | 737601  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,283, Acquisition Date: 08/29/2025)(d) | 284 | 5538  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 073, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxaxcxixfxixcx-xOxcxexaxnx,x 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $551,940, Acquisition Date: 03/28/2023) | 32599 | 286871  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 074, LxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xRxexdx xRxaxbxbxixtx,x 1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,405,295, Initial Acquisition Date: 03/28/2023) | 78210 | 1705087  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $81,773, Acquisition Date: 08/29/2025)(d) | 4974 | 108440  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 075, LxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xAxbxsxtxrxaxkxtxexsx xBxixlxdx x<br>9x4x0x-x7x,x 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $948,274, Initial Acquisition Date: 06/09/2023) | 60008 | 1041234  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $57,692, Acquisition Date: 08/29/2025)(d) | 4404 | 76416  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 076, LxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex x8x1x xxx x8x1x xcxmx,x x<br>1x7x xFxéxvxrxixexrx 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $245,876, Initial Acquisition Date: 03/28/2023) | 12366 | 119512  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $745, Acquisition Date: 08/29/2025)(d) | 93 | 899  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 079, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xSxexax xixnx xtxhxex xExvxexnxixnxgx xGxlxoxwx,x 1995 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $465,218, Acquisition Date: 03/28/2023) | 27051 | 305114  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 080, LxLxCx-xGxixlxlxixaxmx,x xSxaxmx;x xAxtxmxoxsxpxhxexrxex,x 1980 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $168,886, Initial Acquisition Date: 06/09/2023) | 11330 | 245017  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $13,403, Acquisition Date: 08/29/2025)(d) | 804 | 17387  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 083, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxuxmxpxkxixnx,x 1991 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $765,534, Initial Acquisition Date: 03/28/2023) | 38099 | $801515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,552, Acquisition Date: 08/29/2025)(d) | 287 | 6038  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 084, LxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x xOxhxnxex xTxixtxexlx,x 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $232,897, Initial Acquisition Date: 03/28/2023) | 12403 | 172960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 088, LxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xAxbxsxtxrxaxkxtxexsx xBxixlxdx x<br>5x7x6x-x2x,x 1985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $683,510, Acquisition Date: 06/09/2023) | 40312 | 562086  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 089, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xMxixnxexrxaxlx xKxixnxgxdxoxmx,x 1976 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $212,362, Initial Acquisition Date: 06/09/2023) | 11642 | 295498  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $15,963, Acquisition Date: 08/29/2025)(d) | 834 | 21169  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 090, LxLxCx-xWxoxoxlx,x xCxhxrxixsxtxoxpxhxexrx;x xUxnxtxixtxlxexdx,x 1995 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,337,965, Initial Acquisition Date: 06/09/2023) | 72921 | 1342826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $41,783, Acquisition Date: 08/29/2025)(d) | 3006 | 55355  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 091, LxLxCx-xWxoxoxlx,x xCxhxrxixsxtxoxpxhxexrx;x xUxnxtxixtxlxexdx,x 1990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $838,623, Initial Acquisition Date: 06/09/2023) | 50670 | 1681701  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $41,806, Acquisition Date: 08/29/2025)(d) | 3036 | 100763  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 092, LxLxCx-xBxaxnxkxsxyx;x xSxuxnxfxlxoxwxexrxsx xfxrxoxmx xPxextxrxoxlx xSxtxaxtxixoxnx,x 2005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,264,893, Initial Acquisition Date: 06/09/2023) | 86502 | 1518932  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $83,618, Acquisition Date: 08/29/2025)(d) | 6306 | 110730  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 093, LxLxCx-xRxuxsxcxhxax,x xExdxwxaxrxdx;x xRxixpxex,x 1967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,903,775, Initial Acquisition Date: 03/28/2023) | 219101 | 4138357  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $141,411, Acquisition Date: 08/29/2025)(d) | 8586 | 162172  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 095, LxLxCx-xSxhxixrxaxgxax,x xKxaxzxuxox;x xCxhxixkxexnx-xsxexix xKxexnxdxoxsxhxixnx,x 1961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $585,910, Initial Acquisition Date: 06/09/2023) | 36524 | 653300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $19,521, Acquisition Date: 08/29/2025)(d) | 1446 | 25865  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 096, LxLxCx-xRxuxsxcxhxax,x xExdxwxaxrxdx;x xVxaxrxixextxixexsx xoxfx xIxnxtxexrxnxaxlx xTxoxrxmxexnxtx,x 1998 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $669,357, Initial Acquisition Date: 06/09/2023) | 39434 | 850547  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $25,756, Acquisition Date: 08/29/2025)(d) | 1584 | 34165  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

---

| | |
|:---|:---|
| **4** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 097, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xRxexdx xGxoxdx,x 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $447,138, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 24848 | $443813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $29,524, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 1818 | 32472  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 098, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xBxCxOx)x,x 2013 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $458,462, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 21054 | 336737  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $13,409, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 1110 | 17753  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 099, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xMxaxrxyx xMxaxgxdxaxlxexnxex,x 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $60,532, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 3478 | 56130  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,069, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 252 | 4067  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 101, LxLxCx-xRxoxtxhxkxox,x xMxaxrxkx;x xUxnxtxixtxlxexdx,x 1968 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,411,886, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 84521 | 1534377  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $47,382, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 3456 | 62740  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 103, LxLxCx-xWxoxoxdx,x xJxoxnxaxsx;x xCxoxlxlxaxbxoxrxaxtxixoxnx xAxpxpxrxoxpxrxixaxtxixoxnx x6x,x 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $196,773, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 12515 | 321329  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $14,929, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 912 | 23416  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 104, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxuxmxpxkxixnx,x 1999 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $100,277, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 7956 | 135699  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $9,505, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 738 | 12587  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 105, LxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xSxhxaxdxoxwxexdx xPxlxaxcxex,x 1985 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $362,980, Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 25947 | 232651  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 106, LxLxCx-xMxixtxcxhxexlxlx,x xJxoxaxnx;x xUxnxtxixtxlxexdx x(xBxuxixsxsxoxnxnxixexrxex)x,x 1962 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $816,962, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 38879 | 826571  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,866, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 291 | 6187  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 107, LxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex x1x4x3x xXx x2x0x2x xCxmx,x x3x xJxaxnxvxixexrx 2019, 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $158,613, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 10193 | 101229  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $6,971, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 744 | 7389  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 108, LxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xAxrxcxaxnxex,x 1972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $728,230, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 36921 | 737604  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,174, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 277 | 5534  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 109, LxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x xNxox xHxoxpxexlxexsxsx,x 2007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,367,524, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 77884 | $1431819  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $38,975, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 2808 | 51622  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 110, LxLxCx-xHxaxrxixnxgx,x xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $472,042, Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 26571 | 309430  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 111, LxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x x1x0x1x xKxoxpxfxex,x 2005 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $493,449, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 30878 | 293217  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 112, LxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex x9x2x xXx x6x5x xCxmx,x x<br>1x3x xMxaxrxsx 2015, 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $62,853, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 3811 | 29579  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 113, LxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x xUxnxtxixtxlxexdx,x 2001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $171,397, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 10605 | 136856  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $8,939, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 780 | 10066  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 114, LxLxCx-xWxaxrxhxoxlx,x xAxnxdxyx;x xFxlxoxwxexrxsx,x 1964 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $211,448, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 15366 | 319304  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $22,095, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 1410 | 29300  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 115, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xJxAxAxTxOx)x,x 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $189,472, Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 9039 | 79676  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 116, LxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x xPxrxoxmxixsxex xLxaxnxdx,x 2012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,264,146, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 69220 | 1123890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $27,879, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 2274 | 36922  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 117, LxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xUxnxtxixtxlxexdx,x 1984 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $757,412, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 49096 | 670725  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 118, LxLxCx-xLxixgxoxnx,x xGxlxexnxnx;x xSxtxrxaxnxgxexrx x#x5x5x,x 2011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $346,127, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 21741 | 360809  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $8,730, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 652 | 10820  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 120, LxLxCx-xBxaxnxkxsxyx;x x<br>Rxaxtx x&x xHxexaxrxtx,x 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $30,813, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 2899 | 28756  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,796, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 336 | 3333  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026<sub>5</sub>

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 121, LxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x xMxyx xWxhxoxlxex xFxaxmxixlxyx xixsx xfxrxoxmx xPxhxixlxlxyx,x 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,951,281, Initial Acquisition Date: 03/28/2023) | 100021 | $1475309  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $8,355, Acquisition Date: 08/29/2025)(d) | 750 | 11062  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 122, LxLxCx-xBxaxnxkxsxyx;x xAxgxexnxcxyx xJxoxbx x(xGxlxexaxnxexrxsx)x,x 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $602,678, Initial Acquisition Date: 06/09/2023) | 37971 | 632836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $55,707, Acquisition Date: 08/29/2025)(d) | 4650 | 77498  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 123, LxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x xGxlxaxtxtx x(xSxmxoxoxtxhx)x,x 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $94,595, Initial Acquisition Date: 06/09/2023) | 6852 | 71985  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 124, LxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xBxlxuxex xQxuxixvxexrx,x 1983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $753,555, Initial Acquisition Date: 03/28/2023) | 42974 | 688513  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,908, Acquisition Date: 08/29/2025)(d) | 323 | 5175  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 125, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xTxrxaxnxsxpxaxrxexnxtx xFxixgxuxrxexsx,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $919,345, Initial Acquisition Date: 06/09/2023) | 41369 | 1131653  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $23,059, Acquisition Date: 08/29/2025)(d) | 1326 | 36273  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 126, LxLxCx-xKxaxwxsx;x xCxhxuxmx x(xKxCxOx9x)x,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $68,264, Initial Acquisition Date: 06/09/2023) | 4198 | 65801  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,052, Acquisition Date: 08/29/2025)(d) | 258 | 4044  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 127, LxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x xAxnxtxexlxoxpxex xAxtxtxaxcxkxexdx xNxexaxrx xGxaxsx xPxixpxex x2x,x 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $580,741, Initial Acquisition Date: 06/09/2023) | 30931 | 588462  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $13,786, Acquisition Date: 08/29/2025)(d) | 960 | 18264  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 128, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xKxHxNx)x,x 2011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $176,823, Initial Acquisition Date: 06/09/2023) | 12581 | 191018  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $39,285, Acquisition Date: 08/29/2025)(d) | 3428 | 52047  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 129, LxLxCx-xSxhxixrxaxgxax,x xKxaxzxuxox;x xCxhxixsxuxixsxexix xTxsxuxhxixexnx,x 1961 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $593,395, Initial Acquisition Date: 06/09/2023) | 28677 | 675143  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $16,082, Acquisition Date: 08/29/2025)(d) | 906 | 21330  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 130, LxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x xTxhxex xTxrxixpx,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,237,693, Acquisition Date: 03/28/2023) | 62190 | 641291  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 131, LxLxCx-xFxoxnxtxaxnxax,x xLxuxcxixox;x xCxoxnxcxextxtxox xSxpxaxzxixaxlxex,x xAxtxtxexsxex,x 1964-5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $238,487, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 15750 | $230395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $12,508, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 1032 | 15096  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 132, LxLxCx-xBxoxextxtxix,x xAxlxixgxhxixexrxox;x xSxexnxzxax xTxixtxoxlxox x(xIx xVxexrxbxix xIxrxrxexgxoxlxaxrxix,x xTxoxcxcxhxix xEx xRxixnxtxoxcxcxhxix,x xPxexrx xNxuxoxvxix xDxexsxixdxexrxix)x,1989 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $39,311, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 2835 | 53834  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,872, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 270 | 5127  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 133, LxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x xAxbxsxtxrxaxkxtxexsx xBxixlxdx x<br>6x6x5x-x4x,x 1988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $295,283, Initial Acquisition Date: 06/09/2023) | &nbsp;&nbsp;&nbsp; 14872 | 255037  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $10,101, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 780 | 13376  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 136, LxLxCx-xPxrxixnxcxex,x xRxixcxhxaxrxdx;x xAxrxex xYxoxux xKxixdxdxixnxgx?x,x 1988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $502,972, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 28644 | 393412  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,266, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 214 | 2939  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 139, LxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x xUxnxtxixtxlxexdx x(x2x2x/x8x7x)x,x 1987 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $420,364, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 25638 | 363375  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $5,784, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 579 | 8206  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 140, LxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xTxixnxcxtx,x 1972 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $796,069, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 40730 | 737665  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,183, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 306 | 5542  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 142, LxLxCx-xUxexcxkxexrx,x xGxuxnxtxhxexrx;x xFxexlxdx x8x3x/x8x4x,x 1983-4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $412,641, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 23560 | 289004  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,936, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 533 | 6538  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 145, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xRxexdx xPxuxmxpxkxixnx,x 1996 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $155,744, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 8025 | 150010  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $869, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 60 | 1122  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 146, LxLxCx-xRxuxsxcxhxax,x xExdxwxaxrxdx;x xSxexaxfxoxoxdx xSxtxoxcxkx,x 1986 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $405,256, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 20712 | 368864  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,098, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 156 | 2778  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

---

| | |
|:---|:---|
| **6** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 147, LxLxCx-xAxnxdxrxex,x xCxaxrxlx;x xMxaxgxnxexsxixuxmx-xLxexaxdx xPxlxaxixnx,x 1969 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $474,836, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 24209 | $371761  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,098, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 181 | 2779  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 148, LxLxCx-xGxixlxlxixaxmx,x xSxaxmx;x xSxoxnxgx xTxrxoxpxixex,x 1973 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $222,866, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 11994 | 270831  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,318, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 272 | 6142  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 152, LxLxCx-xWxaxrxhxoxlx,x xAxnxdxyx;x xDxoxlxlxaxrx xSxixgxnx,x 1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $180,970, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 9313 | 147515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $849, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 71 | 1125  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 153, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xTxextxhxyxsx,x 1981 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $335,305, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 17164 | 363729  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,061, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 129 | 2734  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 154, LxLxCx-xKxaxwxsx;x xCxhxuxmx x(xKxCxBx1x)x,x 2012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $425,036, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 21808 | 393401  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,801, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 163 | 2940  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 156, LxLxCx-xHxaxrxixnxgx,x xKxexixtxhx;x xUxnxtxixtxlxexdx xNxox.x x1x0x,x 1988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $682,250, Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 45604 | 594521  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 157, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xRxoxdxrxixgxox xaxnxdx xHxixsx xMxixsxtxrxexsxsx,x 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $279,046, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 14262 | 245743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,660, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 107 | 1844  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 158, LxLxCx-xMxexhxrxextxux,x xJxuxlxixex;x xUxnxtxixtxlxexdx,x 2012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $176,083, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 9008 | 222881  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,269, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 68 | 1682  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 159, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxuxmxpxkxixnx x(xOx.xKxex)x,x 2004 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $416,159, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 23046 | 485621  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,749, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 173 | 3645  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 160, LxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex x9x2x xXx x7x3x xCxmx,x x<br>2x5x xOxcxtxoxbxrxex 1987, 1987 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $302,122, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 16438 | 181741  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 162, LxLxCx-xJxoxhxnxsxoxnx,x xRxaxsxhxixdx;x xUxnxtxixtxlxexdx x(xExsxcxaxpxex xCxoxlxlxaxgxex)x,x 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $275,517, Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 13820 | $122507  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,695, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 567 | 5026  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 163, LxLxCx-xKxaxtxzx,x xAxlxexxx;x xKxyxmx,x 2004 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $171,414, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 7874 | 193761  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,017, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 59 | 1452  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 164, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xDxkxkxnx)x,x 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $689,025, Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 34549 | 297505  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 165, LxLxCx-xJxuxdxdx,x xDxoxnxaxlxdx;x xUxnxtxixtxlxexdx,x 1988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $296,139, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 12890 | 275900  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,549, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 96 | 2055  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 166, LxLxCx-xKxaxwxsx;x xKxuxrxfxsx x(xLxaxuxgxhxixnxgx)x,x 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $523,817, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 27234 | 513890  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,123, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 204 | 3849  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 167, LxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xDxexlxoxsx,x 1983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $754,206, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 38225 | 737586  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,182, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 287 | 5538  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 168, LxLxCx-xOxwxexnxsx,x xLxaxuxrxax;x xUxnxtxixtxlxexdx,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $193,545, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 9900 | 196710  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,125, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 75 | 1490  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 169, LxLxCx-xWxhxixtxnxexyx,x xSxtxaxnxlxexyx;x xMxoxrxnxixnxgx xBxixrxdx,x 2022 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $234,203, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 11972 | 205909  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,379, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 271 | 4661  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 171, LxLxCx-xWxhxixtxnxexyx,x xSxtxaxnxlxexyx;x xMxexmxoxrxyx xGxaxrxdxexnx,x 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $222,877, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 11384 | 157460  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,742, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 258 | 3569  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 172, LxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x xKxaxpxuxtxtx xPxuxpx xKxixnxgx,x 1999 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $390,604, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 20029 | 382107  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,160, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 150 | 2862  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026<sub>7</sub>

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 173, LxLxCx-xYxixaxdxoxmx-xBxoxaxkxyxex,x xLxyxnxextxtxex;x xOxyxsxtxexrx,x 2012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $385,530, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 19708 | $218020  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 174, LxLxCx-xCxhxaxnxexlx xAxbxnxexyx,x xNxixnxax;x xAxnxyxtxixmxex,x xAxnxyxpxlxaxcxex,x 2018 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $133,313, Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 6026 | 53531  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 176, LxLxCx-xKxaxwxsx;x xUxnxtxixtxlxexdx x(xKxuxrxfx)x,x 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $395,212, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 20022 | 419398  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,590, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 150 | 3142  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 177, LxLxCx-xKxaxtxzx,x xAxlxexxx;x xPxixnxkx xKxixmxoxnxox,x xIxsxaxaxcx xMxixzxrxaxhxix xSxexrxixexsx,x 1994 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $360,703, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 19957 | 430906  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,406, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 150 | 3239  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 178, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xBxrxixdxex'xsx xDxoxoxrx,x 1967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $588,914, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 29822 | 630715  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,557, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 223 | 4716  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 179, LxLxCx-xWxoxux-xKxix,x xZxaxox;x x1x7x.x0x2x.x7x1x-x1x2x.x0x5x.x7x6x,x 1971 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $434,160, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 23931 | 363363  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $6,223, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 543 | 8245  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 180, LxLxCx-xWxhxixtxnxexyx,x xSxtxaxnxlxexyx;x xIx xSxixnxgx xRxexdx xaxnxdx xBxlxuxex,x 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $223,055, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 11251 | 157481  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,735, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 254 | 3555  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 182, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xPxuxmxpxkxixnx,x 1996 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $153,736, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 7854 | 169099  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $923, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 59 | 1270  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 186, LxLxCx-xPxaxrxtxyx,x xNxixcxoxlxaxsx;x xLxaxnxdxsxcxaxpxex,x 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $663,340, Initial Acquisition Date: 04/12/2023) | &nbsp;&nbsp;&nbsp; 33634 | 472386  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 191, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xGxrxexexnx xaxnxdx xPxuxrxpxlxex xCxoxmxpxoxsxixtxixoxnx,x 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,065,035, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 53963 | 909735  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $5,293, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 405 | 6828  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 192, LxLxCx-xOxexhxlxexnx,x xAxlxbxexrxtx;x xAxuxfx x(xDxexrx xSxtxrxaxsxsxex)x xSxcxhxrxexixbxexnx x(xWxrxixtxixnxgx x(xOxnx xTxhxex xSxtxrxexextx)x)x,x 2000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $420,091, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 21300 | $271677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,384, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 161 | 2054  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 193, LxLxCx-xHxexrxrxexrxax,x xCxaxrxmxexnx;x xNxoxcxhxex xVxexrxdxex,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $158,482, Initial Acquisition Date: 03/28/2023) | &nbsp;&nbsp;&nbsp; 8085 | 170016  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,025, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 60 | 1262  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 196, LxLxCx-xMxixtxcxhxexlxlx,x xJxoxaxnx;x xUxnxtxixtxlxexdx,x xCx.x 1956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $897,102, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 45392 | 870196  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $5,165, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 340 | 6518  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 197, LxLxCx-xHxoxcxkxnxexyx,x xDxaxvxixdx;x xSxuxnxfxlxoxwxexrx xaxnxdx xTxhxrxexex xOxrxaxnxgxexsx,x 1996 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,067,747, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 53975 | 1313395  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $7,432, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 405 | 9855  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 214, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xPxixlxoxtx,x 1978 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $448,869, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 22721 | 484280  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,748, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 171 | 3645  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 215, LxLxCx-xBxoxextxtxix,x xAxlxixgxhxixexrxox;x xMxaxpxpxax,x 1983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $673,128, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 34082 | 583978  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,473, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 255 | 4369  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 217, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xCxoxnxsxtxrxuxcxtxexdx xFxaxcxex,x 2013 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $497,500, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 25183 | 363353  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $5,797, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 570 | 8224  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 218, LxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xGxrxexexnxsxlxexexvxexsx,x 1983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $644,930, Initial Acquisition Date: 05/26/2023) | &nbsp;&nbsp;&nbsp; 32662 | 639278  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,606, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 244 | 4776  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 219, LxLxCx-xHxaxrxixnxgx,x xKxexixtxhx;x xUxnxtxixtxlxexdx,x 1984 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,053,020, Acquisition Date: 05/30/2023) | &nbsp;&nbsp;&nbsp; 52651 | 719107  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

---

| | |
|:---|:---|
| **8** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 228, LxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x xUxnxdxexrx xtxhxex xHxaxzxyx xSxkxyx,x 2012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,552,080, Initial Acquisition Date: 05/30/2023) | 129184 | $2581769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $18,566, Acquisition Date: 08/29/2025)(d) | 968 | 19346  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 230, LxLxCx-xKxaxwxsx;x xCxhxuxmx x(xKxCxBx8x)x,x 2012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $434,066, Initial Acquisition Date: 05/26/2023) | 22019 | 393425  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,818, Acquisition Date: 08/29/2025)(d) | 165 | 2948  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 236, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xExaxsxtxexrx xSxuxnxdxaxyx,x 2011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $713,881, Initial Acquisition Date: 05/26/2023) | 36146 | 783872  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,453, Acquisition Date: 08/29/2025)(d) | 272 | 5899  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 239, LxLxCx-xBxrxoxwxnx,x xCxexcxixlxyx;x xTxhxex xNxyxmxpxhxsx xHxaxvxex xDxexpxaxrxtxexdx,x 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,156,600, Initial Acquisition Date: 05/26/2023) | 58452 | 1377228  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $19,630, Acquisition Date: 08/29/2025)(d) | 1321 | 31125  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 241, LxLxCx-xPxaxrxtxyx,x xNxixcxoxlxaxsx;x xTxrxexexsx,x 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $481,820, Initial Acquisition Date: 05/26/2023) | 24389 | 423913  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $7,242, Acquisition Date: 08/29/2025)(d) | 552 | 9594  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 245, LxLxCx-xAxyx xTxjxoxex,x xCxhxrxixsxtxixnxex;x xLxaxyxexrx xaxsx xax xHxixdxixnxgx xPxlxaxcxex,x 2013 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $408,293, Initial Acquisition Date: 05/26/2023) | 20599 | 416823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,350, Acquisition Date: 08/29/2025)(d) | 154 | 3116  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 254, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xIxnxsxixdxex xtxhxex xWxexsxtx xWxixnxgx,x 1957 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $693,480, Acquisition Date: 01/12/2024) | 34674 | 506147  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $11,995, Acquisition Date: 08/29/2025)(d) | 952 | 13897  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 258, LxLxCx-xGxixlxlxixaxmx,x xSxaxmx;x xUxnxtxixtxlxexdx,x 1970 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $416,080, Acquisition Date: 10/30/2023) | 20804 | 314147  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 261, LxLxCx-xWxoxnxgx,x xMxaxtxtxhxexwx;x xUxnxtxixtxlxexdx,x 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $774,362, Initial Acquisition Date: 05/26/2023) | 39057 | 795502  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,485, Acquisition Date: 08/29/2025)(d) | 292 | 5947  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 262, LxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xUxnxtxixtxlxexdx,x 1983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,236,264, Initial Acquisition Date: 10/30/2023) | 113728 | 2478610  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $98,087, Acquisition Date: 08/29/2025)(d) | 5970 | 130111  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 268, LxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x xWxoxuxnxdxexdx,x 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,687,589, Initial Acquisition Date: 10/30/2023) | 84816 | $1598298  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $9,036, Acquisition Date: 08/29/2025)(d) | 635 | 11966  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 273, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x xHxuxmxaxnx xRxaxgxex,x 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $534,414, Initial Acquisition Date: 10/30/2023) | 26813 | 491764  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,784, Acquisition Date: 08/29/2025)(d) | 201 | 3686  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 274, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x x xPxoxlxixtxixcxaxlx xCxaxrxtxoxoxnx xAxbxsxtxrxaxcxtxixoxnx,x 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $502,403, Initial Acquisition Date: 03/05/2024) | 25121 | 491769  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,793, Acquisition Date: 08/29/2025)(d) | 189 | 3700  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 275, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xSxixlxvxexrx-xNxextxsx x(xTxwxhxexrxox)x,x 2007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $751,700, Acquisition Date: 10/30/2023) | 37585 | 338318  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 278, LxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x xMxaxqxuxaxnx,x 2015 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $604,070, Initial Acquisition Date: 01/03/2024) | 30242 | 586918  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,709, Acquisition Date: 08/29/2025)(d) | 227 | 4405  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 279, LxLxCx-xKxuxsxaxmxax,x xYxaxyxoxix;x xNxextxsx xOxbxsxexsxsxixoxnx x(xTxoxwxex)x,x 2002 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $554,780, Initial Acquisition Date: 10/30/2023) | 27808 | 230142  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 282, LxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x x xPxoxlxlxox xFxrxixtxox,x 1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,400,000, Acquisition Date: 03/26/2024) | 120000 | 2442312  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $483,784, Acquisition Date: 08/29/2025)(d) | 32622 | 663943  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 286, LxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x x xSxexax xMxoxnxsxtxexrx,x 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,190,993, Initial Acquisition Date: 03/05/2024) | 59557 | 1053635  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $5,972, Acquisition Date: 08/29/2025)(d) | 447 | 7908  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 300, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xOxvxexrx xaxnxdx xAxbxoxvxex,x 1975 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $395,758, Initial Acquisition Date: 10/30/2023) | 19835 | 767871  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,109, Acquisition Date: 08/29/2025)(d) | 148 | 5730  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 304, LxLxCx-xSxcxhxaxrxfx,x xKxexnxnxyx;x x xExvxoxlxuxtxixoxnx xRxexvxoxlxuxtxixoxnx xIxvx,x 2023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $172,282, Initial Acquisition Date: 03/05/2024) | 8682 | 168783  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,293, Acquisition Date: 08/29/2025)(d) | 263 | 5113  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026<sub>9</sub>

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 309, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x x xUxnxtxixtxlxexdx x(xPxaxixnxtxixnxgx xDxrxaxwxixnxgx x6x)x,x 2011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $184,239, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 9330 | $181410  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $12,687, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 762 | 14816  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 311, LxLxCx-xRxuxsxcxhxax,x xExdxwxaxrxdx;x xMxaxnxuxaxlx xMxoxbxixlxixtxyx,x 1994 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $898,294, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 44913 | 1359894  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $6,700, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 337 | 10204  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 312, LxLxCx-xRxyxmxaxnx,x xRxoxbxexrxtx;x x xFxixlxex,x 1997 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $434,520, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 21726 | 490154  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,208, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 162 | 3655  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 318, LxLxCx-xPxexyxtxoxnx,x xExlxixzxaxbxextxhx;x x xHxaxixrxcxuxtx x(xBxexnx x&x xSxpxexnxcxexrx)x,x 2002 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $125,973, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 6296 | 162856  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,003, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 47 | 1216  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 325, LxLxCx-xCxoxnxdxox,x xGxexoxrxgxex;x x xExcxsxtxaxtxixcx xFxixgxuxrxexsx,x 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $859,900, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 42995 | 736887  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,775, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 369 | 6324  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 326, LxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex x1x2x8x xXx x1x8x1x xCxmx,x 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $416,080, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 20804 | 276337  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 329, LxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $138,840, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 6953 | 135170  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,848, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 194 | 3771  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 334, LxLxCx-xSxexox-xbxox,x xPxaxrxkx;x xExcxrxixtxuxrxex xNxox.x x2x-x8x0x-x8x1x,x 1980-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $252,400, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 12620 | 246614  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 338, LxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $129,742, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 6441 | 172438  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $6,371, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 342 | 9156  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 341, LxLxCx-xWxoxoxlx,x xCxhxrxixsxtxoxpxhxexrx;x x xUxnxtxixtxlxexdx,x 1990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,109,560, Acquisition Date: 04/09/2024) | &nbsp;&nbsp;&nbsp; 55478 | 1689799  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $10,661, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 700 | 21321  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 348, LxLxCx-xKxaxtxzx,x xAxlxexxx;x x xRxaxixnxcxoxaxtx xTxrxixpxtxyxcxhx,x 1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $450,820, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 22541 | $534826  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 355, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x xDxexgxaxsx x<br>Axtx x4x5x,x 1974 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $488,080, Initial Acquisition Date: 10/29/2024) | &nbsp;&nbsp;&nbsp; 24404 | 599242  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,708, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 183 | 4494  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 369, LxLxCx-xBxrxoxwxnx,x xCxexcxixlxyx;x xWxhxaxtx xyxoxux xNxexexdx,x 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $374,600, Acquisition Date: 12/20/2024) | &nbsp;&nbsp;&nbsp; 18730 | 492974  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 371, LxLxCx-xSxexox-xbxox,x xPxaxrxkx;x x xExcxrxixtxuxrxex xNxox.x x2x-x7x5x,x 1975 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $249,840, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 12492 | 245889  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,382, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 93 | 1831  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 380, LxLxCx-xSxixnxgxexrx,x xAxvxexrxyx;x x xUxnxtxixtxlxexdx x(xSxaxtxuxrxdxaxyx xNxixgxhxtx)x,x 2017 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $327,735, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 16473 | 306864  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $15,444, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 990 | 18442  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 386, LxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x x xAxbxsxtxrxaxkxtxexsx xBxixlxdx x<br>(x5x5x7x-x3x)x,x 1984 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $642,140, Initial Acquisition Date: 04/30/2024) | &nbsp;&nbsp;&nbsp; 32107 | 627743  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,572, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 242 | 4731  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 387, LxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $194,180, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 9709 | 192530  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 388, LxLxCx-xBxaxsx,x xHxexrxnxaxnx;x x xWxixtxhx xSxtxuxpxixdx,x 2011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $249,660, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 12483 | 122644  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 389, LxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2008 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $152,680, Acquisition Date: 04/02/2024) | &nbsp;&nbsp;&nbsp; 7634 | 154395  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 390, LxLxCx-xOxwxexnxsx,x xLxaxuxrxax;x x xUxnxtxixtxlxexdx,x 2011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $259,120, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 12956 | 252517  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,428, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 97 | 1891  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 391, LxLxCx-xPxexyxtxoxnx,x xExlxixzxaxbxextxhx;x x xPxixoxtxrx xUxkxlxaxnxsxkxix,x 1996 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $180,420, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 9021 | 170952  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,846, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 129 | 2445  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

---

| | |
|:---|:---|
| **10** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 393, LxLxCx-xFxrxaxnxkxexnxtxhxaxlxexrx,x xHxexlxexnx;x x xSxexaxsxpxaxcxex,x 1981 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $519,191, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 25963 | $516331  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $2,927, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 195 | 3878  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 395, LxLxCx-xFxoxrxgx,x xGxuxnxtxhxexrx;x x xUxnxtxixtxlxexdx,x 2007 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $152,680, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 7634 | 154536  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 396, LxLxCx-xSxoxuxlxaxgxexsx,x xPxixexrxrxex;x xPxexixnxtxuxrxex x1x8x1x xXx x8x1x xCxmx,x 2006 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $305,120, Acquisition Date: 04/02/2024) | &nbsp;&nbsp;&nbsp; 15256 | 190419  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 398, LxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x x xCxlxoxsxex xBxyx,x 1992 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $724,854, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 36264 | 606109  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,420, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 271 | 4529  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 399, LxLxCx-xBxaxsx,x xHxexrxnxaxnx;x x xTxhxex xDxexaxdx xLxixnxex,x 2011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $132,600, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 6630 | 71786  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $9,377, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 878 | 9506  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Masterworks 400, LxLxCx-xRxixcxhxtxexrx,x xGxexrxhxaxrxdx;x x xAxbxsxtxrxaxkxtxexsx xBxixlxdx x<br>[x8x1x9x-x2x]x,x 1994 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $669,980, Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 33499 | 476265  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 402, LxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x x xUxnxtxixtxlxexdx,x 2002 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $234,307, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 11654 | 396515  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $8,632, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 588 | 20006  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 406, LxLxCx-xRxixlxexyx,x xBxrxixdxgxextx;x xCxoxdxax,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $343,120, Acquisition Date: 04/02/2024) | &nbsp;&nbsp;&nbsp; 17156 | 269426  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 407, LxLxCx-xWxoxoxdx,x xJxoxnxaxsx;x x xWxoxoxdx xSxhxexlxfx xWxixtxhx xBxaxlxlx,x 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $638,000, Acquisition Date: 03/26/2024) | &nbsp;&nbsp;&nbsp; 31900 | 699420  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 410, LxLxCx-xYxex,x xLxixux;x xTxhxex xExnxdx xOxfx xBxaxrxoxqxuxex,x 1998 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $796,940, Acquisition Date: 04/02/2024) | &nbsp;&nbsp;&nbsp; 39847 | 694760  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $8,870, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 674 | 11752  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** | **Art (a) (b) (c) - 96.8% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 414, LxLxCx-xBxrxaxdxfxoxrxdx,x xMxaxrxkx;x x xVxaxlxuxex x8x7x,x 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $384,840, Acquisition Date: 04/30/2024) | &nbsp;&nbsp;&nbsp; 19242 | $370018  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 416, LxLxCx-xGxhxexnxixex,x xAxdxrxixaxnx;x x xTxhxex xLxixdxlxexsxsx xExyxex,x 2014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $238,780, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 11939 | 162470  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 417, LxLxCx-xNxaxrxax,x xYxoxsxhxixtxoxmxox;x x xDxoxgx xIxnx xTxhxex xNxixgxhxtx,x 1995 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $252,680, Initial Acquisition Date: 03/05/2024) | &nbsp;&nbsp;&nbsp; 12634 | 245612  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,380, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 94 | 1827  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 418, LxLxCx-xBxoxextxtxix,x xAxlxixgxhxixexrxox;x x xIxlx xVxexnxtxixcxixnxqxuxexsxixmxox xGxixoxrxnxox xDxexlx xTxexrxzxox xMxexsxex xDxexlxlxaxnxnxox xMxixlxlxexnxoxvxexcxexnxtxoxoxtxtxaxnx,x 1988 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $152,680, Acquisition Date: 03/26/2024) | &nbsp;&nbsp;&nbsp; 7634 | 167727  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,475, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 89 | 1955  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 419, LxLxCx-xHxexnxdxrxixcxkxsx,x xBxaxrxkxlxexyx xLx.x;x x xTxrxixpxlxex xPxoxrxtxrxaxixtx:x xWxoxrxlxdx xCxoxnxqxuxexrxoxrx,x 2011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $590,820, Initial Acquisition Date: 04/30/2024) | &nbsp;&nbsp;&nbsp; 29541 | 575601  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $3,266, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 222 | 4326  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 426, LxLxCx-xWxoxoxdx,x xJxoxnxaxsx;x xWxhxixtxex xOxrxcxhxixdx xwxixtxhx xBxlxuxex xLxexaxvxexsx,x 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $182,000, Initial Acquisition Date: 05/28/2024) | &nbsp;&nbsp;&nbsp; 9100 | 183919  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,052, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 69 | 1395  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 428, LxLxCx-xKxuxsxuxmxax,x xYxaxyxoxix;x xIxnxfxixnxixtxyx-xNxextxsx x(xFxKxQxSx)x,x 2016 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $430,080, Acquisition Date: 06/11/2024) | &nbsp;&nbsp;&nbsp; 21504 | 308509  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 434, LxLxCx-xNxexexlx,x xAxlxixcxex;x xDxaxvxixdx xMxcxkxexex xAxnxdx xHxixsx xFxixrxsxtx xWxixfxex xJxaxnxex,x 1968 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $402,340, Acquisition Date: 08/28/2024) | &nbsp;&nbsp;&nbsp; 20117 | 471732  |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterworks 446, LxLxCx-xBxaxsxqxuxixaxtx,x xJxexaxnx-xMxixcxhxexlx;x xUxnxtxixtxlxexdx x(xCxaxvxex xPxaxixnxtxixnxgx)x,x 1982 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $1,387,220, Initial Acquisition Date: 10/29/2024) | &nbsp;&nbsp;&nbsp; 69361 | 1605263  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: $10,420, Acquisition Date: 08/29/2025)(d) | &nbsp;&nbsp;&nbsp; 521 | 12058  |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL CLASS A EQUITY SHARES** <br>**(Cost $108,969,644)** |  | **$108826148**  |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026<sub>11</sub>

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **SHORT-TERM INVESTMENTS - 0.5%** | **SHORT-TERM INVESTMENTS - 0.5%** | **SHORT-TERM INVESTMENTS - 0.5%** |
|  **Money Market Funds - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X - <br>3.61%(e) | 290879 | $290879  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class - 3.62%(e) | 290879 | 290879  |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br>**(Cost $581,758)** |  | **581758**  |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $109,551,402) - 97.3%** |  | **$109407906**  |
|  **ASSETS IN EXCESS OF OTHER LIABILITIES - 2.7%** |  | **3088192**  |
|  **TOTAL NET ASSETS - 100.0%** |  | **$112496098** |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is fair valued by the
 Adviser Valuation Committee pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities is $108,826,148,
 which represented 96.8% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is illiquid.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is restricted as to
 resale. The aggregate value of these securities at January 31, 2026, was $3,444,569, which represented 3.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rate shown is the 7-day effective
 yield.

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.(Continued)

---

| | |
|:---|:---|
| **12** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Schedule of Investments as of January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp; **STONE RIDGE ART RISK PREMIUM FUND**<br>

**Prepaid Forward Contract (a)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Artwork Contract** | **Counterparty** | **Contract** <br>**Date** | **Cost** | **Fair Value**  |
|  Still, Clyfford; PH-69 (b) | Masterworks, LLC | &nbsp;&nbsp; 08/30/2023 | $7380014 | $10970754  |
|  Condo, George; Autumn in Soho (c) | Masterworks, LLC | &nbsp;&nbsp; 03/13/2024 | 1903250 | 2899375  |
|  Mitchell, Joan; Blueberry (c) | Masterworks, LLC | &nbsp;&nbsp; 06/06/2024 | 6428890 | 8794096  |
|  Hockney, David; Almost Like Skiing (c) | Masterworks, LLC | &nbsp;&nbsp; 01/22/2025 | 2144733 | 3191226  |
|  Bradford, Mark; Sample 2 (d) | Masterworks, LLC | &nbsp;&nbsp; 09/12/2025 | 1206247 | 1844986  |
|  |  |  |  | **$27700437** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Security is fair valued by the
 Adviser and has significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The forward contract is prepaid
 by the buyer and may be physically or cash settled. If the contract is to be cash settled, the final settlement price will be based upon
 sale of the artwork as agreed by the parties. The termination date is the earlier of (i) 100 days from the valuation date of the artwork
 in November 2026 or May 2027, as selected by the seller, or as otherwise agreed to by the parties, and (ii) two business days
 following sale of the artwork.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The forward contract is prepaid
 by the buyer and may be physically or cash settled. If the contract is to be cash settled, the final settlement price will be based upon
 sale of the artwork as agreed by the parties. The termination date is the earlier of (i) 100 days from the valuation date of the artwork
 in November 2027 or May 2028, as selected by the seller, or as otherwise agreed to by the parties, and (ii) two business days
 following sale of the artwork.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The forward contract is prepaid
 by the buyer and may be physically or cash settled. If the contract is to be cash settled, the final settlement price will be based upon
 sale of the artwork as agreed by the parties. The termination date is the earlier of (i) 100 days from the valuation date of the artwork
 in May 2028, as selected by the seller, or as otherwise agreed to by the parties, and (ii) two business days following sale of the
 artwork.

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026<sub>13</sub>

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Statement of Assets and Liabilities As of January 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **STONE RIDGE ART RISK** <br>**PREMIUM FUND**  |
|  **ASSETS:**<br>|  |
|  Investments, at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $109407906  |
|  Prepaid forward contracts, at fair value<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27700437  |
|  Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16509  |
|  Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60909  |
|  **Total assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **137185761**  |
|  **LIABILITIES:**<br>|  |
|  Loans payable (see Note 6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24350000  |
|  Payable to Adviser for advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110834  |
|  Payable for Chief Compliance Officer compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5176  |
|  Accrued distribution and service fees (see Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4797  |
|  Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3433  |
|  Payable to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2998  |
|  Accrued service fees (see Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2168  |
|  Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210257  |
|  **Total liabilities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **24689663**  |
|  **Total net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$112496098**  |
|  **NET ASSETS CONSIST OF:**<br>|  |
|  Capital stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $106042109  |
|  Total distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6453989  |
|  **Total net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$112496098**  |
|  Net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $112496098  |
|  Capital shares outstanding, no par value, unlimited shares authorized | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10530014  |
|  Net asset value, offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.68  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Cost of Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $109551402  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Cost of Prepaid Forward Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19063134 |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Financial Statements.

---

| | |
|:---|:---|
| **14** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Statement of Operations For the Period Ended January 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **STONE RIDGE ART RISK** <br>**PREMIUM FUND**  |
|  **INVESTMENT INCOME:**<br>|  |
|  Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $53559  |
|  **Total investment income**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **53559**  |
|  **EXPENSES**<br>|  |
|  Advisory fees (see Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843860  |
|  Pricing expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267447  |
|  Audit and tax related fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83444  |
|  Fund accounting and administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62816  |
|  Legal expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50773  |
|  Chief Compliance Officer compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30176  |
|  Transfer agency fees and expenses. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15812  |
|  Registration expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18062  |
|  Service fees (see Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16501  |
|  Distribution and service fees (see Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16501  |
|  Trustees fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6630  |
|  Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5888  |
|  Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38000  |
|  **Total expenses before Adviser waiver**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1455910**  |
|  Expenses waived by Adviser (see Note 4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (332018)  |
|  **Total net expenses**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1123892**  |
|  **Net investment loss**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1070333)**  |
|  **NET REALIZED AND UNREALIZED LOSS:**<br>|  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223702  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid forward contracts. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101091  |
|  **Net realized and unrealized gain**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3324793**  |
|  **Net increase in net assets resulting from operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2254460** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Financial Statements.

---

| | |
|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **15** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **STONE RIDGE ART RISK PREMIUM FUND** | **STONE RIDGE ART RISK PREMIUM FUND** |
|  | **Period Ended** <br>**January 31, 2026** <br>(Unaudited) | **Year Ended** <br>**July 31, 2025** |
|  **OPERATIONS:**<br>|  |  |
|  Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1070333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1996270)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4126239)  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1847190  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2254460** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(4275319)**  |
|  **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
|  Net dividends and Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  |
|  **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
|  Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11481726  |
|  Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2362061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4871072)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital share transactions**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2488174** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6610654**  |
|  **Total increase in net assets**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4742634** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2335335**  |
|  **NET ASSETS:**<br>|  |  |
|  Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107753464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105418129  |
|  **End of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$112496098** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$107753464** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Financial Statements.

---

| | |
|:---|:---|
| **16** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Statement of Cash Flows For the Period Ended January 31, 2026 (Unaudited)

---

| | |
|:---|:---|
|  | **Stone Ridge Art Risk** <br>**Premium Fund**  |
|  **CASH FLOWS FROM OPERATING ACTIVITIES**<br>|  |
|  Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2254460  |
|  Adjustments to reconcile net increase in net assets resulting from operations to net cash <br>|  |
|  used in operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments and prepaid forward contracts: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3324793)  |
|  Changes in assets and liabilities:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3424  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1113  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11746)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Chief Compliance Officer compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser for advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21075)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48517)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4146)  |
|  Purchases of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2550066)  |
|  Purchase of forward contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1420896)  |
|  Net purchases and sales of short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821240  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in operating activities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(3300584)**  |
|  **CASH FLOWS FROM FINANCING ACTIVITIES:**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850235  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment on shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3449651)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14250000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paydowns on loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12350000)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3300584**  |
|  Net change in cash and restricted cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and restricted cash, beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
|  **Cash and restricted cash, end of period**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$—** |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

---

| | |
|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **17** |

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**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Financial Highlights January 31, 2026 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  | **PER SHARE DATA:**  |
|  |  | **Income (loss) from Investment Operations**  | **Income (loss) from Investment Operations**  | **Income (loss) from Investment Operations**  |
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period** | **Net** <br>**Investment** <br>**Income**<br>(Loss)<sup>(2)</sup> | **Net Realized** <br>**and** <br>**Unrealized Gains**<br>(Losses) | **Total from** <br>**Investment** <br>**Operations**  |
|  **STONE RIDGE ART RISK PREMIUM FUND**<br>|  |  |  |  |
|  Period Ended January 31, 2026 | &nbsp;&nbsp;&nbsp; $10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.21  |
|  Year Ended July 31, 2025 | &nbsp;&nbsp;&nbsp; $10.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43)  |
|  Year Ended July 31, 2024 | &nbsp;&nbsp;&nbsp; $10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97<sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79<sup>(9)</sup>  |
|  Period Ended July 31, 2023<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund commenced operations
 on March 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Net investment income (loss)
 per share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total return represents the
 rate that an investor would have earned (or lost) on an investment in the Fund during the year (assuming the reinvestment of all distributions).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Cumulative total return since
 inception on March 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Excludes in-kind transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Includes tax expenses not covered
 by the Fund's expense limitation agreement. See Note 4 in Notes to Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Includes Increase in payments
 by affiliates of less than $0.01. See Note 11 in Notes to Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Net Realized and Unrealized
 Gains (Losses) per share has been calculated based on average shares outstanding during the period. $0.74 of the Fund's Net Realized
 and Unrealized Gains (Losses) consists of unrealized appreciation associated with securities acquired by the Fund on uniquely favorable
 terms, which is not expected to be recurring. Excluding this item, Net Realized and Unrealized Gains would have been $0.23, and the total
 return of the Fund would have been 0.49% for the year ended July 31, 2024.

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

---

| | |
|:---|:---|
| **18** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

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------

**[**TABLE OF CONTENTS**](#TOC)**

Consolidated Financial Highlights January 31, 2026 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | **SUPPLEMENT DATA AND RATIOS:**  | **SUPPLEMENT DATA AND RATIOS:**  | **SUPPLEMENT DATA AND RATIOS:**  | **SUPPLEMENT DATA AND RATIOS:**  | **SUPPLEMENT DATA AND RATIOS:**  | **SUPPLEMENT DATA AND RATIOS:**  |
| **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | **Distributions to Shareholders** | | | | | | | | |
| **Net** <br>**Investment** <br>**Income** | **Net** <br>**Realized** <br>**Gains** | **Return of** <br>**Capital** | **Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Period** | <br>**Total** <br>**Return<sup>(3)</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Period**<br>**(000's)** | <br>**Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets**<br>**(Before Expense**<br>**Reimbursement/**<br>**Recoupment)** | <br>**Ratio of** <br>**Expenses to** <br>**Average** <br>**Net Assets** <br>**(After Expense** <br>**Reimbursement/**<br>**Recoupment)** | <br>**Ratio of Net** <br>**Investment Income**<br>(Loss) to Average <br>**Net Assets** <br>**(Before Expense** <br>**Reimbursement/**<br>**Recoupment)** | <br>**Ratio of Net** <br>**Investment Income**<br>(Loss) to Average <br>**Net Assets** <br>**(After Expense** <br>**Reimbursement/**<br>**Recoupment)** | <br>**Portfolio** <br>**Turnover** <br>**Rate**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $10.68 | &nbsp;&nbsp; 2.01%<sup>(6)</sup> | $112496 | &nbsp;&nbsp;&nbsp;&nbsp; 2.59%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.49)%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.90)%<sup>(5)</sup> | &nbsp;&nbsp; 0.00%<sup>(6)</sup>  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $10.47 | &nbsp;&nbsp; (3.94)% | $107753 | &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.61)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.85)% | &nbsp;&nbsp; 0.00%  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $10.90 | &nbsp;&nbsp; 7.81%<sup>(10)</sup> | $105418 | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.74)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.74)% | &nbsp;&nbsp; 2.13%  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $10.11 | &nbsp;&nbsp; 1.10%<sup>(4)(6)</sup> | $77198 | &nbsp;&nbsp;&nbsp;&nbsp; 11.20%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.04%<sup>(5)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.93)%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.77)%<sup>(5)</sup> | &nbsp;&nbsp; 5.16%<sup>(6)(7)</sup> |

---

The accompanying Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.

---

| | |
|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **19** |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

1. Organization

Stone Ridge Trust VIII (the "Trust") was organized as a Delaware statutory trust on December 22, 2020 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a continuously-offered, non-diversified closed-end management investment company issuing shares. As of January 31, 2026, the Trust consisted of one series: the Stone Ridge Art Risk Premium Fund (the "Fund"). The Fund was established on July 26, 2022 and commenced operations on March 28, 2023. The Fund offers one class of shares to investors with no front-end or back-end sales charges, a 0.05% fee paid pursuant to the Distribution and Servicing Plan (as discussed below), a 0.05% fee paid pursuant to the Services Agreement (as discussed below), and no repurchase fee. The Trust's Declaration of Trust authorizes the issuance of an unlimited number of shares.

The Fund has an interval fund structure pursuant to which the Fund, subject to applicable law, conducts quarterly repurchase offers of the Fund's outstanding shares at net asset value ("NAV") subject to approval of the Board of Trustees (the "Board"). In all cases, such repurchase offers will be for at least 5% and not more than 25% of the Fund's outstanding shares. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their shares repurchased. If the repurchase offer is oversubscribed, the Fund may, in its sole discretion, repurchase an additional number of shares not to exceed 2% of the shares outstanding on the repurchase request deadline. Notwithstanding the foregoing, under certain circumstances, the Fund may, in its discretion, accept shares tendered by shareholders who own fewer than 100 shares and tender all of their shares for repurchase in a repurchase offer. In that case, these shares would be accepted before prorating the shares tendered by other shareholders. In addition, if a repurchase offer is oversubscribed, the Fund may offer to repurchase additional shares in an amount determined by the Board that are tendered by an estate (an "Estate Offer"). If an Estate Offer is oversubscribed, the Fund will repurchase such shares on a pro rata basis. In addition, if a repurchase offer is oversubscribed as described above, the Fund may also offer to repurchase additional shares in an amount determined by the Board that are tendered by (i) a trust that funds a tax-qualified defined benefit plan that has terminated or that the sponsor or governing body of such plan has voted to terminate or (ii) a limited liability company that is owned by one or more such trusts (the "Defined Benefit Plan Offer"). A "tax-qualified defined benefit plan" means a defined benefit plan that is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (for example, a corporate defined benefit pension plan or a defined benefit Keogh plan). It does not include, among other things, any defined contribution plan, 401(k) plan or individual retirement account (IRA). If the Defined Benefit Plan Offer is oversubscribed, the Fund will repurchase such shares on a pro rata basis. As a result, there can be no assurance that the Fund will be able to repurchase all of the shares tendered in an Estate Offer or a Defined Benefit Plan Offer. If the Fund repurchases any shares pursuant to an Estate Offer or a Defined Benefit Plan Offer, this will not affect the number of shares that it repurchases from other shareholders in the quarterly repurchase offers. The Fund's shares are not listed, and the Fund does not currently intend to list its shares for trading, on any national securities exchange. The shares are, therefore, illiquid. Even though the Fund makes quarterly repurchase offers to repurchase a portion of the shares to try to provide liquidity to shareholders, shareholders should consider the shares to be illiquid. There is not expected to be any secondary trading market in the shares.

The consolidated financial statements include the accounts of Stone Ridge Art Risk Premium Sub Fund Ltd and Stone Ridge Art Risk Premium Fund US Holdings LLC (together, the "Subsidiaries"), wholly-owned and controlled subsidiaries of the Fund. The Subsidiaries act as investment vehicles in order to invest in Artwork consistent with the Fund's investment objectives and policies. As of January 31, 2026, the Subsidiaries' net assets were $29,168,728 which represented 25.9% of the Stone Ridge Art Risk Premium Fund's net assets and 21.3% of total assets.

---

| | |
|:---|:---|
| **20** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its consolidated financial statements. The consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Fund is an investment company and applies specific accounting and financial reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Topic 946, Financial Services - Investment Companies.

(a) Investment Valuation and Fair Value Measurement. The Board has approved procedures pursuant to which the Fund values its investments (the "Valuation Procedures"). The Board has established a Valuation Committee (the "Board Valuation Committee"), which has designated Stone Ridge Asset Management LLC ("Stone Ridge" or the "Adviser") to serve as "valuation designee" in accordance with Rule 2a-5 of the 1940 Act and, in that capacity, to bear responsibility for implementing the Valuation Procedures, including performing fair valuation determinations relating to all investments held by the Fund (as needed), subject to the oversight of the Board Valuation Committee and certain reporting and other requirements as described in the Valuation Procedures. A committee consisting of personnel of the Adviser (the "Adviser Valuation Committee") performs certain functions in implementing the Valuation Procedures, including with respect to the performance of fair valuation determinations.

Generally, the Fund must value its assets using market quotations when they are readily available. If, with respect to any portfolio instrument, market quotations are not readily available or available market quotations are deemed to be unreliable by Stone Ridge, then such instruments will be valued as determined in good faith by Stone Ridge.

The Fund generally expects that the Artwork it holds will be fair valued by Stone Ridge in accordance with the Valuation Procedures and with assistance from certain Fund service providers. Listed below is a summary of certain of the methodologies generally used currently to fair value investments in Artwork, the special purpose vehicles that own Artwork or partial interests in Artwork (each, an "Artwork Company") and the prepaid forward contracts on Artwork held by the Fund under the Valuation Procedures. The Artwork held by the Fund will be fair valued based on some or all the following fair valuation methodologies:

&nbsp;&nbsp;&nbsp;&nbsp;• Assessment of the acquisition
 cost of Artwork or Artwork Company investments adjusted by premium or discount factors based on the Adviser's assessment of economic,
 environmental conditions or other events that may result in higher or lower prices for Artwork or Artwork Company investments generally.

&nbsp;&nbsp;&nbsp;&nbsp;• Assessment of recent comparable
 public and, to the extent verifiable, private sale prices for similar Artwork that is available and reliable and price trend information
 for comparable Artwork.

&nbsp;&nbsp;&nbsp;&nbsp;• Assessment of artist-level
 and art-market segment level pricing information and benchmarks that are available and reliable and price trend information for such specific
 artist's works.

&nbsp;&nbsp;&nbsp;&nbsp;• Assessment of pricing information
 provided by third-party service providers or valuation agents, including Masterworks or Masterworks Administrative Services, LLC ("Masterworks
 AS" or "Artwork Administrator").

&nbsp;&nbsp;&nbsp;&nbsp;• Assessment of any other
 available information that the Adviser deems relevant to the valuation of Artwork or Artwork Company investments.

Fair value pricing of Artwork will require subjective determinations about the value of Artwork. Fair values may differ from prices that are used by others, for the same investments. Also, the use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Fund. It is possible that the fair value determined for an investment may be materially different than the value that could be realized upon the sale of such security. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund.

The Adviser will generally determine the value of the Artwork Company investment by using the value of the underlying single work of art adjusted for any factors required to convert the value of the artwork asset to the value of the equity security. These factors include but are not limited to the fees charged to the Artwork Company, any secondary market or other transactions for Artwork Company shares, the perceived likelihood of a sale of the Artwork underlying the Artwork Company, the

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| | |
|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **21** |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

perceived timing of any such sale, the perceived likelihood of the form of any such sale (*i.e.*, sale at auction versus sale in the private market) and any fees or expenses associated with such form, the perceived future appreciation rate of such Artwork, other market-wide or economic conditions or factors, or other factors deemed relevant by the Adviser. The Advisor will generally determine the value of the prepaid forward contract by using the value of the underlying single work of art adjusted for any fees owed to the counterparty as part of the contract. The Adviser values the underlying Artwork using a sales comparison approach (the "Sales Comparison Approach"), which is an appraisal method that compares the Artwork to a set of artworks with similar characteristics that have recently sold ("comparables" or "comps") and taking into account certain other factors (art-specific factors, artist-specific factors, market factors and any changes to the condition of the Artwork). The valuation of the Artwork will be carried out by an appraiser upon the sale of a comparable (or if more than 180 days have passed since acquisition of the artwork without a sale of a comparable during such 180 days) and documented in an appraisal report.

The Fund adheres to authoritative fair valuation accounting standards that set out a hierarchy for measuring fair valuation inputs. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1 Inputs: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Fund can access at the measurement date;

Level 2 Inputs: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly including inputs in markets that are not considered to be active or in active markets for similar assets or liabilities, observable inputs other than quoted prices and inputs that are not directly observable but are corroborated by observable market data;

Level 3 Inputs: significant unobservable inputs for the asset or liability.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes "observable" requires significant judgment by the Adviser. The Adviser considers observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorization of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Adviser's perceived risk of that instrument.

The table below summarizes assets and liabilities measured at fair value on a recurring basis as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **DESCRIPTION** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL**  |
|  **Assets**<br>|  |  |  |  |
|  Class A Equity Shares | $— | $— | $108826148 | $108826148  |
|  Money Market Funds | 581758 |  |  | 581758  |
|  **Total Investments**<br>| **$581758** | **$—** | **$108826148** | **$109407906**  |
|  **Other Financial Instruments**<br>|  |  |  |  |
|  Prepaid Forward Contracts | $— | $— | $27700437 | $27700437  |
|  **Total**<br>| **$—** | **$—** | **$27700437** | **$27700437** |

---

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|:---|:---|
| **22** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

Below is a reconciliation that details the activity of securities classified in Level 3 during the period ended January 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Class A Equity** <br>**Shares** | **Prepaid Forward** <br>**Contracts**  |
|  **Beginning Balance—July 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $104052380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25178450 |
|  Acquisitions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2550066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420896 |
|  Dispositions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  Realized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  Return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  Change in unrealized appreciation/(depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101091 |
|  Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  **Ending Balance—January 31, 2026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$108826148** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$27700437** |

---

As of January 31, 2026, the change in unrealized appreciation (depreciation) on positions still held by the Fund was $2,223,702 for Class A Equity Shares and $1,101,091 for Forward Contracts.

The following table summarizes the quantitative inputs used for investments categorized as Level 3 of the fair value hierarchy as of January 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **TYPE OF SECURITY** | **INDUSTRY** | **FAIR VALUE** <br>**AT 1/31/26** | **VALUATION** <br>**TECHNIQUES** | **UNOBSERVABLE**<br>**INPUTS** | **RANGE** | **WEIGHTED**<br>**AVERAGE**  |
|  Class A Equity Shares | Art | $108826148 | Sales Comparison Approach | N/A | N/A | N/A  |
|  Prepaid Forward Contracts | Art | $27700437 | Sales Comparison Approach | N/A | N/A | N/A |

---

The Artwork underlying each Artwork Company or prepaid forward contract is valued using the Sales Comparison Approach, which is an appraisal method carried out by an independent third-party appraiser that compares the Artwork to a set of comparable artworks. The appraiser selects the comparable artworks by identifying artworks that have similar characteristics to the Artwork in question (e.g., artist, genre, time period, size, date of the work's creation, medium, series, imagery, technique, color, condition, provenance, exhibition history, prior sales history and any other relevant information); considering the recency of such artworks' sales data; and considering the reliability of such sales data. The appraiser assigns a value to the Artwork in question based on the similarity of the physical characteristics and condition of the comparable artworks to the Artwork in question; the appraiser's perceived quality of the comparable relative to the Artwork in question; the date of the comparable work's most recent sale; and the source of the relevant sales data. The appraiser may also incorporate art-specific factors, artist-specific factors, market factors and/or the physical condition of the Artwork into the fair valuation of the Artwork. The appraisers do not, in any formulaic or mathematical manner, make adjustments to the sales comparable figures, but instead rely on their professional expertise to determine a fair value for the Artwork that is based on the different sales comparable figures, using a qualitative approach. To fair value the Artwork Company investments, the fees and expenses paid to the sponsor of the Artwork Company, as described in the offering documents of each Artwork Company, are subtracted from the fair value of the underlying Artwork and that value is then prorated to reflect the number of shares of the Artwork Company owned by the Fund. The Adviser will additionally adjust the fair value of the underlying Artwork for any other factors required to convert the value of the artwork asset to the value of the equity security. These factors include but are not limited to any secondary market or other transactions for Artwork Company shares, the perceived likelihood of a sale of the Artwork underlying the Artwork Company, the perceived timing of any such sale, the perceived likelihood of the form of any such sale (i.e., sale at auction versus sale in the private market) and any fees or expenses associated with such form, the perceived future appreciation rate of such Artwork, other market-wide or economic conditions or factors, or other factors deemed relevant by the Adviser.

To fair value the prepaid forward, any fees owed to the contract counterparty are subtracted from the fair value of the underlying Artwork.

---

| | |
|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **23** |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

(b) Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(c) Indemnifications. In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements cannot be known; however, the Fund expects any risk of loss to be remote.

(d) Federal Income Taxes. The Fund qualifies and intends to continue to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. As a RIC, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

(e) Distributions to Shareholders. The Fund intends to distribute to its shareholders any net investment income and any net realized long- or short-term capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. The Fund may periodically make reclassifications among certain of its capital accounts as a result of the characterization of certain income and realized gains determined annually in accordance with federal tax regulations that may differ from GAAP.

(f) Foreign Securities and Currency Transactions. The Fund's books and records are maintained in U.S. dollars. Foreign currency denominated transactions (i.e., market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Fund does not isolate that portion of results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.

(g) Market Volatility. The value of the securities in the Fund may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be short- or long-term. Local, regional or global events such as military conflicts, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments, including hampering the ability of the Adviser to invest the Fund's assets as intended.

(h) Large Shareholder Risk. The risk that certain account holders, including the Adviser or funds or accounts over which the Adviser (or related parties of the Adviser) has investment discretion, may from time to time own or control a significant percentage of the Fund's shares. The Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by the Adviser (or related parties of the Adviser), will adversely affect the Fund's performance if it is forced to sell portfolio securities or invest cash when the Adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of the Fund's portfolio, increase the Fund's transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of January 31, 2026, shareholders affiliated with the Fund and/or Adviser (other than other Stone Ridge Funds) owned 47.8% of total shares of the Fund.

(i) Artwork Investment Risk. A downturn or slowdown in the demand for Artwork generally or Artwork by specific artists caused by adverse economic or environmental conditions or other events may have a greater impact on the value of the Fund's assets or operating results than if the Fund had invested its assets across more industries or sectors. In addition to general economic conditions that could result in a downturn or slowdown in demand for Artwork, the Fund's financial results will be impacted by shifts in demand for specific types of Artwork and artists. Such shifts in demand could affect particular segments of the Artwork market (e.g., Post-War or Contemporary Art fall out of favor with collectors and investors) or

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|:---|:---|
| **24** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

An investment in Artwork is subject to various risks, any of which could materially impair the value of the Artwork

investments held by the Fund.

Investing in Artwork is subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;• *Authenticity.* Claims with respect to the authenticity of a work may result from incorrect attribution, uncertain attribution, lack of certification
 proving the authenticity of the artwork, forgery of a work of art, or falsification of the artist's signature. The Fund and Artwork
 Companies generally obtain representations of authenticity from sellers, but these representations may not effectively eliminate the risk.

&nbsp;&nbsp;&nbsp;&nbsp;• *Provenance.* Claims related to provenance, or history of ownership, allege that an artwork has an uncertain or false origin. Buyers may also negatively
 perceive some elements of the prior ownership history. With respect to the Artwork, buyers may negatively perceive the Fund's ownership
 or the ownership of Artwork Companies in the Artwork when considering a purchase.

&nbsp;&nbsp;&nbsp;&nbsp;• *Condition.* The physical condition of an Artwork over time is dependent on technical aspects of artistic workmanship, including the materials used,
 the manner and skill of application, handling and storage and other factors.

&nbsp;&nbsp;&nbsp;&nbsp;• *Physical Risks.* The Artwork is subject to potential damage, destruction, devastation, vandalism or loss as a result of natural disasters
 (flood, fire, hurricane), crime, theft, illegal exportation abroad, etc. While the Artwork Companies (with respect to Artwork they hold)
 will maintain insurance coverage to protect against such risks, such insurance coverage may be inadequate to fully compensate the Fund
 or an Artwork Company should this risk materialize.

&nbsp;&nbsp;&nbsp;&nbsp;• *Legal Risks.* Ownership of the Artwork is prone to a variety of legal challenges, including challenges to title, nationalization, purchase
 of work of art from unauthorized person, money laundering, violation of legal regulations and restitution issues. Purchasing from major
 auction houses and reputable galleries can reduce, but not eliminate, these risks.

&nbsp;&nbsp;&nbsp;&nbsp;• Market Risks. The art market
 is prone to change due to a variety of factors, including changes in transaction costs, substantial changes in fees, tax law changes,
 export licenses, changes in legal regulations, changes in attitudes toward art as an investment, changes in tastes, and changes in supply,
 such as the liquidation of a major collection.

&nbsp;&nbsp;&nbsp;&nbsp;• *Economic Risks.* Because the demand for art is largely driven by wealthy individuals, economic events impacting the wealth of such individuals
 may impact the demand for art and therefore the value of art.

&nbsp;&nbsp;&nbsp;&nbsp;• *Fraud Risk.* The art market is prone to change due to abusive practices, including price manipulation, disguised agencies, and lack of
 transparency.

(j) Liquidity Risk. Artwork Companies in which the Fund invests have limited liquidity, and the Fund cannot make decisions regarding whether to hold or sell Artwork Company Artwork. The Artwork Companies in which the Fund invests are currently illiquid investment vehicles, and the Fund's ability to sell Artwork Company investments may be limited by various factors, including, for example, legal restrictions on resale, limited secondary market trading volumes (if any), and other factors that limit liquidity and the demand for Artwork Companies. For example, the transfers of interests purchased in Securities and Exchange Commission-qualified Regulation A offerings sponsored by Masterworks or other similar platforms, other than those transfers required by operation of law, are only permitted on a trading platform approved by Masterworks, or other similar platforms, or in privately negotiated transactions approved by the issuer. The Artwork Companies in which the Fund invests are managed by a third-party art management firm and a board of managers that is unaffiliated with the Fund or the Adviser, and that third-party firm has control over decisions with respect to when to continue to hold its Artwork and when to sell such Artwork. The Fund does not have any input into decisions with respect to whether an Artwork Company in which the Fund invests should hold or sell its Artwork. Accordingly, an Artwork Company may determine to continue to hold

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|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **25** |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

Artwork at a time when the Fund or the Adviser believes it should sell such Artwork or may determine to sell Artwork at a time the Fund or the Adviser believes it should continue to hold such Artwork. This inability to make investment decisions with respect to certain Artwork held indirectly by the Fund through Artwork Companies may limit the ability of the Fund to achieve its investment objective or meet the Fund's liquidity needs.

(k) Focused Investment Risk. The Fund has sourced all its Artwork investments through Masterworks. Substantial investments with a particular counterparty or in a particular market, industry, asset class or sector make the Fund's financial results more susceptible to risk and volatility than in a portfolio with more diversified investments.

(l) Restricted Securities. The Fund may invest a substantial portion of its assets in securities that are restricted. Restricted securities may be resold in transactions that are exempt from registration under Federal securities laws or if the securities are publicly registered. Restricted securities may be deemed illiquid.

(m) Segment Reporting. 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 Chief Executive Officer of Stone Ridge Asset Management is the CODM of the Fund. 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 allocations are 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 Consolidated Schedule of Investments, total returns, and changes in net assets from operations, subscriptions and redemptions, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's consolidated financial statements. Segment assets of the Fund are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and the Fund's investment advisory fee, is listed on the accompanying Consolidated Statement of Operations.

3. Federal Tax Matters

Provisions for federal income taxes or excise taxes have not been made because the Fund intends to be taxed as a RIC and intends to distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to RICs. Distributions from net realized gains for book purposes may include short-term capital gains which are included as ordinary income to shareholders for tax purposes. Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. The reclassifications have no effect on net assets or NAV per share.

For the fiscal year ended July 31, 2025, the effect of permanent "book/tax" reclassifications resulted in increases and decreases to components of the Fund's net assets as follows:

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| | | |
|:---|:---|:---|
|  | **TOTAL** <br>**DISTRIBUTABLE** <br>**EARNINGS/(LOSS)** | **PAID IN** <br>**CAPITAL**  |
|  Art Risk Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1615890 | $(1615890) |

---

These differences relate to net operating losses disallowed for tax purposes and certain tax adjustments due to investment in a controlled foreign corporation.

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|:---|:---|
| **26** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

As of July 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
|  Tax cost of Investments  | $125983515  |
|  Unrealized Appreciation  | 16352512  |
|  Unrealized Depreciation  | (10702199)  |
|  Net unrealized appreciation (depreciation)  | 5650313  |
|  Undistributed ordinary income  | —  |
|  Undistributed long-term gains/(capital loss carryover)  | (305958)  |
|  Distributable earnings  | (305958)  |
|  Other temporary differences  | (1144826)  |
|  Total accumulated gain/(loss)  | $4199529 |

---

The difference between books-basis and tax-basis unrealized appreciation (depreciation) is primarily attributable to differences in outside basis of property contributed in-kind to the Fund and book to tax differences from flow-through investments.

The tax character of distributions paid during the year ended July 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ORDINARY** <br>**INCOME**  | **LONG-TERM** <br>**CAPITAL GAIN**  | **RETURN OF** <br>**CAPITAL**  | **TOTAL**  |
|  Art Risk Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $— |

---

The tax character of distributions paid during the year ended July 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ORDINARY** <br>**INCOME**  | **LONG-TERM** <br>**CAPITAL GAIN**  | **RETURN OF** <br>**CAPITAL**  | **TOTAL**  |
|  Art Risk Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $— |

---

At July 31, 2025, the Fund had tax basis capital losses which may be carried forward indefinitely to offset future capital gains as shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **SHORT-TERM**  | **LONG-TERM**  | **TOTAL**  |
|  Art Risk Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(305958)  | $(305958) |

---

As of July 31, 2025, the Fund deferred, on a tax basis, late year ordinary losses of $1,144,826. These losses are deemed to arise on August 1, 2025.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year ended July 31, 2025 or any other tax years which are open for exam. As of July 31, 2025, open tax years include the periods ended July 31, 2023 and 2024. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations. During the fiscal year ended July 31, 2025, the Fund did not incur any interest or penalties.

4. Agreements

(a) Investment Management Agreement. The Adviser is the investment adviser of the Fund and was organized as a Delaware limited liability company in 2012. The Adviser's primary business is to provide a variety of investment management services, including an investment program for the Fund. The Adviser is responsible for all business activities and oversight of the investment decisions made for the Fund.

As compensation for its services, the Adviser is paid by the Fund a fee, computed daily and paid monthly in arrears at an annual rate of 1.50% of the Fund's average daily net assets.

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|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **27** |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

Through November 30, 2026, the Adviser agreed to waive its management fee and/or pay or otherwise bear operating and other expenses of the Fund (including organizational and offering expenses, but excluding brokerage and transactional expenses, borrowing and other investment-related costs and fees including interest payments on borrowed funds, sourcing, administrative or other transactional fees charged by Masterworks or Masterworks AS, commissions, expenses and fees paid in connection with the purchase, insurance, storage, maintenance and sale of Whole Artwork, interest and commitment fees, short dividend expense, acquired fund fees and expenses, taxes; litigation and indemnification expenses; judgments; and extraordinary expenses not incurred in the ordinary course of the Fund's business (collectively, the "Excluded Expenses")) solely to the extent necessary to limit the total annualized expenses, other than Excluded Expenses, to 2.00% of the Fund's average daily net assets. As of January 31, 2026, the remaining amount of waived fees subject to be recouped in future years are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Remaining** <br>**Amount** <br>**to be Recouped** <br>**(Expiring by** <br>**July 31, 2026)** | **Remaining** <br>**Amount** <br>**to be Recouped** <br>**(Expiring by** <br>**July 31, 2027)** | **Remaining** <br>**Amount** <br>**to be Recouped** <br>**(Expiring by** <br>**July 31, 2028)** | **Remaining** <br>**Amount** <br>**to be Recouped** <br>**(Expiring by** <br>**July 31, 2029)**  |
|  Art Risk Premium Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1877110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1748061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $822020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $332018 |

---

The Adviser shall be entitled to recoup in later periods expenses that the Adviser has paid or otherwise borne (whether through reduction of its management fee or otherwise) to the extent that the expenses for the Fund (including organizational and offering expenses, but excluding Excluded Expenses) after such recoupment do not exceed the lower of (i) the annual expense limitation rate in effect at the time of the actual waiver/reimbursement and (ii) the annual expense limitation rate in effect at the time of the recoupment; provided, that the Adviser shall not be permitted to recoup any such fees or expenses beyond three years from the end of the month in which such fee was reduced or such expense was reimbursed. The expense limitation agreement may only be modified by a majority vote of the trustees who are not "interested persons" of the Fund (as defined by 1940 Act) and the consent of the Adviser.

(b) Distribution and Servicing Plan and Services Agreement. Servicing fees and distribution fees may be paid pursuant to a Distribution and Servicing Plan (the "Distribution and Servicing Plan") adopted by the Fund at the maximum annual rate of 0.05% and servicing fees may be paid pursuant to a Services Agreement (the "Services Agreement") between the Fund and the Adviser, under which the Fund has appointed the Adviser as "servicing agent" to compensate financial intermediaries at an annual rate of 0.05%, in each case, calculated as a percentage of the Fund's average daily net assets. These fees are paid out of the Fund's assets on an ongoing basis and may be administered or facilitated by the Distributor. Intermediaries receive payments pursuant to both the Distribution and Servicing Plan and the Services Agreement. The Adviser performs certain services and incurs certain expenses through its employees who are registered representatives of a broker-dealer with respect to the promotion of the Fund's Shares and the Adviser also performs certain services in connection with the servicing of shareholders. If amounts remain from the servicing fees and/or any distribution fees after the intermediaries have been paid, such amounts may be used to compensate the Adviser for the services it provides and for the expenses it bears. The Distributor does not retain any portion of any servicing fees or distribution fees. To the extent that there are expenses associated with shareholder services that exceed the amounts payable pursuant to the Services Agreement or the Distribution and Servicing Plan, the Fund will bear such expenses.

5. Service Providers

(a) Custodian, Administrator, and Transfer Agent. The custodian to the Fund is U.S. Bank, N.A. The administrator and transfer agent to the Fund is U.S. Bancorp Fund Services, LLC (doing business as U.S. Bank Global Fund Services), an affiliate of U.S. Bank, N.A.

(b) Distributor. Foreside Financial Services, LLC (the "Distributor") serves as the Fund's distributor.

(c) Artwork Administrator. The Fund has engaged Masterworks AS to provide certain administrative services relating to the Fund's holdings of Whole Artwork, including assisting with the operational aspects of procuring/selling, storing, insuring, and maintaining Whole Artwork held by the Fund. Neither Masterworks AS nor any of its affiliates will provide advice or recommendations to the Fund regarding the desirability of buying or selling any investments, including Whole Artwork.

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| **28** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

6. Related Party Transactions

Certain officers of the Trust are also employees of the Adviser. The officers, with the exception of the Chief Compliance Officer, are not compensated by the Trust. The Trust pays a portion of the Chief Compliance Officer's salary.

On August 29, 2023, the Fund had a promissory note (the "Note") with Stone Ridge Ventures LLC, a related party of the Adviser. The Note has a maximum principal amount of the lesser of $40,000,000 or 33% of the value of total assets less total liabilities (not including any senior security representing indebtedness under Section 18 of the 1940 Act of the Fund. During the period ended January 31, 2026, the Fund's maximum borrowing was $29,600,000 and average borrowing was $25,024,185. This borrowing resulted in interest expense of $0 at a weighted average interest rate of 0%. As of January 31, 2026, the Fund has an outstanding loan balance of $24,350,000. The note matures on August 29, 2026.

7. Investment Transactions

For the period ended January 31, 2026, aggregate purchases and sales of securities (excluding short-term securities) by the Fund were $2,550,066 and $0, respectively. The Fund did not have any purchases or sales of long-term U.S. government securities during the period ended January 31, 2026.

Investment transactions are recorded on the trade date. Dividend income, less any foreign tax withheld, is recognized on the ex-dividend date and interest income is recognized on an accrual basis, including amortization/accretion of premiums or discounts. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the constant yield method.

8. Capital Share Transactions

The Fund's shares are being offered on a continuous basis at net asset value per share.

As a closed-end interval fund, the Fund will make periodic offers to repurchase shares. Except as permitted by the Fund's structure, no shareholder will have the right to require the Fund to repurchase its shares. No public market for shares exists, and none is expected to develop in the future. Consequently, shareholders generally will not be able to liquidate their investment other than as a result of repurchases of their shares by the Fund.

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| | | |
|:---|:---|:---|
|  **Art Risk Premium Fund** | **Period Ended** <br>**January 31, 2026** | **Year Ended** <br>**July 31, 2025**  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462360 | &nbsp;&nbsp;&nbsp;&nbsp; 1081225  |
|  Shares issued to holders in reinvestment of dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (223426) | &nbsp;&nbsp;&nbsp;&nbsp; (459878)  |
|  Net increase in shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238934 | &nbsp;&nbsp;&nbsp;&nbsp; 621347  |
|  Shares outstanding:<br>|  |  |
|  Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10291080 | &nbsp;&nbsp;&nbsp;&nbsp; 9669733  |
|  End of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10530014 | &nbsp;&nbsp;&nbsp;&nbsp; 10291080 |

---

The shares repurchased were done so in accordance with Section 23(c) of the 1940 Act as follows:

---

| | | |
|:---|:---|:---|
|  **Repurchase Request Deadline** | **REPURCHASE OFFER** <br>**AMOUNT (SHARES)** | **SHARES** <br>**TENDERED**  |
|  October 25, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122610  |
|  January 24, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149079  |
|  April 25, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84411  |
|  July 25, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519065  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103778  |
|  October 24, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188305  |
|  January, 23 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528257  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35121 |

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|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **29** |

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**[**TABLE OF CONTENTS**](#TOC)**

Notes to Consolidated Financial Statements January 31, 2026 (Unaudited)

9. Line of Credit

As of February 14, 2024, the Fund had an uncommitted line of credit (the "Line") with U.S. Bank N.A. The Line is for liquidity in connection with shareholder redemptions and portfolio timing differences. The Line has a maximum withdrawal capacity of the lesser of 5% of the net asset value of the Fund or $15,000,000. The Line has a maturity date of February 11, 2026 (and was subsequently renewed to mature on February 10, 2027) and is reviewed annually by the Board of Trustees. During the period ended January 31, 2026, the Fund did not borrow from the Line. As of January 31, 2026, the Fund did not have an outstanding balance.

10. Subsequent Events Evaluation

In preparing these consolidated financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through the date the consolidated financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

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|:---|:---|
| **30** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

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**[**TABLE OF CONTENTS**](#TOC)**

Expense Example (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including investment advisory fees, distribution and/or shareholder servicing fees and other Fund expenses, which are indirectly paid by shareholders. This example is intended to help you understand your ongoing costs (in U.S. dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period from August 1, 2025 and held through January 31, 2026.

**Actual Expenses** 

The first line of the table below provides information about actual account values and actual expenses. However, the table does not include shareholder specific fees, such as the $15.00 fee charged for wire redemptions by the Fund's transfer agent. The table also does not include portfolio trading commissions and related trading costs. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during the period.

**Hypothetical Example For Comparison Purposes** 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios of the Fund and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other fund. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relevant total cost of owning different funds.

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| | | | |
|:---|:---|:---|:---|
|  | **Beginning** <br>**Account** <br>**Value** | **Ending** <br>**Account** <br>**Value** | **Expenses** <br>**Paid During** <br>**Period**  |
|  Actual<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; $1020.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.18  |
|  Hypothetical (5% annual return before expenses)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $1000.00 | &nbsp;&nbsp; $1015.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Expenses paid during the period
 are equal to the Fund's annualized six-month expense ratio of 2.00% multiplied by the average account value over the period, multiplied
 by 184/365 (to reflect the one-half year period).

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|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **31** |

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**[**TABLE OF CONTENTS**](#TOC)**

Additional Information (Unaudited)

1. Board Approval of the Investment Management Agreement

The Investment Company Act of 1940, as amended (the "1940 Act"), requires that the Board of Trustees (the "Board") of Stone Ridge Trust VIII (the "Trust"), including a majority of the members of the Board who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Trustees"), voting separately, approve the proposed investment management agreement (the "Agreement") between Stone Ridge Asset Management LLC (the "Adviser") and the Trust, on behalf of Stone Ridge Art Risk Premium Fund (the "Fund").

At an in-person meeting held on October 28, 2025, the Board, including a majority of the Independent Trustees, considered and approved the continuation for a one-year period of the Agreement between the Adviser and the Trust on behalf of the Fund. Prior to the meeting, the Independent Trustees received a memorandum from independent counsel describing their responsibilities in connection with the approval of the Agreement. In evaluating the Agreement, the Board considered information and materials furnished by the Adviser in advance of and at the meeting and was afforded the opportunity to request additional information and to ask questions of the Adviser to obtain information that it believed to be reasonably necessary to evaluate the terms of the Agreement.

The Board's consideration of the Agreement included but was not limited to: (1) the nature, extent, and quality of the services to be provided by the Adviser; (2) the investment strategies of the Adviser; (3) the cost of the services to be provided and projected profits and other benefits to be realized by the Adviser from its relationship with the Fund; and (4) the extent to which economies of scale are expected to be realized as the Fund grows and whether fee levels are expected to reflect such economies of scale for the benefit of shareholders of the Fund. In determining whether to approve the Agreement, the Board, including the Independent Trustees, did not identify any single factor as determinative; individual trustees may have evaluated the information presented differently from one another, giving different weights to various factors.

In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the investment management services to be provided by the Adviser, including managing the Fund's portfolio in accordance with its investment objective, investment policies, investment restrictions and applicable law; the unique and complex nature of the Fund's investment program in the registered fund space; investment selection and monitoring; selection of trading counterparties and order management; the creation and implementation of ongoing analytical and risk management strategies; the Adviser's investment in infrastructure, technology, proprietary software and personnel needed to implement the Fund's investment program; and the oversight and/or implementation of policies and procedures necessary to fulfill these responsibilities. The Board considered that the Fund's strategy is novel for a registered fund and received information from the Adviser relating to investment and operational risks attendant with the Fund's unique investment strategy. The Board also considered other services to be provided by the Adviser, including monitoring potential conflicts of interest and maintaining regulatory compliance programs for the Fund and the extent to which such regulatory compliance programs would need to be modified or enhanced to account for the Fund's investment strategy. The Board also considered the administrative services to be provided by the Adviser to the Fund, including general ledger accounting, fund accounting, legal services, investor relations and other administrative services. The Board considered the qualifications and professional backgrounds of the Adviser's personnel who provide significant advisory or other services to the Fund under the Agreement and the Adviser's ability to attract investors for the Fund, including the Adviser's track record of raising assets in its other existing funds. The Board further considered information provided by the Adviser with respect to the Fund's and the Adviser's use of third-party service providers and the Adviser's oversight of such service providers, noting that the Fund may invest to a significant extent in Artwork indirectly by investing in special purpose companies sponsored by Masterworks, LLC or an affiliate thereof. The Board also considered that the Fund has engaged Masterworks Administrative Services, LLC to provide administrative services relating to the Fund's direct holdings of artwork, including assisting with the operational aspects of procuring/selling, storing, insuring, and maintaining artwork held directly by the Fund, noting that neither Masterworks Administrative Services, LLC nor any of its affiliates provide advice or recommendations to the Fund regarding the desirability of buying or selling any investments, including artwork. The Board also considered information provided by the Adviser with respect to the custody services provided by U.S. Bank and other third-party service providers, and the Adviser's oversight thereof, including with respect to the custody of direct holdings of artwork in secure warehouse facilities. Based on this and related information, the Board, including the Independent Trustees, concluded that the nature, extent and quality of services supported the approval of the Agreement.

---

| | |
|:---|:---|
| **32** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Additional Information (Unaudited)

In considering the investment performance of the Fund and the Adviser, the Board reviewed information provided by the Adviser relating to the Fund's performance together with the performance of the Fund's corresponding index for the one-month, three-month, six-month and one-year periods ended August 31, 2025 as well as the Fund's performance on an annualized basis for the period ended August 31, 2025 since the Fund's inception. The Board also considered the performance information for the institutional class of third-party managed closed-end funds listed on Morningstar with greater than $50 million in assets and with less than $250 million in assets, regardless of their strategies, as determined by the Adviser in consultation with the Fund's third-party administrator (the "peer group"). The Board considered the performance information for the peer group that the Adviser believes are the most comparable registered investment funds to the Fund. The Adviser, in consultation with the Fund's third-party administrator, supplemented this peer group with funds from Morningstar's institutional share class of US Fund Multistrategy category with greater than $25 million in assets and with less than $500 million in assets. The Board, including the Independent Trustees, concluded that the Fund's performance in light of all relevant factors supported the renewal of the Agreement.

In considering the cost of services to be provided and the benefits to be realized by the Adviser from its relationship with the Fund, the Board analyzed the fees to be paid under the Agreement, the proposed expense ratio for the Fund and the contractual expense limitation to be undertaken by the Adviser. In considering the appropriateness of the management fee, expense ratio and expense limitation, the Board also compared this data against the corresponding information for the funds in the limited peer group. The Board took into consideration information provided by the Adviser relating to the Adviser's financial health, profitability and the benefits that the Adviser will derive from the Agreement. The Board also noted that the Adviser may receive reputational benefits from its relationship with the Fund. Based on the foregoing information and other factors deemed relevant at the Meetings, the Board, including the Independent Trustees, concluded that the management fee arrangement pursuant to the Agreement was fair and reasonable and that the costs of the services to be provided by the Adviser and the related benefits to the Adviser in respect of its relationship with the Fund supported the approval of the Agreement.

Finally, the Board considered the extent to which economies of scale in the provision of services by the Adviser would be realized as the Fund grows and whether the Fund's fee levels would reflect such economies of scale, such as through an expense waiver and/or limitation agreement with the Adviser. After reviewing this and related information, the Board, including the Independent Trustees, concluded that the extent to which economies of scale would be shared with the Fund supported the approval of the Agreement.

Based on a consideration and evaluation of all factors deemed to be relevant, including the foregoing matters and the Board's determination that the approval of the Agreement would be in the best interests of the shareholders, the Board, including the Independent Trustees, concluded that the Agreement should be continued for a one-year period.

2. Shareholder Notification of Federal Tax Status

For the fiscal period ended July 31, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES**  |
|  Art Risk Premium Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended July 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES**  |
|  Art Risk Premium Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

---

| | |
|:---|:---|
| Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 | **33** |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

Additional Information (Unaudited)

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the fiscal period ended July 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES**  |
|  Art Risk Premium Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as interest-related dividends under Internal Revenue Section 871(k)(1)(C) for the fiscal period ended July 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **PERCENTAGES**  |
|  Art Risk Premium Fund  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00% |

---

The Fund made no distributions during the fiscal year ended July 31, 2025.

Shareholders should not use the above information to prepare their tax returns. Since the Fund's fiscal year is not the calendar year, another notification is available with respect to calendar year 2025. Such notification, which reflects the amount to be used by calendar year taxpayers on their Federal income tax returns, will be made in conjunction with shareholders' year-end tax reporting and made available in February 2026. Shareholders are advised to consult their own tax advisors with respect to the tax consequences of their investment in the Fund.

3. Availability of Quarterly Portfolio Holdings Schedules

The Fund is required to file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's filings on Part F of Form N-PORT are available without charge on the SEC's website, www.sec.gov, or upon request, by calling 1.855.609.3680.

4. Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1.855.609.3680 and on the SEC's website, www.sec.gov. The Fund is required to file how it voted proxies related to portfolio securities during the most recent 12-month period ended June 30. The information is available without charge, upon request by calling 1.855.609.3680 and on the SEC's website, www.sec.gov.

---

| | |
|:---|:---|
| **34** | Stone Ridge Funds \| Semi-Annual Report \| January 31, 2026 |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

<u>Investment Adviser</u>

Stone Ridge Asset Management, LLC

One Vanderbilt Avenue, 65th Floor

New York, NY 10017

<u>Independent Registered Public Accounting Firm</u>

Citrin Cooperman & Company, LLP

50 Rockefeller Plaza

New York, NY 10020

<u>Legal Counsel</u>

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

<u>Custodian</u>

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

<u>Distributor</u>

Foreside Financial Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

<u>Administrator, Transfer Agent and Dividend Disbursing Agent</u>

U.S. Bancorp Fund Services, LLC,

doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

<u>Artwork Administrator</u>

Masterworks Administrative Services, LLC

225 Liberty Street, 29th Floor

New York, NY 10281

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments is included as part of the semi-annual report to shareholders filed under
 Item 1 of this Form N-CSR.

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

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

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

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

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

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

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

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

Not applicable.

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

Not applicable.

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

This information is included as part of the financial statements filed under Item 1 of this form N-CSR.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's President and Treasurer have reviewed the registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940 (the "Act")) as of a date within 90 days of the filing of this report, as
 required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities
 Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure
 controls and procedures are effective in ensuring that information required to be disclosed
 in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the registrant and by the registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the registrant's internal control over financial reporting (as defined
 in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that
 have materially affected, or are 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>**

The registrant did not engage in securities lending activities during the fiscal period reported on this Form N-CSR.

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

Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable for semi-annual reports.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](srtviii-efp23076_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Filed herewith.](srtviii-efp23076_ex99a4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) *Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).* Furnished herewith.](srtviii-efp23076_ex99906cert.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.

(Registrant) Stone Ridge Trust VIII

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Ross Stevens |
|  | Ross Stevens, President, Chief Executive Officer and Principal Executive Officer |

---

Date <u>4/1/26</u>

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 (Signature and Title)\* | /s/ Ross Stevens |

---

Ross Stevens, President, Chief Executive Officer and Principal Executive Officer <br>

Date <u>4/1/26</u> <br>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Maura Keselowsky |
|  | Maura Keselowsky, Treasurer, Principal Financial Officer, Chief Financial Officer and Chief Accounting Officer |

---

Date <u>4/1/26</u>

*\* Print the name and title of each signing officer under his or her signature*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Ross Stevens, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Stone Ridge Trust VIII;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| Date: | 4/1/26 | /s/ Ross Stevens |
|  |  | Ross Stevens<br> President, Chief Executive Officer and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Maura Keselowsky, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Stone Ridge Trust VIII;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| Date: | 4/1/26 | /s/ Maura Keselowsky |
|  |  | Maura Keselowsky<br> Treasurer, Principal Financial Officer, Chief Financial Officer and Chief Accounting Officer |

---

## Ex-99.(A)(4)

**EX.99.(a)(4)** 

**STONE RIDGE ART RISK PREMIUM FUND**

**SHAREHOLDER REPURCHASE OFFER NOTICE**

October 3, 2025

Dear Stone Ridge Art Risk Premium Fund Shareholder:

The Stone Ridge Art Risk Premium Fund (the "<u>Fund</u>") is a closed-end interval fund that makes quarterly offers to repurchase a portion of its outstanding shares at net asset value ("<u>NAV</u>") per share. These quarterly repurchase offers provide shareholders with some liquidity. Prior to each quarterly repurchase offer, the Fund is required to send notification of the repurchase offer to all of its shareholders. You will receive a notice similar to this once per quarter. The Fund will offer to repurchase shares only at the time of the regularly scheduled quarterly repurchase offer.

**If you are not interested in tendering your shares for repurchase at this time, you may disregard this letter and take no action.**

**If you are interested in tendering your shares for repurchase, please first determine whether you own your shares at an account at a broker-dealer or other intermediary (an "<u>Authorized Intermediary</u>") or directly through U.S. Bank Global Fund Services (the "<u>Transfer Agent</u>"). If you are unsure, please check your most recent account statement. If your account statement is from the Transfer Agent and includes the Stone Ridge logo in the upper left corner, please follow the instructions set forth herein and return the enclosed form in order to submit a repurchase request. If your account statement is from an Authorized Intermediary, please contact your Authorized Intermediary for assistance and provide all of the information that they require on or prior to the Repurchase Request Deadline specified in the Repurchase Offer Terms attached. Alternatively, if another person, such as an investment adviser, has authority to act on your behalf, please contact such person.**

The Fund's **October 2025** repurchase offer begins on **October 3, 2025** and ends at 4:00 p.m. (ET) on **October 24, 2025**.

**Because the Fund is a closed-end interval fund, it is legally permitted to repurchase only a specified portion of its outstanding shares on any repurchase date. Therefore, there can be no assurance that the Fund will be able to repurchase all the shares that you tender even if you tender all the shares that you own**.

**The Repurchase Request Deadline will be strictly observed. If you (or another person acting on your behalf) or your Authorized Intermediary fails to submit the required information to the Transfer Agent or to take any other required action on or before 4:00 p.m. (ET) on October 24, 2025, the Fund will not repurchase any of your shares until a subsequent quarterly repurchase offer, at which time you must submit a new repurchase request for that offer.**

If you have any questions and you hold your shares through an Authorized Intermediary, please contact your Authorized Intermediary or, if applicable, your investment adviser. If you do not hold your shares through an Authorized Intermediary, a service representative at the Transfer Agent is available by calling 800-236-4424.

As always, we value our relationship with you and hope to continue to serve your investment needs.

Regards,

Stone Ridge Art Risk Premium Fund

**Repurchase Offer Terms**

---

| | |
|:---|:---|
| **Repurchase Request Deadline:** | **4:00 p.m. (ET) on October 24, 2025** |
| **Repurchase Pricing Date:** | **October 24, 2025** |

---

**1. The Offer.** Stone Ridge Art Risk Premium Fund (the "<u>Fund</u>") is offering to repurchase for cash up to five percent (5.0%) of the aggregate of its shares ("<u>Shares</u>") that are issued and outstanding on the Repurchase Request Deadline at a price equal to the net asset value ("<u>NAV</u>" or "<u>Net Asset Value</u>") determined as of the close of the New York Stock Exchange (the "<u>Exchange</u>") on the Repurchase Pricing Date, upon the terms and conditions set forth in (i) this Stone Ridge Art Risk Premium Fund Shareholder Repurchase Offer Notice, (ii) the Fund's Prospectus, and, (iii) if you hold your Shares directly through U.S. Bancorp Fund Services, LLC, the Fund's transfer agent (the "<u>Transfer Agent</u>"), the enclosed Repurchase Request Form. Collectively, those documents constitute the "<u>Offer.</u>" The Offer is not conditioned upon the tender for repurchase of any minimum number of Shares.

**2. Repurchase Request Offer Period and Repurchase Request Deadline.** This quarter's Offer begins on **October 3, 2025** and ends at **4:00 p.m. (ET) on October 24, 2025.** If you hold your Shares through a broker-dealer or other intermediary (an "<u>Authorized Intermediary</u>") and wish to tender your Shares, you or another person with authority to act on your behalf, such as an investment adviser, must enter a sell order for the Shares you wish to tender or otherwise transmit the repurchase request to the Fund in accordance with the operational processes of that Authorized Intermediary on **October 24, 2025 prior to 4:00 p.m. (ET)**. If you are unsure of the operational procedures of your Authorized Intermediary, please contact your Authorized Intermediary or investment adviser as far in advance of the Repurchase Request Deadline as possible.

If you hold your Shares directly through the Transfer Agent, you must submit the attached Repurchase Request Form and provide any other information or documentation that may be requested by the Transfer Agent to the Transfer Agent in proper form on or after **October 3, 2025 and before** **4:00 p.m. (ET) on October 24, 2025**. The Repurchase Request Deadline will be strictly observed.

**If you hold your shares through an Authorized Intermediary and you or another person acting on your behalf does not enter a sell order or otherwise transmit the repurchase request to the Fund in accordance with the operational processes of that Authorized Intermediary on October 24, 2025 prior to 4:00 p.m. (ET), your repurchase request will <u>not</u> be accepted and <u>none</u> of your Shares will be repurchased by the Fund**.

**If you hold your shares through the Transfer Agent and you do not submit the attached Repurchase Request Form and provide any other information or documentation that may be requested by the Transfer Agent to the Transfer Agent in proper form before 4:00 p.m. (ET) on October 24, 2025, your repurchase request will <u>not</u> be accepted and <u>none</u> of your Shares will be repurchased by the Fund.**

By entering (or having entered on your behalf) a sell order on **October 24, 2025** prior to the Repurchase Request Deadline or, if applicable, by timely submission of a complete Repurchase Request Form to the Transfer Agent, you waive any right to receive any notice of the acceptance of your tender.

**3. Repurchase Pricing Date.** The date on which the Fund's Net Asset Value applicable to the Offer is determined (the "<u>Repurchase Pricing Date</u>") will be **October 24, 2025** **, the same date as the Repurchase Request Deadline**, except as otherwise described in this paragraph. Under certain circumstances, the Repurchase Pricing Date could occur as late as the fourteenth calendar day after the Repurchase Request Deadline (or the next business day if such fourteenth calendar day is not a business day), in which case there is a risk that the Fund's Net Asset Value per Share may fluctuate between those dates.

If your repurchase request is submitted prior to the Repurchase Pricing Date, the Net Asset Value determined on the Repurchase Pricing Date may be higher or lower than the date on which you submit a repurchase request. Shares of the Fund earn dividends declared to shareholders of record through the date prior to the Repurchase Pricing Date. On **September 26, 2025**, the Net Asset Value per Share of the Fund was $10.55. Please call the Transfer Agent at 800-236-4424 for current NAV information.

**4. Payment for Shares Repurchased.** The Fund expects to distribute repurchase proceeds in cash to shareholders no later than seven calendar days after the Repurchase Pricing Date.

**5. Repurchase Charge.** The Fund does not currently charge a repurchase fee, special handling fee or processing fee for repurchases. However, your Authorized Intermediary may charge a transaction fee in connection with submitting a repurchase request.

**6. Increase in Number of Shares Repurchased; *Pro Rata* Repurchase.** If the Offer is oversubscribed such that shareholders tender for repurchase more Shares than the Fund is offering to repurchase, the Fund may (but is not obligated to) increase the number of Shares that the Fund is offering to repurchase by up to an additional 2% of the number of Shares that are outstanding on the Repurchase Request Deadline.

If the number of Shares tendered for repurchase exceeds the number of Shares the Fund is offering to repurchase, including, when applicable, the additional up to 2% of Shares described in the immediately preceding sentence, the Fund is generally required by law to repurchase the Shares tendered on a *pro rata* basis, rounded down to the nearest .001 of a Share. **There can be no assurance that the Fund will be able to repurchase all the Shares that you tender even if you tender all the Shares that you own.** In the event of an oversubscribed Offer, you may be unable to liquidate some or all of your investment so tendered, in which case any Shares tendered by you that are not repurchased would remain in your account. You would have to wait until a subsequent quarterly repurchase offer to tender Shares that the Fund was unable to repurchase, and you would be subject to the risk of Net Asset Value fluctuations during that period. You would need to submit a new repurchase request for that offer. Any subsequent offer may also be oversubscribed.

Under certain circumstances, the Fund may, in its discretion, accept shares tendered by shareholders who own fewer than 100 shares *and* tender all of their shares for repurchase in the Offer. In that case, these shares would be accepted before prorating the shares tendered by other shareholders. Shareholders who wish to request such treatment should instruct their Authorized Intermediary or investment adviser, or, if they hold their Shares directly through the Transfer Agent, the Transfer Agent to indicate to the Fund that they are eligible for such treatment.

In addition, if the Offer is oversubscribed as described above, the Fund will repurchase any additional Shares in an amount determined by its Board of Trustees that are tendered by an estate (the "<u>Estate Offer</u>"), provided that the Fund may, in its discretion, limit the number of additional Shares that it repurchases under the Estate Offer. Any such limit shall not be less than 0.1% of the Fund's outstanding Shares in the aggregate, depending on available liquidity. If the Fund so limits the number of Shares repurchased in an Estate Offer, the Fund will repurchase such Shares on a *pro rata* basis, rounded down to the nearest .001 of a Share. **As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in the Estate Offer**.

In addition, if the Offer is oversubscribed as described above, the Fund may also offer to repurchase any additional Shares in an amount determined by its Board of Trustees that are tendered by (i) a trust that funds a tax-qualified defined benefit plan that has terminated or that the sponsor or governing body of such plan has voted to terminate or (ii) a limited liability company that is owned by one or more such trusts (the "<u>Defined Benefit Plan Offer</u>"). A "tax-qualified defined benefit plan" means a defined benefit plan that is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (for example, a corporate defined benefit pension plan or a defined benefit Keogh plan). It does not include, among other things, any defined contribution plan, 401(k) plan or individual retirement account (IRA). The Fund may, in its discretion, limit the number of additional Shares that it repurchases under the Defined Benefit Plan Offer. Any such limit shall not be less than 0.1% of the Fund's outstanding Shares in the aggregate, depending on available liquidity. If the Fund so limits the number of Shares repurchased in a Defined Benefit Plan Offer, the Fund will repurchase such Shares on a *pro rata* basis, rounded down to the nearest .001 of a Share. **As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in the Defined Benefit Plan Offer**.

Any person who wishes to request that the Fund repurchase their Shares pursuant to the Estate Offer or the Defined Benefit Plan Offer should instruct their Authorized Intermediary or investment adviser or, if they hold their Shares directly through the Transfer Agent, the Transfer Agent, to indicate to the Fund that they are eligible for such treatment. If the Fund repurchases any Shares pursuant to the Estate Offer or the Defined Benefit Plan Offer, this will not affect the number of Shares that it repurchases from other shareholders in the Offer.

A service representative at the Transfer Agent is available by calling 800-236-4424.

**7. Withdrawal or Modification of Number of Shares to be Repurchased.** If you hold your Shares directly through the Transfer Agent, Shares submitted pursuant to the Offer may be withdrawn or you may change the number of Shares submitted for repurchase at any time prior to the Repurchase Request Deadline. Direct shareholders seeking to modify or withdraw their tender of Shares must send to the Transfer Agent, at the email address or fax number noted in the Repurchase Request Form, a notice of withdrawal or notice of modification, as applicable, that specifies the name of the person withdrawing or modifying a tender of Shares and the number of Shares to be withdrawn or the modified number of Shares to be tendered. Shares properly withdrawn shall not thereafter be deemed to be tendered for purposes of the Offer. However, withdrawn Shares may be retendered by following the procedures described

herein prior to the Repurchase Request Deadline. For further information regarding modifications or withdrawals of tenders, you may call a shareholder representative at the Transfer Agent at 800-236-4424. If your Shares are held for you by an Authorized Intermediary and you wish to modify or withdraw any instructions to your Authorized Intermediary to effect a repurchase request, please consult your Authorized Intermediary or, if applicable, your investment adviser.

**8. Suspension or Postponement of Repurchase Offer.** The Board of Trustees of Stone Ridge Trust VIII, of which the Fund is a series, may suspend or postpone this Offer only by a majority vote of the Trustees (including a majority of the disinterested Trustees) and only in the following limited circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during any period in which the Exchange or any other market on which the Fund's portfolio securities are traded is closed, other than customary weekend and holiday closings, or trading in those markets is restricted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during any period in which an emergency exists as a result of which it is not reasonably practicable for the Fund to dispose of securities owned by it, or during which it is not reasonably practicable for the Fund fairly to determine the Net Asset Value of Fund Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the repurchase would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during other periods as the Securities and Exchange Commission permits the suspension or postponement of offers by the Fund for the protection of its shareholders.

If the Offer is suspended or postponed, the Fund will provide notice of the suspension or postponement to each shareholder of the Fund. If the Fund renews the Offer, the Fund will send a new notification to each shareholder with details concerning the terms and conditions of the renewed Offer.

**9. Certain Federal Income Tax Consequences**. The following discussion is a general summary of certain federal income tax consequences of the Offer. This summary is based on U.S. federal income tax law as of the date hereof, including the Code, applicable Treasury regulations, Internal Revenue Service ("<u>IRS</u>") rulings, judicial authority and current administrative rulings and practice, all of which are subject to change, possibly with retroactive effect. There can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below, and the Fund has not obtained, nor does the Fund intend to obtain, a ruling from the IRS or an opinion of counsel with respect to any of the consequences described below. This discussion does not address all aspects of taxation that may apply to shareholders or to specific types of shareholders such as tax-deferred retirement plans and shareholders that are not "United States persons" within the meaning of the Code (a "<u>foreign shareholder</u>"). Shareholders should review the tax information in the Fund's Prospectus and Statement of Additional Information and should consult their tax advisers regarding the specific tax consequences to them of participating in the Offer, including federal, state, local and foreign tax consequences.

A repurchase of Shares pursuant to the repurchase offer will be treated as a taxable sale or exchange of the Shares for federal income tax purposes if either (a) the tendering shareholder tenders all of its Shares or meets numerical safe harbors with respect to percentage voting interest and reduction in ownership of the fund following the completion of the repurchase offer or (b) the tender otherwise results in a "meaningful reduction" of a shareholder's ownership percentage interest in the Fund, which determination depends on a shareholder's particular facts and circumstances. The Fund intends to take the position that shareholders tendering Shares will qualify for sale or exchange treatment for federal income tax purposes. It is possible that the IRS could disagree and successfully assert that the repurchase of Shares from any shareholder is properly treated as a distribution rather than as a sale or exchange. If the transaction is treated as a sale or exchange, any gain or loss recognized by a shareholder generally will be capital gain or loss if the Shares tendered are held by the shareholder as a capital asset, as short-term capital gain or loss if such Shares have been held for one year or less, and as long-term capital gain or loss if such Shares have been held for more than one year. Under the "wash sale" rules under the Code, loss recognized on Shares sold pursuant to the repurchase offer will ordinarily be disallowed to the extent the shareholder acquires other shares of the Fund or substantially identical stock or securities within 30 days before or after the date the tendered Shares are purchased pursuant to the repurchase offer and, in that event, the basis and holding period of the shares acquired will be adjusted to reflect the disallowed loss.

If the repurchase of Shares pursuant to the repurchase offer is not treated as a sale or exchange for federal income tax purposes, the amount received upon such repurchase will be treated for federal income tax purposes as a distribution from the Fund that will be taxable as a dividend to the extent of the Fund's current or accumulated earnings and profits

for the year in which the repurchase occurs. Any balance will be treated as a return of capital to the extent of the shareholder's tax basis in its Shares and thereafter as capital gain. In the event that a tendering shareholder is deemed to receive a dividend as a result of tendering its Shares, it is possible that shareholders whose percentage ownership of the Fund increases as result of the tender will be deemed to receive a constructive distribution from the Fund. Such constructive distribution will be treated as a dividend to the extent of the Fund's current or accumulated earnings and profits.

*Foreign Shareholders.* Subject to the discussions below with respect to backup withholding and FATCA, if the repurchase of a foreign shareholder's Shares pursuant to the Offer is treated as a sale or exchange of such Shares, a foreign shareholder generally will not be subject to U.S. federal income tax on gains (and will not be allowed a deduction for losses) realized on such repurchase unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such shareholder within the United States, or (ii) in the case of an individual shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the repurchase and certain other conditions are met.

If the repurchase of a foreign shareholder's Shares pursuant to the Offer is treated as a distribution with respect to such Shares, the portion of the distribution that constitutes a dividend generally will be subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate), unless an exemption is available and the Fund elects to apply such an exemption. Such exemptions are described further in the Statement of Additional Information.

To qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding described below, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or Form W-8BEN-E, or substitute form).

Foreign shareholders should consult their tax advisers and, if holding Shares through Authorized Intermediaries, their Authorized Intermediaries, concerning the application of these rules to the Offer.

*FATCA*. Sections 1471-1474 of the Code, and the U.S. Treasury Regulations and IRS guidance issued thereunder (collectively, "<u>FATCA</u>"), generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "<u>IGA</u>"). If a shareholder fails to provide this information or otherwise fails to comply with FATCA or an IGA, the Fund or its agent may be required to withhold under FATCA 30% of ordinary dividends the Fund pays (or is deemed to pay) to that shareholder. The IRS and the Department of Treasury have issued proposed regulations providing that gross proceeds the Fund pays to a shareholder for a share repurchase treated as a sale or exchange will not be subject to FATCA withholding. If an amount paid (or deemed paid) by the Fund is subject to FATCA withholding, the Fund or its agent is required to withhold even if the payment would otherwise be exempt from withholding under rules applicable to foreign shareholders. Each foreign shareholder is urged to consult its tax adviser regarding the applicability of FATCA.

*Backup Withholding.* The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and proceeds from a repurchase paid to any individual shareholder (i) who fails to properly furnish the Fund with a correct taxpayer identification number, (ii) who has under-reported dividend or interest income or (iii) who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Transfer Taxes.* The Fund will pay all share transfer taxes, if any, payable on the transfer to it of Shares repurchased pursuant to the Offer. If, however, (a) payment of the repurchase price is to be made to any person other than the registered owner(s), or (b) (in the circumstances permitted by the Offer) unpurchased Shares are to be registered in the name(s) of any person other than the registered owner(s), then the amount of any transfer taxes (whether imposed on the registered owner(s) or such other persons) payable on account of the transfer to such person(s) will be deducted from the repurchase price by the Transfer Agent unless satisfactory evidence of the payment of such taxes, or exemption therefrom, is submitted.

**10. Documents in Proper Form.** All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any tender of Shares will be determined by the Fund in its sole discretion, whose determination shall be final and binding on all parties. The Fund reserves the right to require any person who wishes to request that the Fund repurchase their Shares to first provide any documentation that the Fund deems necessary or appropriate as proof of such person's eligibility for the applicable repurchase offer, and such eligibility will be determined by the Fund in its sole discretion. The Fund reserves the absolute right to reject any or all tenders determined by it not to be in appropriate

form or the acceptance of or payment for any Shares which may, in the opinion of the Fund's counsel, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect or irregularity in tender of any particular Shares or any particular shareholder, and the Fund's interpretations of the terms and conditions of the Offer will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tendered Shares will not be accepted for repurchase unless all defects and irregularities have either been cured within such time or waived by the Fund. None of the Fund, Stone Ridge Asset Management LLC, the Transfer Agent or any other person shall be obligated to give notice of defects or irregularities in tenders, nor shall any of them incur any liability for failure to give any such notice. The Fund and the Transfer Agent will not be liable for any loss incurred in the event that the Fund accepts unauthorized telephone instructions or repurchase requests that the Fund reasonably believes to be genuine.

**Neither the Fund nor its Board of Trustees makes any recommendation to any shareholder as to whether to tender or refrain from tendering Shares. Each shareholder must make an independent decision whether to tender Shares and, if so, how many Shares to tender. No person has been authorized to make any recommendation on behalf of the Fund as to whether shareholders should tender Shares pursuant to this Offer. No person has been authorized to give any information or to make any representations in connection with the Offer other than those contained herein, in the attached Repurchase Request Form or in the Fund's Prospectus.**

**For a copy of the Fund's Prospectus or for other information, visit www.stoneridgefunds.com, call a service representative at the Transfer Agent at 800-236-4424, or contact your Authorized Intermediary or investment adviser.**

**Dated: October 3, 2025**

**STONE RIDGE ART RISK PREMIUM FUND**

**REPURCHASE REQUEST FORM**

**MUST BE RECEIVED BY 4:00 P.M., EASTERN TIME, October 24, 2025**

<u>IMPORTANT</u>: THIS FORM IS ONLY FOR USE BY SHAREHOLDERS WHO HOLD THEIR SHARES DIRECTLY THROUGH U.S. BANCORP FUND SERVICES, LLC, THE FUND'S TRANSFER AGENT.

**PLEASE COMPLETE THE FORM BELOW AND RETURN TO brokerdealer@usbank.com OR FAX TO 866-350-5098.**

**YOU MAY CONTACT THE FUND'S TRANSFER AGENT, U.S. BANCORP FUND SERVICES, LLC, AT brokerdealer@usbank.com OR 800-236-4424 WITH ANY QUESTIONS YOU MAY HAVE RELATED TO TENDERING YOUR SHARES.**

Please accept this tender of shares as designated below for repurchase at a price equal to their net asset value on the Repurchase Pricing Date. I understand that this quarterly repurchase offer is limited to five percent (5.0%) of the Fund's outstanding shares and, that, if the offer is oversubscribed, the Fund may not purchase the full amount of the shares that I am requesting, in which case the Fund will repurchase shares as described in the Repurchase Offer Terms.

**Shareholder Information:**

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| | | |
|:---|:---|:---|
| **Name(s) of Registered Shareholder(s)** | **Telephone Number(s)** | **Email address** |

---

**Tender Request:**

---

| | |
|:---|:---|
| **Account Number** | **Number of Shares to Tender** |

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**Payment Information:**

Payment will be made to the shareholder via check, unless wire instructions are present on their account.

  <br> Signature of Shareholder(s)

**STONE RIDGE ART RISK PREMIUM FUND**

**SHAREHOLDER REPURCHASE OFFER NOTICE**

January 2, 2026

Dear Stone Ridge Art Risk Premium Fund Shareholder:

The Stone Ridge Art Risk Premium Fund (the "<u>Fund</u>") is a closed-end interval fund that makes quarterly offers to repurchase a portion of its outstanding shares at net asset value ("<u>NAV</u>") per share. These quarterly repurchase offers provide shareholders with some liquidity. Prior to each quarterly repurchase offer, the Fund is required to send notification of the repurchase offer to all of its shareholders. You will receive a notice similar to this once per quarter. The Fund will offer to repurchase shares only at the time of the regularly scheduled quarterly repurchase offer.

**If you are not interested in tendering your shares for repurchase at this time, you may disregard this letter and take no action.**

**If you are interested in tendering your shares for repurchase, please first determine whether you own your shares at an account at a broker-dealer or other intermediary (an "<u>Authorized Intermediary</u>") or directly through U.S. Bank Global Fund Services (the "<u>Transfer Agent</u>"). If you are unsure, please check your most recent account statement. If your account statement is from the Transfer Agent and includes the Stone Ridge logo in the upper left corner, please follow the instructions set forth herein and return the enclosed form in order to submit a repurchase request. If your account statement is from an Authorized Intermediary, please contact your Authorized Intermediary for assistance and provide all of the information that they require on or prior to the Repurchase Request Deadline specified in the Repurchase Offer Terms attached. Alternatively, if another person, such as an investment adviser, has authority to act on your behalf, please contact such person.**

The Fund's **January 2026** repurchase offer begins on **January 2, 2026** and ends at 4:00 p.m. (ET) on **January 23, 2026**.

**Because the Fund is a closed-end interval fund, it is legally permitted to repurchase only a specified portion of its outstanding shares on any repurchase date. Therefore, there can be no assurance that the Fund will be able to repurchase all the shares that you tender even if you tender all the shares that you own**.

**The Repurchase Request Deadline will be strictly observed. If you (or another person acting on your behalf) or your Authorized Intermediary fails to submit the required information to the Transfer Agent or to take any other required action on or before 4:00 p.m. (ET) on January 23, 2026, the Fund will not repurchase any of your shares until a subsequent quarterly repurchase offer, at which time you must submit a new repurchase request for that offer.**

If you have any questions and you hold your shares through an Authorized Intermediary, please contact your Authorized Intermediary or, if applicable, your investment adviser. If you do not hold your shares through an Authorized Intermediary, a service representative at the Transfer Agent is available by calling 800-236-4424.

As always, we value our relationship with you and hope to continue to serve your investment needs.

Regards,

Stone Ridge Art Risk Premium Fund

**Repurchase Offer Terms**

---

| | |
|:---|:---|
| **Repurchase Request Deadline:** | **4:00 p.m. (ET) on January 23, 2026** |
| **Repurchase Pricing Date:** | **January 23, 2026** |

---

**1. The Offer.** Stone Ridge Art Risk Premium Fund (the "<u>Fund</u>") is offering to repurchase for cash up to five percent (5.0%) of the aggregate of its shares ("<u>Shares</u>") that are issued and outstanding on the Repurchase Request Deadline at a price equal to the net asset value ("<u>NAV</u>" or "<u>Net Asset Value</u>") determined as of the close of the New York Stock Exchange (the "<u>Exchange</u>") on the Repurchase Pricing Date, upon the terms and conditions set forth in (i) this Stone Ridge Art Risk Premium Fund Shareholder Repurchase Offer Notice, (ii) the Fund's Prospectus, and, (iii) if you hold your Shares directly through U.S. Bancorp Fund Services, LLC, the Fund's transfer agent (the "<u>Transfer Agent</u>"), the enclosed Repurchase Request Form. Collectively, those documents constitute the "<u>Offer</u>." The Offer is not conditioned upon the tender for repurchase of any minimum number of Shares.

**2. Repurchase Request Offer Period and Repurchase Request Deadline.** This quarter's Offer begins on **January 2, 2026** and ends at **4:00 p.m. (ET) on January 23, 2026.** If you hold your Shares through a broker-dealer or other intermediary (an "<u>Authorized Intermediary</u>") and wish to tender your Shares, you or another person with authority to act on your behalf, such as an investment adviser, must enter a sell order for the Shares you wish to tender or otherwise transmit the repurchase request to the Fund in accordance with the operational processes of that Authorized Intermediary on **January 23, 2026 prior to 4:00 p.m. (ET)**. If you are unsure of the operational procedures of your Authorized Intermediary, please contact your Authorized Intermediary or investment adviser as far in advance of the Repurchase Request Deadline as possible.

If you hold your Shares directly through the Transfer Agent, you must submit the attached Repurchase Request Form and provide any other information or documentation that may be requested by the Transfer Agent to the Transfer Agent in proper form on or after **January 2, 2026 and before** **4:00 p.m. (ET) on January 23, 2026**. The Repurchase Request Deadline will be strictly observed.

**If you hold your shares through an Authorized Intermediary and you or another person acting on your behalf does not enter a sell order or otherwise transmit the repurchase request to the Fund in accordance with the operational processes of that Authorized Intermediary on January 23, 2026 prior to 4:00 p.m. (ET), your repurchase request will <u>not</u> be accepted and <u>none</u> of your Shares will be repurchased by the Fund**.

**If you hold your shares through the Transfer Agent and you do not submit the attached Repurchase Request Form and provide any other information or documentation that may be requested by the Transfer Agent to the Transfer Agent in proper form before 4:00 p.m. (ET) on January 23, 2026, your repurchase request will <u>not</u> be accepted and <u>none</u> of your Shares will be repurchased by the Fund.**

By entering (or having entered on your behalf) a sell order on **January 23, 2026** prior to the Repurchase Request Deadline or, if applicable, by timely submission of a complete Repurchase Request Form to the Transfer Agent, you waive any right to receive any notice of the acceptance of your tender.

**3. Repurchase Pricing Date.** The date on which the Fund's Net Asset Value applicable to the Offer is determined (the "<u>Repurchase Pricing Date</u>") will be **January 23, 2026** **, the same date as the Repurchase Request Deadline**, except as otherwise described in this paragraph. Under certain circumstances, the Repurchase Pricing Date could occur as late as the fourteenth calendar day after the Repurchase Request Deadline (or the next business day if such fourteenth calendar day is not a business day), in which case there is a risk that the Fund's Net Asset Value per Share may fluctuate between those dates.

If your repurchase request is submitted prior to the Repurchase Pricing Date, the Net Asset Value determined on the Repurchase Pricing Date may be higher or lower than the date on which you submit a repurchase request. Shares of the Fund earn dividends declared to shareholders of record through the date prior to the Repurchase Pricing Date. On **December 26, 2025**, the Net Asset Value per Share of the Fund was $10.72. Please call the Transfer Agent at 800-236-4424 for current NAV information.

**4. Payment for Shares Repurchased.** The Fund expects to distribute repurchase proceeds in cash to shareholders no later than seven calendar days after the Repurchase Pricing Date.

**5. Repurchase Charge.** The Fund does not currently charge a repurchase fee, special handling fee or processing fee for repurchases. However, your Authorized Intermediary may charge a transaction fee in connection with submitting a repurchase request.

**6. Increase in Number of Shares Repurchased; *Pro Rata* Repurchase.** If the Offer is oversubscribed such that shareholders tender for repurchase more Shares than the Fund is offering to repurchase, the Fund may (but is not obligated to) increase the number of Shares that the Fund is offering to repurchase by up to an additional 2% of the number of Shares that are outstanding on the Repurchase Request Deadline.

If the number of Shares tendered for repurchase exceeds the number of Shares the Fund is offering to repurchase, including, when applicable, the additional up to 2% of Shares described in the immediately preceding sentence, the Fund is generally required by law to repurchase the Shares tendered on a *pro rata* basis, rounded down to the nearest .001 of a Share. **There can be no assurance that the Fund will be able to repurchase all the Shares that you tender even if you tender all the Shares that you own.** In the event of an oversubscribed Offer, you may be unable to liquidate some or all of your investment so tendered, in which case any Shares tendered by you that are not repurchased would remain in your account. You would have to wait until a subsequent quarterly repurchase offer to tender Shares that the Fund was unable to repurchase, and you would be subject to the risk of Net Asset Value fluctuations during that period. You would need to submit a new repurchase request for that offer. Any subsequent offer may also be oversubscribed.

Under certain circumstances, the Fund may, in its discretion, accept shares tendered by shareholders who own fewer than 100 shares *and* tender all of their shares for repurchase in the Offer. In that case, these shares would be accepted before prorating the shares tendered by other shareholders. Shareholders who wish to request such treatment should instruct their Authorized Intermediary or investment adviser, or, if they hold their Shares directly through the Transfer Agent, the Transfer Agent to indicate to the Fund that they are eligible for such treatment.

In addition, if the Offer is oversubscribed as described above, the Fund will repurchase any additional Shares in an amount determined by its Board of Trustees that are tendered by an estate (the "<u>Estate Offer</u>"), provided that the Fund may, in its discretion, limit the number of additional Shares that it repurchases under the Estate Offer. Any such limit shall not be less than 0.1% of the Fund's outstanding Shares in the aggregate, depending on available liquidity. If the Fund so limits the number of Shares repurchased in an Estate Offer, the Fund will repurchase such Shares on a *pro rata* basis, rounded down to the nearest .001 of a Share. **As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in the Estate Offer**.

In addition, if the Offer is oversubscribed as described above, the Fund may also offer to repurchase any additional Shares in an amount determined by its Board of Trustees that are tendered by (i) a trust that funds a tax-qualified defined benefit plan that has terminated or that the sponsor or governing body of such plan has voted to terminate or (ii) a limited liability company that is owned by one or more such trusts (the "<u>Defined Benefit Plan Offer</u>"). A "tax-qualified defined benefit plan" means a defined benefit plan that is qualified under section 401(a) of the Internal Revenue Code of 1986, as amended (for example, a corporate defined benefit pension plan or a defined benefit Keogh plan). It does not include, among other things, any defined contribution plan, 401(k) plan or individual retirement account (IRA). The Fund may, in its discretion, limit the number of additional Shares that it repurchases under the Defined Benefit Plan Offer. Any such limit shall not be less than 0.1% of the Fund's outstanding Shares in the aggregate, depending on available liquidity. If the Fund so limits the number of Shares repurchased in a Defined Benefit Plan Offer, the Fund will repurchase such Shares on a *pro rata* basis, rounded down to the nearest .001 of a Share. **As a result, there can be no assurance that the Fund will be able to repurchase all of the Shares tendered in the Defined Benefit Plan Offer**.

Any person who wishes to request that the Fund repurchase their Shares pursuant to the Estate Offer or the Defined Benefit Plan Offer should instruct their Authorized Intermediary or investment adviser or, if they hold their Shares directly through the Transfer Agent, the Transfer Agent, to indicate to the Fund that they are eligible for such treatment. If the Fund repurchases any Shares pursuant to the Estate Offer or the Defined Benefit Plan Offer, this will not affect the number of Shares that it repurchases from other shareholders in the Offer.

A service representative at the Transfer Agent is available by calling 800-236-4424.

**7. Withdrawal or Modification of Number of Shares to be Repurchased.** If you hold your Shares directly through the Transfer Agent, Shares submitted pursuant to the Offer may be withdrawn or you may change the number of Shares submitted for repurchase at any time prior to the Repurchase Request Deadline. Direct shareholders seeking to modify or withdraw their tender of Shares must send to the Transfer Agent, at the email address or fax number noted in the Repurchase Request Form, a notice of withdrawal or notice of modification, as applicable, that specifies the name of the person withdrawing or modifying a tender of Shares and the number of Shares to be withdrawn or the modified number of Shares to be tendered. Shares properly withdrawn shall not thereafter be deemed to be tendered for purposes of the Offer. However, withdrawn Shares may be retendered by following the procedures described

herein prior to the Repurchase Request Deadline. For further information regarding modifications or withdrawals of tenders, you may call a shareholder representative at the Transfer Agent at 800-236-4424. If your Shares are held for you by an Authorized Intermediary and you wish to modify or withdraw any instructions to your Authorized Intermediary to effect a repurchase request, please consult your Authorized Intermediary or, if applicable, your investment adviser.

**8. Suspension or Postponement of Repurchase Offer.** The Board of Trustees of Stone Ridge Trust VIII, of which the Fund is a series, may suspend or postpone this Offer only by a majority vote of the Trustees (including a majority of the disinterested Trustees) and only in the following limited circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during any period in which the Exchange or any other market on which the Fund's portfolio securities are traded is closed, other than customary weekend and holiday closings, or trading in those markets is restricted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) during any period in which an emergency exists as a result of which it is not reasonably practicable for the Fund to dispose of securities owned by it, or during which it is not reasonably practicable for the Fund fairly to determine the Net Asset Value of Fund Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the repurchase would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during other periods as the Securities and Exchange Commission permits the suspension or postponement of offers by the Fund for the protection of its shareholders.

If the Offer is suspended or postponed, the Fund will provide notice of the suspension or postponement to each shareholder of the Fund. If the Fund renews the Offer, the Fund will send a new notification to each shareholder with details concerning the terms and conditions of the renewed Offer.

**9. Certain Federal Income Tax Consequences**. The following discussion is a general summary of certain federal income tax consequences of the Offer. This summary is based on U.S. federal income tax law as of the date hereof, including the Code, applicable Treasury regulations, Internal Revenue Service ("<u>IRS</u>") rulings, judicial authority and current administrative rulings and practice, all of which are subject to change, possibly with retroactive effect. There can be no assurance that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below, and the Fund has not obtained, nor does the Fund intend to obtain, a ruling from the IRS or an opinion of counsel with respect to any of the consequences described below. This discussion does not address all aspects of taxation that may apply to shareholders or to specific types of shareholders such as tax-deferred retirement plans and shareholders that are not "United States persons" within the meaning of the Code (a "<u>foreign shareholder</u>"). Shareholders should review the tax information in the Fund's Prospectus and Statement of Additional Information and should consult their tax advisers regarding the specific tax consequences to them of participating in the Offer, including federal, state, local and foreign tax consequences.

A repurchase of Shares pursuant to the repurchase offer will be treated as a taxable sale or exchange of the Shares for federal income tax purposes if either (a) the tendering shareholder tenders all of its Shares or meets numerical safe harbors with respect to percentage voting interest and reduction in ownership of the fund following the completion of the repurchase offer or (b) the tender otherwise results in a "meaningful reduction" of a shareholder's ownership percentage interest in the Fund, which determination depends on a shareholder's particular facts and circumstances. The Fund intends to take the position that shareholders tendering Shares will qualify for sale or exchange treatment for federal income tax purposes. It is possible that the IRS could disagree and successfully assert that the repurchase of Shares from any shareholder is properly treated as a distribution rather than as a sale or exchange. If the transaction is treated as a sale or exchange, any gain or loss recognized by a shareholder generally will be capital gain or loss if the Shares tendered are held by the shareholder as a capital asset, as short-term capital gain or loss if such Shares have been held for one year or less, and as long-term capital gain or loss if such Shares have been held for more than one year. Under the "wash sale" rules under the Code, loss recognized on Shares sold pursuant to the repurchase offer will ordinarily be disallowed to the extent the shareholder acquires other shares of the Fund or substantially identical stock or securities within 30 days before or after the date the tendered Shares are purchased pursuant to the repurchase offer and, in that event, the basis and holding period of the shares acquired will be adjusted to reflect the disallowed loss.

If the repurchase of Shares pursuant to the repurchase offer is not treated as a sale or exchange for federal income tax purposes, the amount received upon such repurchase will be treated for federal income tax purposes as a distribution from the Fund that will be taxable as a dividend to the extent of the Fund's current or accumulated earnings and profits

for the year in which the repurchase occurs. Any balance will be treated as a return of capital to the extent of the shareholder's tax basis in its Shares and thereafter as capital gain. In the event that a tendering shareholder is deemed to receive a dividend as a result of tendering its Shares, it is possible that shareholders whose percentage ownership of the Fund increases as result of the tender will be deemed to receive a constructive distribution from the Fund. Such constructive distribution will be treated as a dividend to the extent of the Fund's current or accumulated earnings and profits.

*Foreign Shareholders.* Subject to the discussions below with respect to backup withholding and FATCA, if the repurchase of a foreign shareholder's Shares pursuant to the Offer is treated as a sale or exchange of such Shares, a foreign shareholder generally will not be subject to U.S. federal income tax on gains (and will not be allowed a deduction for losses) realized on such repurchase unless (i) such gain is effectively connected with the conduct of a trade or business carried on by such shareholder within the United States, or (ii) in the case of an individual shareholder, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the repurchase and certain other conditions are met.

If the repurchase of a foreign shareholder's Shares pursuant to the Offer is treated as a distribution with respect to such Shares, the portion of the distribution that constitutes a dividend generally will be subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate), unless an exemption is available and the Fund elects to apply such an exemption. Such exemptions are described further in the Statement of Additional Information.

To qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from backup withholding described below, a foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN or Form W-8BEN-E, or substitute form).

Foreign shareholders should consult their tax advisers and, if holding Shares through Authorized Intermediaries, their Authorized Intermediaries, concerning the application of these rules to the Offer.

*FATCA*. Sections 1471-1474 of the Code, and the U.S. Treasury Regulations and IRS guidance issued thereunder (collectively, "<u>FATCA</u>"), generally require the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "<u>IGA</u>"). If a shareholder fails to provide this information or otherwise fails to comply with FATCA or an IGA, the Fund or its agent may be required to withhold under FATCA 30% of ordinary dividends the Fund pays (or is deemed to pay) to that shareholder. The IRS and the Department of Treasury have issued proposed regulations providing that gross proceeds the Fund pays to a shareholder for a share repurchase treated as a sale or exchange will not be subject to FATCA withholding. If an amount paid (or deemed paid) by the Fund is subject to FATCA withholding, the Fund or its agent is required to withhold even if the payment would otherwise be exempt from withholding under rules applicable to foreign shareholders. Each foreign shareholder is urged to consult its tax adviser regarding the applicability of FATCA.

*Backup Withholding.* The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and proceeds from a repurchase paid to any individual shareholder (i) who fails to properly furnish the Fund with a correct taxpayer identification number, (ii) who has under-reported dividend or interest income or (iii) who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

*Transfer Taxes.* The Fund will pay all share transfer taxes, if any, payable on the transfer to it of Shares repurchased pursuant to the Offer. If, however, (a) payment of the repurchase price is to be made to any person other than the registered owner(s), or (b) (in the circumstances permitted by the Offer) unpurchased Shares are to be registered in the name(s) of any person other than the registered owner(s), then the amount of any transfer taxes (whether imposed on the registered owner(s) or such other persons) payable on account of the transfer to such person(s) will be deducted from the repurchase price by the Transfer Agent unless satisfactory evidence of the payment of such taxes, or exemption therefrom, is submitted.

**10. Documents in Proper Form.** All questions as to the validity, form, eligibility (including time of receipt) and acceptance of any tender of Shares will be determined by the Fund in its sole discretion, whose determination shall be final and binding on all parties. The Fund reserves the right to require any person who wishes to request that the Fund repurchase their Shares to first provide any documentation that the Fund deems necessary or appropriate as proof of such person's eligibility for the applicable repurchase offer, and such eligibility will be determined by the Fund in its sole discretion. The Fund reserves the absolute right to reject any or all tenders determined by it not to be in appropriate

form or the acceptance of or payment for any Shares which may, in the opinion of the Fund's counsel, be unlawful. The Fund also reserves the absolute right to waive any of the conditions of the Offer or any defect or irregularity in tender of any particular Shares or any particular shareholder, and the Fund's interpretations of the terms and conditions of the Offer will be final and binding on all parties. Unless waived, any defects or irregularities in connection with tenders must be cured within such time as the Fund shall determine. Tendered Shares will not be accepted for repurchase unless all defects and irregularities have either been cured within such time or waived by the Fund. None of the Fund, Stone Ridge Asset Management LLC, the Transfer Agent or any other person shall be obligated to give notice of defects or irregularities in tenders, nor shall any of them incur any liability for failure to give any such notice. The Fund and the Transfer Agent will not be liable for any loss incurred in the event that the Fund accepts unauthorized telephone instructions or repurchase requests that the Fund reasonably believes to be genuine.

**Neither the Fund nor its Board of Trustees makes any recommendation to any shareholder as to whether to tender or refrain from tendering Shares. Each shareholder must make an independent decision whether to tender Shares and, if so, how many Shares to tender. No person has been authorized to make any recommendation on behalf of the Fund as to whether shareholders should tender Shares pursuant to this Offer. No person has been authorized to give any information or to make any representations in connection with the Offer other than those contained herein, in the attached Repurchase Request Form or in the Fund's Prospectus.**

**For a copy of the Fund's Prospectus or for other information, visit www.stoneridgefunds.com, call a service representative at the Transfer Agent at 800-236-4424, or contact your Authorized Intermediary or investment adviser.**

**Dated: January 2, 2026**

**STONE RIDGE ART RISK PREMIUM FUND**

**REPURCHASE REQUEST FORM**

**MUST BE RECEIVED BY 4:00 P.M., EASTERN TIME, January 23, 2026**

<u>IMPORTANT</u>: THIS FORM IS ONLY FOR USE BY SHAREHOLDERS WHO HOLD THEIR SHARES DIRECTLY THROUGH U.S. BANCORP FUND SERVICES, LLC, THE FUND'S TRANSFER AGENT.

**PLEASE COMPLETE THE FORM BELOW AND RETURN TO brokerdealer@usbank.com OR FAX TO 866-350-5098.**

**YOU MAY CONTACT THE FUND'S TRANSFER AGENT, U.S. BANCORP FUND SERVICES, LLC, AT brokerdealer@usbank.com OR 800-236-4424 WITH ANY QUESTIONS YOU MAY HAVE RELATED TO TENDERING YOUR SHARES.**

Please accept this tender of shares as designated below for repurchase at a price equal to their net asset value on the Repurchase Pricing Date. I understand that this quarterly repurchase offer is limited to five percent (5.0%) of the Fund's outstanding shares and, that, if the offer is oversubscribed, the Fund may not purchase the full amount of the shares that I am requesting, in which case the Fund will repurchase shares as described in the Repurchase Offer Terms.

**Shareholder Information:**

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| | | |
|:---|:---|:---|
| **Name(s) of Registered Shareholder(s)** | **Telephone Number(s)** | **Email address** |

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**Tender Request:**

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| | |
|:---|:---|
| **Account Number** | **Number of Shares to Tender** |

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**Payment Information:**

Payment will be made to the shareholder via check, unless wire instructions are present on their account.

  <br> Signature of Shareholder(s)

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Stone Ridge Trust VIII, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Stone Ridge Trust VIII for the period ended January 31, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Stone Ridge Trust VIII for the stated period.

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| | | | |
|:---|:---|:---|:---|
| /s/ Ross Stevens | /s/ Ross Stevens | /s/ Maura Keselowsky | /s/ Maura Keselowsky |
| Ross Stevens<br> President Chief Executive Officer and<br> Principal Executive Officer<br> Stone Ridge Trust VIII | Ross Stevens<br> President Chief Executive Officer and<br> Principal Executive Officer<br> Stone Ridge Trust VIII | Maura Keselowsky<br> Treasurer, Principal Financial Officer, Chief<br> Financial Officer and Chief Accounting Officer<br> Stone Ridge Trust VIII | Maura Keselowsky<br> Treasurer, Principal Financial Officer, Chief<br> Financial Officer and Chief Accounting Officer<br> Stone Ridge Trust VIII |
| Dated: | 4/1/26 | Dated: | 4/1/26 |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Stone Ridge Trust VIII for purposes of Section 18 of the Securities Exchange Act of 1934.