# EDGAR Filing Document

**Accession Number:** 0001559992
**File Stem:** 0001133228-25-009544
**Filing Date:** 2025-9
**Character Count:** 511925
**Document Hash:** 63025044b1555530406bf2dce93c8e91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009544.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009544

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 60

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STONE RIDGE TRUST
- **CENTRAL INDEX KEY:** 0001559992

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22761
- **FILM NUMBER:** 251297488

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 855-609-3680

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Stone Ridge Trust
- **DATE OF NAME CHANGE:** 20121010

## Series and Classes Contracts Data

### LifeX 2048 Longevity Income ETF (Series ID: S000087592)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253436 | LifeX 2048 Longevity Income ETF |  |

### LifeX 2057 Longevity Income ETF (Series ID: S000087593)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253437 | LifeX 2057 Longevity Income ETF |  |

### LifeX 2058 Longevity Income ETF (Series ID: S000087594)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253438 | LifeX 2058 Longevity Income ETF |  |

### LifeX 2059 Longevity Income ETF (Series ID: S000087595)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253439 | LifeX 2059 Longevity Income ETF |  |

### LifeX 2060 Longevity Income ETF (Series ID: S000087596)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253440 | LifeX 2060 Longevity Income ETF |  |

### LifeX 2061 Longevity Income ETF (Series ID: S000087597)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253441 | LifeX 2061 Longevity Income ETF |  |

### LifeX 2062 Longevity Income ETF (Series ID: S000087598)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253442 | LifeX 2062 Longevity Income ETF |  |

### LifeX 2063 Longevity Income ETF (Series ID: S000087599)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253443 | LifeX 2063 Longevity Income ETF |  |

### LifeX 2048 Inflation-Protected Longevity Income ETF (Series ID: S000087600)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253444 | LifeX 2048 Inflation-Protected Longevity Income ETF |  |

### LifeX 2049 Inflation-Protected Longevity Income ETF (Series ID: S000087601)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253445 | LifeX 2049 Inflation-Protected Longevity Income ETF |  |

### LifeX 2050 Inflation-Protected Longevity Income ETF (Series ID: S000087602)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253446 | LifeX 2050 Inflation-Protected Longevity Income ETF |  |

### LifeX 2049 Longevity Income ETF (Series ID: S000087603)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253447 | LifeX 2049 Longevity Income ETF |  |

### LifeX 2051 Inflation-Protected Longevity Income ETF (Series ID: S000087604)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253448 | LifeX 2051 Inflation-Protected Longevity Income ETF |  |

### LifeX 2052 Inflation-Protected Longevity Income ETF (Series ID: S000087605)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253449 | LifeX 2052 Inflation-Protected Longevity Income ETF |  |

### LifeX 2053 Inflation-Protected Longevity Income ETF (Series ID: S000087606)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253450 | LifeX 2053 Inflation-Protected Longevity Income ETF |  |

### LifeX 2054 Inflation-Protected Longevity Income ETF (Series ID: S000087607)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253451 | LifeX 2054 Inflation-Protected Longevity Income ETF |  |

### LifeX 2055 Inflation-Protected Longevity Income ETF (Series ID: S000087608)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253452 | LifeX 2055 Inflation-Protected Longevity Income ETF |  |

### LifeX 2056 Inflation-Protected Longevity Income ETF (Series ID: S000087609)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253453 | LifeX 2056 Inflation-Protected Longevity Income ETF |  |

### LifeX 2057 Inflation-Protected Longevity Income ETF (Series ID: S000087610)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253454 | LifeX 2057 Inflation-Protected Longevity Income ETF |  |

### LifeX 2058 Inflation-Protected Longevity Income ETF (Series ID: S000087611)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253455 | LifeX 2058 Inflation-Protected Longevity Income ETF |  |

### LifeX 2059 Inflation-Protected Longevity Income ETF (Series ID: S000087612)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253456 | LifeX 2059 Inflation-Protected Longevity Income ETF |  |

### LifeX 2060 Inflation-Protected Longevity Income ETF (Series ID: S000087613)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253457 | LifeX 2060 Inflation-Protected Longevity Income ETF |  |

### LifeX 2050 Longevity Income ETF (Series ID: S000087614)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253458 | LifeX 2050 Longevity Income ETF |  |

### LifeX 2061 Inflation-Protected Longevity Income ETF (Series ID: S000087615)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253459 | LifeX 2061 Inflation-Protected Longevity Income ETF |  |

### LifeX 2062 Inflation-Protected Longevity Income ETF (Series ID: S000087616)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253460 | LifeX 2062 Inflation-Protected Longevity Income ETF |  |

### LifeX 2063 Inflation-Protected Longevity Income ETF (Series ID: S000087617)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000253461 | LifeX 2063 Inflation-Protected Longevity Income ETF |  |

### LifeX 2051 Longevity Income ETF (Series ID: S000087618)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253462 | LifeX 2051 Longevity Income ETF |  |

### LifeX 2052 Longevity Income ETF (Series ID: S000087619)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253463 | LifeX 2052 Longevity Income ETF |  |

### LifeX 2053 Longevity Income ETF (Series ID: S000087620)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253464 | LifeX 2053 Longevity Income ETF |  |

### LifeX 2054 Longevity Income ETF (Series ID: S000087621)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253465 | LifeX 2054 Longevity Income ETF |  |

### LifeX 2055 Longevity Income ETF (Series ID: S000087622)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253466 | LifeX 2055 Longevity Income ETF |  |

### LifeX 2056 Longevity Income ETF (Series ID: S000087623)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000253467 | LifeX 2056 Longevity Income ETF |  |

### LifeX Durable Income ETF (Series ID: S000089133)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000255640 | LifeX Durable Income ETF |  |

### LifeX 2064 Longevity Income ETF (Series ID: S000089570)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000256176 | LifeX 2064 Longevity Income ETF |  |

### LifeX 2065 Longevity Income ETF (Series ID: S000089571)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000256177 | LifeX 2065 Longevity Income ETF |  |

### LifeX 2064 Inflation-Protected Longevity Income ETF (Series ID: S000089572)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000256178 | LifeX 2064 Inflation-Protected Longevity Income ETF |  |

### LifeX 2065 Inflation-Protected Longevity Income ETF (Series ID: S000089573)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000256179 | LifeX 2065 Inflation-Protected Longevity Income ETF |  |

### LifeX 2035 Term Income ETF (Series ID: S000089575)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000256181 | LifeX 2035 Term Income ETF |  |

### LifeX 2040 Term Income ETF (Series ID: S000089576)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000256182 | LifeX 2040 Term Income ETF |  |

### LifeX 2045 Term Income ETF (Series ID: S000089577)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000256183 | LifeX 2045 Term Income ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-06-26193196_LifeX2035TermIncomeETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**<u>811-22761</u>**

Investment Company Act file number

**<u>Stone Ridge Trust</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>December 31, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2035 Term Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LDDR (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2035 Term Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2035 Term Income ETF | $12\* | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from inception date through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full period.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $271823691 |
| **Number of Holdings** | 24 |
| **Portfolio Turnover** | 63% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 11.48% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **% of Net Assets** |
|  U.S. Treasury Securities  | 97.3% |
|  Money Market Funds  | 1.7% |
|  Cash & Other  | 1.0% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2035 Term Income ETF PAGE 1 TSR-SAR-86172A249

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2040 Term Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LDER (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2040 Term Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2040 Term Income ETF | $12\* | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from inception date through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full period.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $773382 |
| **Number of Holdings** | 10 |
| **Portfolio Turnover** | 47% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 8.58% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **% of Net Assets** |
|  U.S. Treasury Securities  | 98.3% |
|  Money Market Funds  | 0.6% |
|  Cash & Other  | 1.1% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2040 Term Income ETF PAGE 1 TSR-SAR-86172A256

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2045 Term Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LDRR (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2045 Term Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2045 Term Income ETF | $12\* | 0.25% |

---

\* Amount shown reflects the expenses of the Fund from inception date through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full period.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1056926 |
| **Number of Holdings** | 10 |
| **Portfolio Turnover** | 77% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 7.22% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **% of Net Assets** |
|  U.S. Treasury Securities  | 97.9% |
|  Money Market Funds  | 0.9% |
|  Cash & Other  | 1.2% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2045 Term Income ETF PAGE 1 TSR-SAR-86172A264

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2048 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAB (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2048 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2048 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1710743 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 53% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.60% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.8% |
|  Money Market Funds  | 2.6% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2048 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B874

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2048 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAE (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2048 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2048 Longevity Income ETF | $17 | 0.33% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1198560 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 75% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 8.42% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.9% |
|  Money Market Funds  | 1.9% |
|  Cash & Other  | 1.2% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2048 Longevity Income ETF PAGE 1 TSR-SAR-86172B106

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2049 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAC (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2049 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2049 Inflation-Protected Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1473296 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 30% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.27% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 95.9% |
|  U.S. Treasury Bills  | 2.9% |
|  Money Market Funds  | 0.7% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2049 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B866

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| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2049 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAF (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2049 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2049 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1481471 |
| **Number of Holdings** | 19 |
| **Portfolio Turnover** | 46% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 8.10% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.9% |
|  Money Market Funds  | 1.9% |
|  Cash & Other  | 1.2% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2049 Longevity Income ETF PAGE 1 TSR-SAR-86172B205

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| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2050 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAE (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2050 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2050 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3759775 |
| **Number of Holdings** | 21 |
| **Portfolio Turnover** | 14% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.00% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 94.5% |
|  U.S. Treasury Bills  | 2.7% |
|  Money Market Funds  | 2.3% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2050 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B858

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2050 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2050 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2050 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1280292 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 43% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 7.81% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.9% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 1.1% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2050 Longevity Income ETF PAGE 1 TSR-SAR-86172B304

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2051 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAF (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2051 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2051 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1600343 |
| **Number of Holdings** | 12 |
| **Portfolio Turnover** | 15% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.77% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 88.8% |
|  U.S. Treasury Bills  | 9.3% |
|  Money Market Funds  | 1.4% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2051 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B841

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2051 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAJ (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2051 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2051 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1324393 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 48% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 7.55% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.9% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 1.1% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2051 Longevity Income ETF PAGE 1 TSR-SAR-86172B403

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2052 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAG (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2052 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2052 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1661873 |
| **Number of Holdings** | 12 |
| **Portfolio Turnover** | 28% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.56% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 89.9% |
|  U.S. Treasury Bills  | 8.5% |
|  Money Market Funds  | 1.1% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2052 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B833

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2052 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAK (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2052 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2052 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $956535 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 51% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 7.31% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.9% |
|  Money Market Funds  | 2.1% |
|  Cash & Other  | 1.0% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2052 Longevity Income ETF PAGE 1 TSR-SAR-86172B502

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| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2053 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAJ (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2053 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2053 Inflation-Protected Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3062881 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 22% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.36% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.1% |
|  U.S. Treasury Bills  | 2.1% |
|  Money Market Funds  | 1.3% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2053 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B825

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2053 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAL (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2053 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2053 Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1970128 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 98% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 7.10% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.0% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 1.0% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2053 Longevity Income ETF PAGE 1 TSR-SAR-86172B601

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2054 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAK (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2054 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2054 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2377903 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 31% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.18% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 92.5% |
|  U.S. Treasury Bills  | 4.4% |
|  Money Market Funds  | 2.6% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2054 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B817

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2054 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAN (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2054 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2054 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $722686 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 62% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.92% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.1% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 0.9% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2054 Longevity Income ETF PAGE 1 TSR-SAR-86172B700

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2055 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAM (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2055 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2055 Inflation-Protected Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3068767 |
| **Number of Holdings** | 18 |
| **Portfolio Turnover** | 22% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.01% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.7% |
|  U.S. Treasury Bills  | 0.9% |
|  Money Market Funds  | 0.9% |
|  Cash & Other  | 0.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2055 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B791

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2055 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2055 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2055 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1185907 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 52% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.74% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.0% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 1.0% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2055 Longevity Income ETF PAGE 1 TSR-SAR-86172B809

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2056 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAO (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2056 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2056 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7772307 |
| **Number of Holdings** | 16 |
| **Portfolio Turnover** | 57% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.88% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 87.8% |
|  U.S. Treasury Bills  | 10.3% |
|  Money Market Funds  | 1.3% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2056 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B783

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2056 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAQ (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2056 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2056 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3037184 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 33% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.58% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.4% |
|  Money Market Funds  | 1.3% |
|  Cash & Other  | 1.3% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2056 Longevity Income ETF PAGE 1 TSR-SAR-86172B882

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2057 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAP (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2057 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2057 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1738262 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 54% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.72% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 95.9% |
|  Money Market Funds  | 2.7% |
|  U.S. Treasury Bills  | 0.8% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2057 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B775

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2057 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAR (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2057 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2057 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1241766 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 39% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.44% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.7% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 1.3% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2057 Longevity Income ETF PAGE 1 TSR-SAR-86172A116

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2058 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAQ (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2058 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2058 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1111636 |
| **Number of Holdings** | 20 |
| **Portfolio Turnover** | 122% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.61% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 93.9% |
|  U.S. Treasury Bills  | 3.2% |
|  Money Market Funds  | 2.3% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2058 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B767

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2058 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAU (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2058 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2058 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3012373 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 29% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.31% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.4% |
|  Money Market Funds  | 1.3% |
|  Cash & Other  | 1.3% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2058 Longevity Income ETF PAGE 1 TSR-SAR-86172A124

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2059 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAT (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2059 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2059 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6629860 |
| **Number of Holdings** | 24 |
| **Portfolio Turnover** | 11% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.49% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 88.0% |
|  U.S. Treasury Bills  | 9.0% |
|  Money Market Funds  | 2.4% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2059 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B759

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---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2059 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAV (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2059 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2059 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1132073 |
| **Number of Holdings** | 16 |
| **Portfolio Turnover** | 29% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.18% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.7% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 1.3% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2059 Longevity Income ETF PAGE 1 TSR-SAR-86172A132

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2060 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAU (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2060 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2060 Inflation-Protected Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3046821 |
| **Number of Holdings** | 13 |
| **Portfolio Turnover** | 19% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.38% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 81.7% |
|  U.S. Treasury Bills  | 17.0% |
|  Money Market Funds  | 0.7% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2060 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B742

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2060 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAW (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2060 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2060 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2968069 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 25% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 6.06% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.4% |
|  Money Market Funds  | 1.2% |
|  Cash & Other  | 1.4% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2060 Longevity Income ETF PAGE 1 TSR-SAR-86172A140

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2061 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAV (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2061 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2061 Inflation-Protected Longevity Income ETF | $16 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5279388 |
| **Number of Holdings** | 22 |
| **Portfolio Turnover** | 18% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.28% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 82.2% |
|  U.S. Treasury Bills  | 15.1% |
|  Money Market Funds  | 2.1% |
|  Cash & Other  | 0.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2061 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B734

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2061 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAX (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2061 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2061 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3021752 |
| **Number of Holdings** | 17 |
| **Portfolio Turnover** | 25% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.96% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.3% |
|  Money Market Funds  | 1.3% |
|  Cash & Other  | 1.4% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2061 Longevity Income ETF PAGE 1 TSR-SAR-86172A157

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2062 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAW (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2062 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2062 Inflation-Protected Longevity Income ETF | $15 | 0.31% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $733231 |
| **Number of Holdings** | 15 |
| **Portfolio Turnover** | 114% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.19% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 82.0% |
|  U.S. Treasury Bills  | 12.6% |
|  Money Market Funds  | 4.7% |
|  Cash & Other  | 0.7% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2062 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B726

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2062 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFAZ (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2062 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2062 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1023315 |
| **Number of Holdings** | 16 |
| **Portfolio Turnover** | 25% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.86% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.8% |
|  Money Market Funds  | 1.8% |
|  Cash & Other  | 1.4% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2062 Longevity Income ETF PAGE 1 TSR-SAR-86172A165

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2063 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAX (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2063 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2063 Inflation-Protected Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6022679 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 50% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.09% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 80.2% |
|  U.S. Treasury Bills  | 16.5% |
|  Money Market Funds  | 2.6% |
|  Cash & Other  | 0.7% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2063 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172B718

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2063 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFBB (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2063 Longevity Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2063 Longevity Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1039902 |
| **Number of Holdings** | 16 |
| **Portfolio Turnover** | 24% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.77% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 96.5% |
|  Money Market Funds  | 2.0% |
|  Cash & Other  | 1.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2063 Longevity Income ETF PAGE 1 TSR-SAR-86172A173

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2064 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIAY (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2064 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2064 Inflation-Protected Longevity Income ETF | $14\* | 0.28% |

---

\* Amount shown reflects the expenses of the Fund from inception date through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full period.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1749509 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 24% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 4.00% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **% of Net Assets** |
|  U.S. Treasury Securities  | 80.0% |
|  U.S. Treasury Bills  | 16.9% |
|  Money Market Funds  | 2.4% |
|  Cash & Other  | 0.7% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2064 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172A215

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2064 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFBD (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2064 Longevity Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2064 Longevity Income ETF | $15\* | 0.30% |

---

\* Amount shown reflects the expenses of the Fund from inception date through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full period.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $703256 |
| **Number of Holdings** | 9 |
| **Portfolio Turnover** | 85% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.68% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **% of Net Assets** |
|  U.S. Treasury Securities  | 97.3% |
|  Money Market Funds  | 1.3% |
|  Cash & Other  | 1.4% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2064 Longevity Income ETF PAGE 1 TSR-SAR-86172A181

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2065 Inflation-Protected Longevity** **Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LIBD (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2065 Inflation-Protected Longevity Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2065 Inflation-Protected Longevity Income ETF | $15\* | 0.31% |

---

\* Amount shown reflects the expenses of the Fund from inception date through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full period.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1019763 |
| **Number of Holdings** | 8 |
| **Portfolio Turnover** | 34% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 3.92% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **% of Net Assets** |
|  U.S. Treasury Securities  | 77.5% |
|  U.S. Treasury Bills  | 19.7% |
|  Money Market Funds  | 2.1% |
|  Cash & Other  | 0.7% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2065 Inflation-Protected Longevity Income ETF PAGE 1 TSR-SAR-86172A223

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX 2065 Longevity Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFBE (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX 2065 Longevity Income ETF (the "Fund") for the period of January 3, 2025 (commencement of operations), to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX 2065 Longevity Income ETF | $15\* | 0.30% |

---

\* Amount shown reflects the expenses of the Fund from inception date through June 30, 2025. Expenses would be higher if the Fund had been in operation for the full period.

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $712998 |
| **Number of Holdings** | 7 |
| **Portfolio Turnover** | 88% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.61% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **% of Net Assets** |
|  U.S. Treasury Securities  | 97.2% |
|  Money Market Funds  | 1.4% |
|  Cash & Other  | 1.4% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX 2065 Longevity Income ETF PAGE 1 TSR-SAR-86172A199

------

---

| | | |
|:---|:---|:---|
| ![image](img511276_202508131453713.jpg) | **LifeX Durable Income ETF**  | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | LFDR (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img322196_202509032026657.jpg) |
| ![image](img511276_202508131453713.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img322196_202509032026657.jpg) |

---

This semi-annual shareholder report contains important information about the LifeX Durable Income ETF (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://www.stoneridgefunds.com/lifex.html. You can also request this information by contacting us at 1-855-609-3680.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| LifeX Durable Income ETF | $16 | 0.32% |

---

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $712761 |
| **Number of Holdings** | 12 |
| **Portfolio Turnover** | 22% |
| **Average Credit Quality** | Aa1 |
| **Annualized Distribution Rate** | 5.61% |

---

Visit https://www.stoneridgefunds.com/lifex.html for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  U.S. Treasury Securities  | 97.3% |
|  Money Market Funds  | 1.2% |
|  Cash & Other  | 1.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code shown above or visit https://www.stoneridgefunds.com/lifex.html.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Stone Ridge Asset Management LLC documents not be householded, please contact Stone Ridge Asset Management LLC at 1-855-609-3680, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Stone Ridge Asset Management LLC or your financial intermediary.

LifeX Durable Income ETF PAGE 1 TSR-SAR-86172A231

------

&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 for semi-annual reports.

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under
 Item 7 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>**

(a) ![](stoneridgeblue.jpg)

**LIFEX TERM INCOME ETFS** 

**LIFEX INCOME ETFS** 

**LIFEX INFLATION-PROTECTED INCOME ETFS** 

**LIFEX DURABLE INCOME ETF** 

Semi-Annual Report

June 30, 2025

Unaudited

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments (Unaudited) ](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [LifeX 2035 Term Income ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [LifeX 2040 Term Income ETF](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [LifeX 2045 Term Income ETF](#soi3) | [3](#soi3) |
| &nbsp;&nbsp;&nbsp; [LifeX 2048 Inflation-Protected Longevity Income ETF](#soi4) | [4](#soi4) |
| &nbsp;&nbsp;&nbsp; [LifeX 2048 Longevity Income ETF](#soi5) | [5](#soi5) |
| &nbsp;&nbsp;&nbsp; [LifeX 2049 Inflation-Protected Longevity Income ETF](#soi6) | [6](#soi6) |
| &nbsp;&nbsp;&nbsp; [LifeX 2049 Longevity Income ETF](#soi7) | [7](#soi7) |
| &nbsp;&nbsp;&nbsp; [LifeX 2050 Inflation-Protected Longevity Income ETF](#soi8) | [8](#soi8) |
| &nbsp;&nbsp;&nbsp; [LifeX 2050 Longevity Income ETF](#soi9) | [9](#soi9) |
| &nbsp;&nbsp;&nbsp; [LifeX 2051 Inflation-Protected Longevity Income ETF](#soi10) | [10](#soi10) |
| &nbsp;&nbsp;&nbsp; [LifeX 2051 Longevity Income ETF](#soi11) | [11](#soi11) |
| &nbsp;&nbsp;&nbsp; [LifeX 2052 Inflation-Protected Longevity Income ETF](#soi12) | [12](#soi12) |
| &nbsp;&nbsp;&nbsp; [LifeX 2052 Longevity Income ETF](#soi13) | [13](#soi13) |
| &nbsp;&nbsp;&nbsp; [LifeX 2053 Inflation-Protected Longevity Income ETF](#soi141) | [14](#soi141) |
| &nbsp;&nbsp;&nbsp; [LifeX 2053 Longevity Income ETF](#soi15) | [15](#soi15) |
| &nbsp;&nbsp;&nbsp; [LifeX 2054 Inflation-Protected Longevity Income ETF](#soi16) | [16](#soi16) |
| &nbsp;&nbsp;&nbsp; [LifeX 2054 Longevity Income ETF](#soi17) | [17](#soi17) |
| &nbsp;&nbsp;&nbsp; [LifeX 2055 Inflation-Protected Longevity Income ETF](#soi18) | [18](#soi18) |
| &nbsp;&nbsp;&nbsp; [LifeX 2055 Longevity Income ETF](#soi19) | [19](#soi19) |
| &nbsp;&nbsp;&nbsp; [LifeX 2056 Inflation-Protected Longevity Income ETF](#soi20) | [20](#soi20) |
| &nbsp;&nbsp;&nbsp; [LifeX 2056 Longevity Income ETF](#soi21) | [21](#soi21) |
| &nbsp;&nbsp;&nbsp; [LifeX 2057 Inflation-Protected Longevity Income ETF](#soi22) | [22](#soi22) |
| &nbsp;&nbsp;&nbsp; [LifeX 2057 Longevity Income ETF](#soi23) | [23](#soi23) |
| &nbsp;&nbsp;&nbsp; [LifeX 2058 Inflation-Protected Longevity Income ETF](#soi24) | [24](#soi24) |
| &nbsp;&nbsp;&nbsp; [LifeX 2058 Longevity Income ETF](#soi25) | [25](#soi25) |
| &nbsp;&nbsp;&nbsp; [LifeX 2059 Inflation-Protected Longevity Income ETF](#soi26) | [26](#soi26) |
| &nbsp;&nbsp;&nbsp; [LifeX 2059 Longevity Income ETF](#soi27) | [27](#soi27) |
| &nbsp;&nbsp;&nbsp; [LifeX 2060 Inflation-Protected Longevity Income ETF](#soi28) | [28](#soi28) |
| &nbsp;&nbsp;&nbsp; [LifeX 2060 Longevity Income ETF](#soi29) | [29](#soi29) |
| &nbsp;&nbsp;&nbsp; [LifeX 2061 Inflation-Protected Longevity Income ETF](#soi30) | [30](#soi30) |
| &nbsp;&nbsp;&nbsp; [LifeX 2061 Longevity Income ETF](#soi31) | [31](#soi31) |
| &nbsp;&nbsp;&nbsp; [LifeX 2062 Inflation-Protected Longevity Income ETF](#soi32) | [32](#soi32) |
| &nbsp;&nbsp;&nbsp; [LifeX 2062 Longevity Income ETF](#soi33) | [33](#soi33) |
| &nbsp;&nbsp;&nbsp; [LifeX 2063 Inflation-Protected Longevity Income ETF](#soi34) | [34](#soi34) |
| &nbsp;&nbsp;&nbsp; [LifeX 2063 Longevity Income ETF](#soi35) | [35](#soi35) |
| &nbsp;&nbsp;&nbsp; [LifeX 2064 Inflation-Protected Longevity Income ETF](#soi36) | [36](#soi36) |
| &nbsp;&nbsp;&nbsp; [LifeX 2064 Longevity Income ETF](#soi37) | [37](#soi37) |
| &nbsp;&nbsp;&nbsp; [LifeX 2065 Inflation-Protected Longevity Income ETF](#soi38) | [38](#soi38) |
| &nbsp;&nbsp;&nbsp; [LifeX 2065 Longevity Income ETF](#soi39) | [39](#soi39) |
| &nbsp;&nbsp;&nbsp; [LifeX Durable Income ETF](#soi40) | [40](#soi40) |
| [Statements of Assets and Liabilities (Unaudited)](#sall) | [41](#sall) |
| [Statements of Operations (Unaudited)](#sop) | [49](#sop) |

---

------

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

****TABLE OF CONTENTS**(Continued)** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Statements of Changes in Net Assets (Unaudited)](#scna) | [57](#scna) |
| [Financial Highlights (Unaudited)](#fihi) | [76](#fihi) |
| [Notes to Financial Statements (Unaudited)](#notes) | [116](#notes) |
| [Schedule A (Unaudited)](#sca) | [138](#sca) |
| [Schedule B (Unaudited)](#scb) | [139](#scb) |
| [Schedule C (Unaudited)](#scc) | [141](#scc) |
| [Additional Information (Unaudited)](#add) | [142](#add) |

---

------

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

**LifeX 2035 Term Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.3%**  | **U.S. TREASURY SECURITIES - 97.3%**  | **U.S. TREASURY SECURITIES - 97.3%**  |
|  United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 07/15/2025 | $1544000 | $1543216  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | 19607000 | 19732990  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 21643000 | 21931714  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 26936000 | 25191473  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 9698000 | 10003714  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 14249000 | 14181651  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | 11589000 | 11757855  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 13605000 | 13510403  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 1852000 | 1869724  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 22256000 | 23114943  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/31/2031 | 111000 | 109985  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | 11327000 | 11448234  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2032 | 1627000 | 1641872  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 42943000 | 39621627  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 47596000 | 46491624  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035 | 2723000 | 2810434  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 18778000 | 19273857  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 15000 | 15627  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 163000 | 157563  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 115000 | 74013  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 107000 | 103974  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2055 | 5000 | 4870  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $259,603,446)** |  | 264591363 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** | **SHORT-TERM INVESTMENTS - 1.7%** |
| **Treasury Money Market Funds - 1.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 2307775 | $2307775  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 2307775 | 2307775  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,615,550)** |  | 4615550  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $264,218,996)** |  | $269206913  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 2616778  |
| **TOTAL NET ASSETS - 100.0%** |  | $271823691 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

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

**LifeX 2040 Term Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 98.3%** | **U.S. TREASURY SECURITIES - 98.3%** | **U.S. TREASURY SECURITIES - 98.3%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | $229000 | $232336  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | 199000 | 201130  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 54000 | 52747  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 78000 | 80060  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 112000 | 116681  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 50000 | 48332  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 20000 | 12872  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 18000 | 16446  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES**<br>**(Cost $751,546)** |  | 760604 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** |
| **Treasury Money Market Funds - 0.6%** | **Treasury Money Market Funds - 0.6%** | **Treasury Money Market Funds - 0.6%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 2323 | $2323  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 2323 | 2323  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,646)** |  | 4646  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $756,192)** |  | $765250  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 8132  |
| **TOTAL NET ASSETS - 100.0%** |  | $773382 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

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

**LifeX 2045 Term Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.9%** | **U.S. TREASURY SECURITIES - 97.9%** | **U.S. TREASURY SECURITIES - 97.9%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | $222000 | $225235  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | 219000 | 221344  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 6000 | 5861  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 67000 | 68769  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 106000 | 110430  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 351000 | 339291  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 46000 | 29605  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 37000 | 33806  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,037,041)** |  | 1034341 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** | **SHORT-TERM INVESTMENTS - 0.9%** |
| **Treasury Money Market Funds - 0.9%** | **Treasury Money Market Funds - 0.9%** | **Treasury Money Market Funds - 0.9%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 4961 | $4961  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 4961 | 4961  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,922)** |  | 9922  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $1,046,963)** |  | $1044263  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.2% |  | 12663  |
| **TOTAL NET ASSETS - 100.0%** |  | $1056926 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

------

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

**LifeX 2048 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.8%** | **U.S. TREASURY SECURITIES - 96.8%** | **U.S. TREASURY SECURITIES - 96.8%** |
| &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds | &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds | &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/15/2026 | $35102 | $34916  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027 | 100930 | 99565  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 46819 | 45947  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | 42941 | 44550  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2029 | 12446 | 12781  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2029 | 16312 | 16516  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 49874 | 47072  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 60384 | 55944  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 25135 | 23136  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 9258 | 8392  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/15/2033 | 123848 | 118343  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | 370006 | 376170  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 302777 | 299087  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 228491 | 192030  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 388050 | 281367  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES**<br>**(Cost $1,664,294)** |  | 1655816 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** |
| **Treasury Money Market Funds - 2.6%** | **Treasury Money Market Funds - 2.6%** | **Treasury Money Market Funds - 2.6%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 22655 | $22655  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 22655 | 22655  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $45,310)** |  | 45310  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $1,709,604)** |  | $1701126  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 9617  |
| **TOTAL NET ASSETS - 100.0%** |  | $1710743 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

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

**LifeX 2048 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** |
| United States Treasury Notes/Bonds | United States Treasury Notes/Bonds | United States Treasury Notes/Bonds |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | $51000 | $51680  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 78000 | 72948  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 57000 | 56731  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 40000 | 39722  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 7000 | 7091  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 51000 | 52968  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 80000 | 73812  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 4000 | 4110  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 4000 | 3960  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 60000 | 58608  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 73000 | 74928  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 118000 | 122932  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 48000 | 30596  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 421000 | 406956  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 152000 | 97826  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 7000 | 6802  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,150,102)** |  | 1161670 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.9%** | **SHORT-TERM INVESTMENTS - 1.9%** | **SHORT-TERM INVESTMENTS - 1.9%** |
| **Treasury Money Market Funds - 1.9%** | **Treasury Money Market Funds - 1.9%** | **Treasury Money Market Funds - 1.9%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 11132 | $11132  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 11132 | 11132  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $22,264)** |  | 22264  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $1,172,366)** |  | $1183934  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.2% |  | 14626  |
| **TOTAL NET ASSETS - 100.0%** |  | $1198560 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

------

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

**LifeX 2049 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 95.9%** | **U.S. TREASURY SECURITIES - 95.9%** | **U.S. TREASURY SECURITIES - 95.9%** |
| &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds | &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds | &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | $151864 | $157556  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 115839 | 107321  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 582334 | 577410  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 77178 | 76238  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 | 203016 | 157777  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 6882 | 5784  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 356156 | 258241  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 91731 | 72745  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,440,182)** |  | 1413072 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 3.6%** | **SHORT-TERM INVESTMENTS - 3.6%** | **SHORT-TERM INVESTMENTS - 3.6%** |
| **Treasury Money Market Funds - 0.7%** | **Treasury Money Market Funds - 0.7%** | **Treasury Money Market Funds - 0.7%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 5325 | 5325  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 5325 | 5325  |
|  |  | 10650 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 2.9%**<br>|  |  |
| 4.25%, 10/02/2025<sup>(b)</sup> | $42000 | $41543  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $52,208)** |  | 52193  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $1,492,390)** |  | $1465265  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 8031  |
| **TOTAL NET ASSETS - 100.0%** |  | $1473296 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

6<br>

------

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

**LifeX 2049 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** |
| United States Treasury Notes/Bonds | United States Treasury Notes/Bonds | United States Treasury Notes/Bonds |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | $56000 | $56747  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 123000 | 115034  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 71000 | 70664  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 42000 | 41708  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 2000 | 2019  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 11000 | 11142  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 57000 | 59200  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 92000 | 84884  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 2000 | 2055  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 7000 | 6930  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 68000 | 66422  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 85000 | 87245  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 135000 | 140643  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 49000 | 31234  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 485000 | 468821  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 284000 | 182781  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 9000 | 8746  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,425,273)** |  | 1436275 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.9%** | **SHORT-TERM INVESTMENTS - 1.9%** | **SHORT-TERM INVESTMENTS - 1.9%** |
| **Treasury Money Market Funds - 1.9%** | **Treasury Money Market Funds - 1.9%** | **Treasury Money Market Funds - 1.9%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 13917 | $13917  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 13917 | 13917  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $27,834)** |  | 27834  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $1,453,107)** |  | $1464109  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.2% |  | 17362  |
| **TOTAL NET ASSETS - 100.0%** |  | $1481471 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

7<br>

------

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

**LifeX 2050 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 94.5%** | **U.S. TREASURY SECURITIES - 94.5%** | **U.S. TREASURY SECURITIES - 94.5%** |
| &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds | &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds | &nbsp;&nbsp;&nbsp; United States Treasury Inflation <br>Indexed Bonds |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/15/2026 | $13501 | $13429  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027 | 146082 | 144108  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 66327 | 65091  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | 147675 | 153210  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2029 | 158682 | 162956  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 102242 | 96497  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 114607 | 106179  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 119690 | 110171  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 134242 | 121686  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 578160 | 573270  |
| &nbsp;&nbsp;&nbsp; 1.88%, 07/15/2034 | 130861 | 131045  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 572901 | 565919  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 258773 | 217480  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 1174783 | 851810  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 192096 | 152337  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 96164 | 88076  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,699,229)** |  | 3553264 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 5.0%** | **SHORT-TERM INVESTMENTS - 5.0%** | **SHORT-TERM INVESTMENTS - 5.0%** |
| **Treasury Money Market Funds - 2.3%** | **Treasury Money Market Funds - 2.3%** | **Treasury Money Market Funds - 2.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 42628 | 42628  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 42628 | 42628  |
|  |  | 85256 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 2.7%**<br>|  |  |
| 4.25%, 07/31/2025<sup>(b)</sup> | $15000 | $14948  |
| 4.25%, 10/02/2025<sup>(b)</sup> | 21000 | 20771  |
| 4.10%, 01/22/2026<sup>(b)</sup> | 68000 | 66456  |
|  |  | 102175  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $187,451)** |  | 187431  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $3,886,680)** |  | $3740695  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 19080  |
| **TOTAL NET ASSETS - 100.0%** |  | $3759775 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

8<br>

------

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

**LifeX 2050 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | $48000 | $48640  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 106000 | 99135  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 83000 | 82608  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 14000 | 13903  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/31/2030 | 18000 | 18172  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 53000 | 55045  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 74000 | 68277  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 1000 | 1027  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 7000 | 6930  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 53000 | 51770  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 68000 | 69796  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 108000 | 112514  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 49000 | 31234  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 372000 | 359590  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 332000 | 213673  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 9000 | 8745  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,233,239)** |  | 1241059 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 12490 | $12490  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 12490 | 12490  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $24,980)** |  | 24980  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $1,258,219)** |  | $1266039  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 14253  |
| **TOTAL NET ASSETS - 100.0%** |  | $1280292 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

------

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

**LifeX 2051 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 88.8%** | **U.S. TREASURY SECURITIES - 88.8%** | **U.S. TREASURY SECURITIES - 88.8%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | $140344 | $145604  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 107213 | 99329  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 564593 | 559818  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 97671 | 72630  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 344195 | 249569  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 305411 | 242199  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 56444 | 51697  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,486,157)** |  | 1420846 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 10.7%** | **SHORT-TERM INVESTMENTS - 10.7%** | **SHORT-TERM INVESTMENTS - 10.7%** |
| **Treasury Money Market Funds - 1.4%** | **Treasury Money Market Funds - 1.4%** | **Treasury Money Market Funds - 1.4%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 11477 | 11477  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 11477 | 11477  |
|  |  | 22954 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 9.3%** | **U.S. Treasury Bills - 9.3%** | **U.S. Treasury Bills - 9.3%** |
| 4.25%, 07/31/2025<sup>(b)</sup> | $14000 | $13952  |
| 4.25%, 10/02/2025<sup>(b)</sup> | 22000 | 21760  |
| 4.10%, 01/22/2026<sup>(b)</sup> | 115000 | 112389  |
|  |  | 148101  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $171,086)** |  | 171055  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $1,657,243)** |  | $1591901  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 8442  |
| **TOTAL NET ASSETS - 100.0%** |  | $1600343 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

10<br>

------

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

**LifeX 2051 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | $1000 | $1006  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 47000 | 47627  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 103000 | 96329  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 77000 | 76636  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 55000 | 54618  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 54000 | 56084  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 71000 | 65509  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 1000 | 1026  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 7000 | 6930  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 51000 | 49817  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 65000 | 66716  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 104000 | 108347  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 50000 | 31871  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 350000 | 338324  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 387000 | 249071  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 35000 | 34010  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,274,314)** |  | 1283921 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 13165 | $13165  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 13165 | 13165  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $26,330)** |  | 26330  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.9%** <br>**(Cost $1,300,644)** |  | $1310251  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.1% |  | 14142  |
| **TOTAL NET ASSETS - 100.0%** |  | $1324393 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

11<br>

------

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

**LifeX 2052 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 89.9%** | **U.S. TREASURY SECURITIES - 89.9%** | **U.S. TREASURY SECURITIES - 89.9%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | $140344 | $145604  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 105980 | 98187  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 580247 | 575340  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 274874 | 204400  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 123591 | 89613  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 456497 | 362015  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 20905 | 19147  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,588,769)** |  | 1494306 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 9.6%** | **SHORT-TERM INVESTMENTS - 9.6%** | **SHORT-TERM INVESTMENTS - 9.6%** |
| **Treasury Money Market Funds - 1.1%** | **Treasury Money Market Funds - 1.1%** | **Treasury Money Market Funds - 1.1%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 9315 | 9315  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 9315 | 9315  |
|  |  | 18630 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 8.5%** | **U.S. Treasury Bills - 8.5%** | **U.S. Treasury Bills - 8.5%** |
| 4.25%, 07/31/2025<sup>(b)</sup> | $14000 | $13951  |
| 4.25%, 10/02/2025<sup>(b)</sup> | 10000 | 9891  |
| 4.10%, 01/22/2026<sup>(b)</sup> | 119000 | 116298  |
|  |  | 140140  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $158,796)** |  | 158770  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $1,747,565)** |  | $1653076  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 8797  |
| **TOTAL NET ASSETS - 100.0%** |  | $1661873 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

12<br>

------

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

**LifeX 2052 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** | **U.S. TREASURY SECURITIES - 96.9%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | $3000 | $3019  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 31000 | 31414  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 70000 | 65466  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 47000 | 46778  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 40000 | 39722  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 50000 | 51930  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 46000 | 42442  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000 | 3083  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 6000 | 5940  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 31000 | 30281  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 43000 | 44135  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 72000 | 75009  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 48000 | 30596  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 228000 | 220394  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 286000 | 184068  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 54000 | 52473  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $918,183)** |  | 926750 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** | **SHORT-TERM INVESTMENTS - 2.1%** |
| **Treasury Money Market Funds - 2.1%** | **Treasury Money Market Funds - 2.1%** | **Treasury Money Market Funds - 2.1%** |
| &nbsp;&nbsp;&nbsp; First American Government <br>Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 10065 | $10065  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 10065 | 10065  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $20,130)** |  | 20130  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $938,313)** |  | $946880  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 9655  |
| **TOTAL NET ASSETS - 100.0%** |  | $956535 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

13<br>

------

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

**LifeX 2053 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.1%** | **U.S. TREASURY SECURITIES - 96.1%** | **U.S. TREASURY SECURITIES - 96.1%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027 | $103586 | $102186  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 75431 | 74025  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | 130918 | 135824  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2029 | 29040 | 29822  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 157103 | 148275  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 97354 | 90195  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 17954 | 16526  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 193262 | 175186  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 559375 | 554644  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 314650 | 310816  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 438124 | 325795  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 708325 | 513591  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 588159 | 466426  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,115,205)** |  | 2943311 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** |
| **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 20102 | 20102  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 20102 | 20102  |
|  |  | 40204 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 2.1%** | **U.S. Treasury Bills - 2.1%** | **U.S. Treasury Bills - 2.1%** |
| 4.25%, 07/31/2025<sup>(b)</sup> | $13000 | $12955  |
| 4.25%, 10/02/2025<sup>(b)</sup> | 2000 | 1978  |
| 4.10%, 01/22/2026<sup>(b)</sup> | 51000 | 49842  |
|  |  | 64775  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $104,990)** |  | 104979  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $3,220,195)** |  | $3048290  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 14591  |
| **TOTAL NET ASSETS - 100.0%** |  | $3062881 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

14<br>

------

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

**LifeX 2053 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.0%** | **U.S. TREASURY SECURITIES - 97.0%** | **U.S. TREASURY SECURITIES - 97.0%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | $44000 | $44587  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 133000 | 124386  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 95000 | 94551  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 77000 | 76465  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 9000 | 9116  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 100000 | 103859  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 128000 | 118100  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000 | 3083  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 6000 | 5940  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 70000 | 68376  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 86000 | 88271  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 142000 | 147935  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 48000 | 30596  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 453000 | 437888  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 568000 | 365561  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 197000 | 191429  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,892,891)** |  | 1910143 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 19942 | $19942  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 19942 | 19942  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $39,884)** |  | 39884  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $1,932,775)** |  | $1950027  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 20101  |
| **TOTAL NET ASSETS - 100.0%** |  | $1970128 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

15<br>

------

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

**LifeX 2054 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 92.5%** | **U.S. TREASURY SECURITIES - 92.5%** | **U.S. TREASURY SECURITIES - 92.5%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | $145580 | $151037  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 107213 | 99329  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 68278 | 61892  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 630340 | 625010  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | 77254 | 78541  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 138031 | 136348  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 464635 | 345509  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 300340 | 217770  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 609742 | 483542  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $2,338,966)** |  | 2198978 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 7.0%** | **SHORT-TERM INVESTMENTS - 7.0%** | **SHORT-TERM INVESTMENTS - 7.0%** |
| **Treasury Money Market Funds - 2.6%** | **Treasury Money Market Funds - 2.6%** | **Treasury Money Market Funds - 2.6%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 31014 | 31014  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 31014 | 31014  |
|  |  | 62028 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 4.4%** | **U.S. Treasury Bills - 4.4%** | **U.S. Treasury Bills - 4.4%** |
| 4.13%, 07/01/2025<sup>(b)</sup> | $10000 | $10000  |
| 4.22%, 07/31/2025<sup>(b)</sup> | 10000 | 9966  |
| 4.29%, 09/02/2025<sup>(b)</sup> | 10000 | 9925  |
| 4.23%, 10/02/2025<sup>(b)</sup> | 10000 | 9891  |
| 4.22%, 10/30/2025<sup>(b)</sup> | 10000 | 9860  |
| 4.23%, 11/28/2025<sup>(b)</sup> | 10000 | 9828  |
| 4.06%, 05/14/2026<sup>(b)</sup> | 46000 | 44447  |
|  |  | 103917  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $165,913)** |  | 165945  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $2,504,879)** |  | $2364923  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 12980  |
| **TOTAL NET ASSETS - 100.0%** |  | $2377903 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

16<br>

------

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

**LifeX 2054 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.1%** | **U.S. TREASURY SECURITIES - 97.1%** | **U.S. TREASURY SECURITIES - 97.1%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.88%, 04/30/2026 | $10000 | $10064  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | 19000 | 19254  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 43000 | 40215  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 31000 | 30854  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 24000 | 23833  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 34000 | 35312  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 45000 | 41520  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 2000 | 2055  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 6000 | 5940  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 19000 | 18559  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 28000 | 28739  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 48000 | 50006  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 53000 | 33783  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 143000 | 138230  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 186000 | 119708  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 106000 | 103002  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $700,061)** |  | 701074 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** |
| &nbsp;&nbsp;&nbsp; First American Government <br>Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 7392 | $7392  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 7392 | 7392  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $14,784)** |  | 14784  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.1%** <br>**(Cost $714,845)** |  | $715858  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.9% |  | 6828  |
| **TOTAL NET ASSETS - 100.0%** |  | $722686 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

17<br>

------

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

**LifeX 2055 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.7%** | **U.S. TREASURY SECURITIES - 97.7%** | **U.S. TREASURY SECURITIES - 97.7%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027 | $126162 | $124457  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | 96239 | 94446  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | 118349 | 122785  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2029 | 37337 | 38343  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 163337 | 154159  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 86263 | 79920  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 29923 | 27543  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 186319 | 168892  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/15/2033 | 1077 | 1029  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 528067 | 523601  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 140999 | 139281  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 747881 | 556133  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 224591 | 162846  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 898965 | 712904  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 99300 | 90948  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,195,425)** |  | 2997287 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 1.8%** | **SHORT-TERM INVESTMENTS - 1.8%** | **SHORT-TERM INVESTMENTS - 1.8%** |
| **Treasury Money Market Funds - 0.9%** | **Treasury Money Market Funds - 0.9%** | **Treasury Money Market Funds - 0.9%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 13067 | 13067  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 13067 | 13067  |
|  |  | 26134 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 0.9%** | **U.S. Treasury Bills - 0.9%** | **U.S. Treasury Bills - 0.9%** |
| 4.25%, 10/02/2025<sup>(b)</sup> | $31000 | $30662  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $56,808)** |  | 56796  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $3,252,233)** |  | $3054083  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 14684  |
| **TOTAL NET ASSETS - 100.0%** |  | $3068767 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

18<br>

------

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

**LifeX 2055 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.0%** | **U.S. TREASURY SECURITIES - 97.0%** | **U.S. TREASURY SECURITIES - 97.0%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | $23000 | $23307  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 67000 | 62661  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 53000 | 52749  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 39000 | 38729  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 55000 | 57122  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 79000 | 72890  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000 | 3082  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 5000 | 4950  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 55000 | 53724  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 44000 | 45162  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 74000 | 77093  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 45000 | 28684  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 237000 | 229094  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 259000 | 166691  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2054 | 242000 | 235156  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,157,823)** |  | 1151094 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 11605 | $11605  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 11605 | 11605  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $23,210)** |  | 23210  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $1,181,033)** |  | $1174304  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 11603  |
| **TOTAL NET ASSETS - 100.0%** |  | $1185907 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

19<br>

------

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

**LifeX 2056 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 87.8%** | **U.S. TREASURY SECURITIES - 87.8%** | **U.S. TREASURY SECURITIES - 87.8%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 04/15/2029 | $99565 | $102247  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2029 | 224292 | 227100  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 397371 | 365767  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 77536 | 70284  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/15/2033 | 401699 | 383842  |
| &nbsp;&nbsp;&nbsp; 1.88%, 07/15/2034 | 556158 | 556940  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | 538745 | 547721  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 635238 | 627496  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 | 681451 | 529602  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 386782 | 325063  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 1241230 | 899989  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 1765444 | 1616968  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055 | 589640 | 570614  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $6,852,396)** |  | 6823633 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 11.6%** | **SHORT-TERM INVESTMENTS - 11.6%** | **SHORT-TERM INVESTMENTS - 11.6%** |
| **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 48845 | 48845  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 48845 | 48845  |
|  |  | 97690 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 10.3%** | **U.S. Treasury Bills - 10.3%** | **U.S. Treasury Bills - 10.3%** |
| 4.20%, 10/02/2025<sup>(b)</sup> | $815000 | $806110  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $904,193)** |  | 903800  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $7,756,589)** |  | $7727433  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 44874  |
| **TOTAL NET ASSETS - 100.0%** |  | $7772307 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

20<br>

------

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

**LifeX 2056 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.4%** | **U.S. TREASURY SECURITIES - 97.4%** | **U.S. TREASURY SECURITIES - 97.4%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | $113000 | $105681  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 1000 | 1018  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 193000 | 192088  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 39000 | 38729  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 167000 | 173445  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 247000 | 227896  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000 | 3082  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 4000 | 3960  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 213000 | 208058  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 160000 | 164225  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 161000 | 167729  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 43000 | 27409  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 602000 | 581918  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 647000 | 416405  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 707000 | 645966  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,033,230)** |  | 2957609 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** | **SHORT-TERM INVESTMENTS - 1.3%** |
| **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 20398 | $20398  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 20398 | 20398  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $40,796)** |  | 40796  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $3,074,026)** |  | $2998405  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.3% |  | 38779  |
| **TOTAL NET ASSETS - 100.0%** |  | $3037184 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

21<br>

------

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

**LifeX 2057 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 95.9%** | **U.S. TREASURY SECURITIES - 95.9%** | **U.S. TREASURY SECURITIES - 95.9%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027 | $65073 | $64194  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | 70172 | 72802  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2029 | 22429 | 22710  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 33665 | 31773  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 64081 | 59369  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 16757 | 15424  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 8101 | 7343  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/15/2033 | 110925 | 105994  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | 277505 | 282128  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 216693 | 214052  |
| &nbsp;&nbsp;&nbsp; 0.88%, 02/15/2047 | 400011 | 290039  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 139020 | 127328  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055 | 385299 | 372867  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,657,186)** |  | 1666023 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 3.5%** | **SHORT-TERM INVESTMENTS - 3.5%** | **SHORT-TERM INVESTMENTS - 3.5%** |
| **Treasury Money Market Funds - 2.7%** | **Treasury Money Market Funds - 2.7%** | **Treasury Money Market Funds - 2.7%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 23568 | 23568  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 23568 | 23568  |
|  |  | 47136 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 0.8%** | **U.S. Treasury Bills - 0.8%** | **U.S. Treasury Bills - 0.8%** |
| 4.24%, 07/31/2025<sup>(b)</sup> | $12000 | $11958  |
| 4.20%, 11/28/2025<sup>(b)</sup> | 2000 | 1965  |
|  |  | 13923  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $61,059)** |  | 61059  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $1,718,245)** |  | $1727082  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 11180  |
| **TOTAL NET ASSETS - 100.0%** |  | $1738262 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

22<br>

------

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

**LifeX 2057 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.7%** | **U.S. TREASURY SECURITIES - 96.7%** | **U.S. TREASURY SECURITIES - 96.7%** |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 05/15/2027 | $12000 | $12160  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | 58000 | 54244  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 47000 | 46778  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 37000 | 36743  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 52000 | 54007  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 74000 | 68276  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 2000 | 2055  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 4000 | 3960  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 56000 | 54701  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 80000 | 82112  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 65000 | 67717  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 44000 | 28046  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 222000 | 214594  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 229000 | 147383  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 360000 | 328922  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,198,466)** |  | 1201698 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 12167 | $12167  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 12167 | 12167  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $24,334)** |  | 24334  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $1,222,800)** |  | $1226032  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.3% |  | 15734  |
| **TOTAL NET ASSETS - 100.0%** |  | $1241766 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

23<br>

------

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

**LifeX 2058 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 93.9%** | **U.S. TREASURY SECURITIES - 93.9%** | **U.S. TREASURY SECURITIES - 93.9%** |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 01/15/2028 | $14306 | $14039  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | 42941 | 44551  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 58602 | 55309  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 12323 | 11417  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 68278 | 61892  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | 199234 | 202553  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 75694 | 74772  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 207844 | 174678  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 172670 | 136932  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055 | 276521 | 267599  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,051,092)** |  | 1043742 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 5.5%** | **SHORT-TERM INVESTMENTS - 5.5%** | **SHORT-TERM INVESTMENTS - 5.5%** |
| **Treasury Money Market Funds - 2.3%** | **Treasury Money Market Funds - 2.3%** | **Treasury Money Market Funds - 2.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 12849 | 12849  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 12849 | 12849  |
|  |  | 25698 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 3.2%** | **U.S. Treasury Bills - 3.2%** | **U.S. Treasury Bills - 3.2%** |
| 4.13%, 07/01/2025<sup>(b)</sup> | $4000 | $4000  |
| 4.22%, 07/31/2025<sup>(b)</sup> | 4000 | 3986  |
| 4.29%, 09/02/2025<sup>(b)</sup> | 4000 | 3970  |
| 4.20%, 10/02/2025<sup>(b)</sup> | 5000 | 4946  |
| 4.22%, 10/30/2025<sup>(b)</sup> | 4000 | 3944  |
| 4.23%, 11/28/2025<sup>(b)</sup> | 4000 | 3931  |
| 4.10%, 01/22/2026<sup>(b)</sup> | 6000 | 5864  |
| 4.06%, 05/14/2026<sup>(b)</sup> | 5000 | 4831  |
|  |  | 35472  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $61,170)** |  | 61170  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $1,112,262)** |  | $1104912  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 6724  |
| **TOTAL NET ASSETS - 100.0%** |  | $1111636 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

24<br>

------

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

**LifeX 2058 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.4%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | $57000 | $53308  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 4000 | 4072  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 143000 | 142324  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 39000 | 38729  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 151000 | 156828  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 221000 | 203907  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 2000 | 2055  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 4000 | 3960  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 195000 | 190475  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 176000 | 180648  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 200000 | 208359  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 39000 | 24860  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 546000 | 527786  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 529000 | 340461  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 935000 | 854283  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,039,092)** |  | 2932055 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 1.3%**<br>|  |  |
| **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 19839 | $19839  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 19839 | 19839  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $39,678)** |  | 39678  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $3,078,770)** |  | $2971733  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.3% |  | 40640  |
| **TOTAL NET ASSETS - 100.0%** |  | $3012373 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

25<br>

------

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

**LifeX 2059 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 88.0%**<br>|  |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | $60746 | $63023  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2029 | 278326 | 281811  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 37406 | 35304  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 55455 | 51377  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 171157 | 157544  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 89109 | 80774  |
| &nbsp;&nbsp;&nbsp; 1.75%, 01/15/2034 | 444578 | 440818  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | 634296 | 644864  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 109831 | 108492  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 | 682871 | 530705  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 623699 | 463791  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 115622 | 97172  |
| &nbsp;&nbsp;&nbsp; 1.50%, 02/15/2053 | 1278840 | 1014155  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 722275 | 661530  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055 | 1242310 | 1202226  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $6,026,860)** |  | 5833586 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 11.4%**<br>|  |  |
| **Treasury Money Market Funds - 2.4%** | **Treasury Money Market Funds - 2.4%** | **Treasury Money Market Funds - 2.4%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 81201 | 81201  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 81201 | 81201  |
|  |  | 162402 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 9.0%**<br>|  |  |
| 4.13%, 07/01/2025<sup>(b)</sup> | $24000 | $24000  |
| 4.23%, 07/31/2025<sup>(b)</sup> | 24000 | 23917  |
| 4.24%, 08/28/2025<sup>(b)</sup> | 9000 | 8938  |
| 4.29%, 09/02/2025<sup>(b)</sup> | 24000 | 23821  |
| 4.20%, 10/02/2025<sup>(b)</sup> | 360000 | 356073  |
| 4.22%, 10/30/2025<sup>(b)</sup> | 23000 | 22677  |
| 4.10%, 01/22/2026<sup>(b)</sup> | 138000 | 134867  |
|  |  | 594293  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $756,899)** |  | 756695  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $6,783,759)** |  | $6590281  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 39579  |
| **TOTAL NET ASSETS - 100.0%** |  | $6629860 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

26<br>

------

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

**LifeX 2059 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.7%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 02/29/2028 | $40000 | $37409  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 36000 | 35830  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 30000 | 29791  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 43000 | 44660  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 62000 | 57205  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000 | 3082  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 3000 | 2970  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 46000 | 44933  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 61000 | 62611  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 86000 | 89595  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 36000 | 22947  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 185000 | 178829  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 159000 | 102331  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 418000 | 381915  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,103,885)** |  | 1094108 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%**<br>|  |  |
| **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 11383 | $11383  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 11383 | 11383  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $22,766)** |  | 22766  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.7%** <br>**(Cost $1,126,651)** |  | $1116874  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.3% |  | 15199  |
| **TOTAL NET ASSETS - 100.0%** |  | $1132073 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

27<br>

------

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

**LifeX 2060 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 81.7%**<br>|  |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.38%, 10/15/2028 | $17805 | $18472  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2030 | 38652 | 36480  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 23414 | 21693  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 26332 | 24238  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 28932 | 26225  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/15/2033 | 99078 | 94674  |
| &nbsp;&nbsp;&nbsp; 1.88%, 07/15/2034 | 212649 | 212948  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 69757 | 68907  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 620909 | 461716  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 1664054 | 1524104  |
|  **TOTAL U.S. TREASURY SECURITIES (Cost $2,561,279)** |  | 2489457 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 17.7%**<br>|  |  |
| **Treasury Money Market Funds - 0.7%** | **Treasury Money Market Funds - 0.7%** | **Treasury Money Market Funds - 0.7%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 9918 | 9918  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 9918 | 9918  |
|  |  | 19836 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 17.0%**<br>|  |  |
| 4.20%, 10/02/2025<sup>(b)</sup> | $526000 | $520263  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $540,352)** |  | 540099  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $3,101,631)** |  | $3029556  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 17265  |
| **TOTAL NET ASSETS - 100.0%** |  | $3046821 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

28<br>

------

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

**LifeX 2060 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.4%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | $3000 | $3054  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 95000 | 94551  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 40000 | 39722  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 6000 | 6077  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 131000 | 136056  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 204000 | 188222  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 4000 | 4110  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 3000 | 2970  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 183000 | 178754  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 159000 | 163199  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 229000 | 238571  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 33000 | 21035  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 510000 | 492987  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 425000 | 273527  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 1145000 | 1046154  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,024,608)** |  | 2888989 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.2%**<br>|  |  |
| **Treasury Money Market Funds - 1.2%** | **Treasury Money Market Funds - 1.2%** | **Treasury Money Market Funds - 1.2%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 18520 | $18520  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 18520 | 18520  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $37,040)** |  | 37040  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%** <br>**(Cost $3,061,648)** |  | $2926029  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  | 42040  |
| **TOTAL NET ASSETS - 100.0%** |  | $2968069 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

29<br>

------

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

**LifeX 2061 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 82.2%**<br>|  |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.63%, 10/15/2029 | $101951 | $103227  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2031 | 1232 | 1142  |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2031 | 14363 | 13221  |
| &nbsp;&nbsp;&nbsp; 0.13%, 01/15/2032 | 8101 | 7343  |
| &nbsp;&nbsp;&nbsp; 1.13%, 01/15/2033 | 50616 | 48366  |
| &nbsp;&nbsp;&nbsp; 1.88%, 07/15/2034 | 152330 | 152544  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | 396435 | 403040  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 108347 | 107026  |
| &nbsp;&nbsp;&nbsp; 0.75%, 02/15/2042 | 468498 | 364101  |
| &nbsp;&nbsp;&nbsp; 0.63%, 02/15/2043 | 436729 | 324757  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 37164 | 31234  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 1725724 | 1580588  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055 | 1240276 | 1200258  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $4,351,750)** |  | 4336847 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 17.2%**<br>|  |  |
| **Treasury Money Market Funds - 2.1%** | **Treasury Money Market Funds - 2.1%** | **Treasury Money Market Funds - 2.1%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 56612 | 56612  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 56612 | 56612  |
|  |  | 113224 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 15.1%**<br>|  |  |
| 4.13%, 07/01/2025<sup>(b)</sup> | $18000 | $18000  |
| 4.22%, 07/31/2025<sup>(b)</sup> | 18000 | 17938  |
| 4.29%, 09/02/2025<sup>(b)</sup> | 18000 | 17866  |
| 4.20%, 10/02/2025<sup>(b)</sup> | 583000 | 576641  |
| 4.22%, 10/30/2025<sup>(b)</sup> | 18000 | 17747  |
| 4.23%, 11/28/2025<sup>(b)</sup> | 18000 | 17691  |
| 4.06%, 05/14/2026<sup>(b)</sup> | 134000 | 129477  |
|  |  | 795360  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $908,768)** |  | 908584  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.4%** <br>**(Cost $5,260,518)** |  | $5245431  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.6% |  | 33957  |
| **TOTAL NET ASSETS - 100.0%** |  | $5279388 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

30<br>

------

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

**LifeX 2061 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.3%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | $3000 | $3054  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | 47000 | 46778  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 45000 | 44687  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 6000 | 6078  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 125000 | 129824  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 204000 | 188222  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 2000 | 2055  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 3000 | 2970  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 187000 | 182661  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 155000 | 159093  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 230000 | 239613  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 32000 | 20398  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 515000 | 497820  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 393000 | 252932  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 1273000 | 1163104  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $3,090,150)** |  | 2939289 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.3%**<br>|  |  |
| **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 19492 | $19492  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 19492 | 19492  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $38,984)** |  | 38984  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%** <br>**(Cost $3,129,134)** |  | $2978273  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  | 43479  |
| **TOTAL NET ASSETS - 100.0%** |  | $3021752 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

31<br>

------

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

**LifeX 2062 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 82.0%**<br>|  |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035 | $82337 | $83708  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | 53431 | 52780  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 89469 | 75193  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055 | 402582 | 389592  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $596,382)** |  | 601273 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 17.3%**<br>|  |  |
| **Treasury Money Market Funds - 4.7%** | **Treasury Money Market Funds - 4.7%** | **Treasury Money Market Funds - 4.7%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 17093 | 17093  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 17093 | 17093  |
|  |  | 34186 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 12.6%**<br>|  |  |
| 4.13%, 07/01/2025<sup>(b)</sup> | $6000 | $6000  |
| 4.23%, 07/31/2025<sup>(b)</sup> | 6000 | 5979  |
| 4.24%, 08/28/2025<sup>(b)</sup> | 4000 | 3972  |
| 4.29%, 09/02/2025<sup>(b)</sup> | 6000 | 5955  |
| 4.20%, 10/02/2025<sup>(b)</sup> | 21000 | 20771  |
| 4.22%, 10/30/2025<sup>(b)</sup> | 6000 | 5916  |
| 4.23%, 11/28/2025<sup>(b)</sup> | 6000 | 5897  |
| 4.02%, 01/22/2026<sup>(b)</sup> | 19000 | 18569  |
| 4.06%, 05/14/2026<sup>(b)</sup> | 20000 | 19325  |
|  |  | 92384  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $126,577)** |  | 126570  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $722,959)** |  | $727843  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 5388  |
| **TOTAL NET ASSETS - 100.0%** |  | $733231 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

32<br>

------

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

**LifeX 2062 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.8%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | $21000 | $20901  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 24000 | 23833  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 6000 | 6078  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 30000 | 31158  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 54000 | 49823  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000 | 3082  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 2000 | 1980  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 41000 | 40049  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 50000 | 51320  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 77000 | 80218  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 29000 | 18485  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 164000 | 158529  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 89000 | 57280  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 490000 | 447699  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $994,746)** |  | 990435 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENTS - 1.8%**<br>|  |  |
| **Treasury Money Market Funds - 1.8%** | **Treasury Money Market Funds - 1.8%** | **Treasury Money Market Funds - 1.8%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 9023 | $9023  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 9023 | 9023  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $18,046)** |  | 18046  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%** <br>**(Cost $1,012,792)** |  | $1008481  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  | 14834  |
| **TOTAL NET ASSETS - 100.0%** |  | $1023315 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

33<br>

------

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

**LifeX 2063 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 80.2%**<br>|  |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 01/15/2035  | $408633 | $415441  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040  | 356208 | 351866  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044  | 601509 | 505526  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2055  | 3678131 | 3559454  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $4,728,389)** |  | 4832287 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 19.1%**<br>|  |  |
| **Treasury Money Market Funds - 2.6%** | **Treasury Money Market Funds - 2.6%** | **Treasury Money Market Funds - 2.6%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 76927 | 76927  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 76927 | 76927  |
|  |  | 153854 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 16.5%**<br>|  |  |
| 4.25%, 07/31/2025<sup>(b)</sup> | $17000 | $16942  |
| 4.20%, 11/28/2025<sup>(b)</sup> | 488000 | 479619  |
| 4.10%, 01/22/2026<sup>(b)</sup> | 509000 | 497444  |
|  |  | 994005  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,148,095)** |  | 1147859  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $5,876,484)** |  | $5980146  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7%  |  | 42533  |
| **TOTAL NET ASSETS - 100.0%** |  | $6022679 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

34<br>

------

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

**LifeX 2063 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 96.5%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/31/2029 | $10000 | $9953  |
| &nbsp;&nbsp;&nbsp; 3.63%, 03/31/2030 | 22000 | 21847  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2031 | 6000 | 6078  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | 27000 | 28042  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 52000 | 47978  |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033 | 3000 | 3082  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 2000 | 1980  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 40000 | 39072  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 49000 | 50294  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 76000 | 79177  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 27000 | 17210  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 171000 | 165295  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 75000 | 48269  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 531000 | 485160  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,013,384)** |  | 1003437 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 2.0%**<br>|  |  |
| **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** | **Treasury Money Market Funds - 2.0%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 10573 | $10573  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 10573 | 10573  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $21,146)** |  | 21146  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%** <br>**(Cost $1,034,530)** |  | $1024583  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.5% |  | 15319  |
| **TOTAL NET ASSETS - 100.0%** |  | $1039902 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

35<br>

------

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

**LifeX 2064 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 80.0%**<br>|  |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | $22263 | $21991  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 108740 | 91388  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 1403784 | 1285724  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $1,394,988)** |  | 1399103 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 19.3%**<br>|  |  |
| **Treasury Money Market Funds - 2.4%** | **Treasury Money Market Funds - 2.4%** | **Treasury Money Market Funds - 2.4%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 20690 | 20690  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 20690 | 20690  |
|  |  | 41380 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 16.9%**<br>|  |  |
| 4.24%, 07/31/2025<sup>(b)</sup> | $5000 | $4983  |
| 4.24%, 08/28/2025<sup>(b)</sup> | 4000 | 3972  |
| 4.14%, 10/02/2025<sup>(b)</sup> | 4000 | 3956  |
| 4.03%, 01/22/2026<sup>(b)</sup> | 291000 | 284393  |
|  |  | 297304  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $338,833)** |  | 338684  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $1,733,821)** |  | $1737787  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 11722  |
| **TOTAL NET ASSETS - 100.0%** |  | $1749509 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

36<br>

------

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

**LifeX 2064 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.3%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2029 | $20000 | $20292  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | 90000 | 90963  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 5000 | 5132  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 45000 | 46881  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 133000 | 128563  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 81000 | 52131  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 372000 | 339886  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $678,666)** |  | 683848 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.3%**<br>|  |  |
| **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** | **Treasury Money Market Funds - 1.3%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 4715 | $4715  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 4715 | 4715  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $9,430)** |  | 9430  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%** <br>**(Cost $688,096)** |  | $693278  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  | 9978  |
| **TOTAL NET ASSETS - 100.0%** |  | $703256 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

37<br>

------

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

**LifeX 2065 Inflation-Protected Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 77.5%**<br>|  |  |
|  United States Treasury Inflation Indexed Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2040 | $8905 | $8797  |
| &nbsp;&nbsp;&nbsp; 1.38%, 02/15/2044 | 49552 | 41645  |
| &nbsp;&nbsp;&nbsp; 2.13%, 02/15/2054 | 807986 | 740033  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $791,565)** |  | 790475 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 21.8%**<br>|  |  |
| **Treasury Money Market Funds - 2.1%** | **Treasury Money Market Funds - 2.1%** | **Treasury Money Market Funds - 2.1%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 10492 | 10492  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 10492 | 10492  |
|  |  | 20984 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **U.S. Treasury Bills - 19.7%** <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.25%, 07/31/2025<sup>(b)</sup> | $3000 | $2989  |
| &nbsp;&nbsp;&nbsp; 4.20%, 11/28/2025<sup>(b)</sup> | 52000 | 51107  |
| &nbsp;&nbsp;&nbsp; 4.10%, 01/22/2026<sup>(b)</sup> | 151000 | 147571  |
|  |  | 201667  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $222,696)** |  | 222651  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $1,014,261)** |  | $1013126  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 6637  |
| **TOTAL NET ASSETS - 100.0%** |  | $1019763 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(b)</sup> The rate shown is the annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

38<br>

------

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

**LifeX 2065 Longevity Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.2%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 10/31/2031 | $100000 | $101071  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 45000 | 46881  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 139000 | 134363  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 74000 | 47626  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 397000 | 362728  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $688,240)** |  | 692669 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.4%**<br>|  |  |
| **Treasury Money Market Funds - 1.4%** | **Treasury Money Market Funds - 1.4%** | **Treasury Money Market Funds - 1.4%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 5013 | $5013  |
|  Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 5013 | 5013  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $10,026)** |  | 10026  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.6%** <br>**(Cost $698,266)** |  | $702695  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.4% |  | 10303  |
| **TOTAL NET ASSETS - 100.0%** |  | $712998 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

39<br>

------

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

**LifeX Durable Income ETF** 

**Schedule of Investments** 

**As of June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.3%**<br>|  |  |
| United States Treasury Notes/Bonds<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2031 | $13000 | $13502  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032 | 32000 | 29525  |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034 | 1000 | 990  |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2034 | 35000 | 34188  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2036 | 30000 | 30792  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2037 | 48000 | 50006  |
| &nbsp;&nbsp;&nbsp; 1.38%, 11/15/2040 | 31000 | 19760  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 116000 | 112131  |
| &nbsp;&nbsp;&nbsp; 2.38%, 11/15/2049 | 55000 | 35398  |
| &nbsp;&nbsp;&nbsp; 4.25%, 08/15/2054 | 402000 | 367296  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $696,135)** |  | 693588 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 1.2%**<br>|  |  |
| **Treasury Money Market Funds - 1.2%** | **Treasury Money Market Funds - 1.2%** | **Treasury Money Market Funds - 1.2%** |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(a)</sup> | 4183 | $4183  |
|  MSILF Government Portfolio - Class Institutional, 4.23%<sup>(a)</sup> | 4183 | 4183  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $8,366)** |  | 8366  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.5%** <br>**(Cost $704,501)** |  | $701954  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.5% |  | 10807  |
| **TOTAL NET ASSETS - 100.0%** |  | $712761 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

The accompanying notes are an integral part of these financial statements.

40<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2035** <br>**Term** <br>**Income ETF** | **LifeX 2040** <br>**Term** <br>**Income ETF** | **LifeX 2045** <br>**Term** <br>**Income ETF** | **LifeX 2048** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2048** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $269206913 | $765250 | $1044263 | $1701126 | $1183934  |
| Interest and dividends receivable | 2672145 | 8289 | 12877 | 10232 | 15037  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 271879058 | 773539 | 1057140 | 1711358 | 1198971  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 55367 | 157 | 214 | 615 | 411  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 55367 | 157 | 214 | 615 | 411  |
| **NET ASSETS** | $271823691 | $773382 | $1056926 | $1710743 | $1198560  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $280635296 | $795352 | $1098539 | $2038045 | $1740469  |
| Total accumulated losses | (8811605) | (21970) | (41613) | (327302) | (541909)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $271823691 | $773382 | $1056926 | $1710743 | $1198560  |
| Net assets | $271823691 | $773382 | $1056926 | $1710743 | $1198560  |
| Shares issued and outstanding<sup>(a)</sup> | 3121176 | 6634 | 7634 | 10997 | 10095  |
| Net asset value per share | $87.09 | $116.58 | $138.45 | $155.56 | $118.73  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $264218996 | $756192 | $1046963 | $1709604 | $1172366 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

41<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2049** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2049** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Longevity** <br>**Income ETF** | **LifeX 2051** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1465265 | $1464109 | $3740695 | $1266039 | $1591901  |
| Interest and dividends receivable | 8507 | 17829 | 19844 | 14676 | 8947  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1473772 | 1481938 | 3760539 | 1280715 | 1600848  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 476 | 467 | 764 | 423 | 505  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 476 | 467 | 764 | 423 | 505  |
| **NET ASSETS** | $1473296 | $1481471 | $3759775 | $1280292 | $1600343  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1745425 | $2052242 | $4007601 | $1770963 | $1923240  |
| Total accumulated losses | (281129) | (570771) | (247826) | (490671) | (322897)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1473296 | $1481471 | $3759775 | $1280292 | $1600343  |
| Net assets | $1473296 | $1481471 | $3759775 | $1280292 | $1600343  |
| Shares issued and outstanding<sup>(a)</sup> | 8998 | 11997 | 21997 | 9995 | 8998  |
| Net asset value per share | $163.74 | $123.49 | $170.92 | $128.09 | $177.86  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1492390 | $1453107 | $3886680 | $1258219 | $1657243 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

42<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2051** <br>**Longevity** <br>**Income ETF** | **LifeX 2052** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2052** <br>**Longevity** <br>**Income ETF** | **LifeX 2053** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2053** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1310251 | $1653076 | $946880 | $3048290 | $1950027  |
| Interest and dividends receivable | 14571 | 9309 | 10093 | 15212 | 20742  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1324822 | 1662385 | 956973 | 3063502 | 1970769  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 429 | 512 | 438 | 621 | 641  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 429 | 512 | 438 | 621 | 641  |
| **NET ASSETS** | $1324393 | $1661873 | $956535 | $3062881 | $1970128  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1851919 | $2030951 | $1551196 | $3379502 | $2509065  |
| Total accumulated losses | (527526) | (369078) | (594661) | (316621) | (538937)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1324393 | $1661873 | $956535 | $3062881 | $1970128  |
| Net assets | $1324393 | $1661873 | $956535 | $3062881 | $1970128  |
| Shares issued and outstanding<sup>(a)</sup> | 9997 | 8998 | 6997 | 15998 | 13997  |
| Net asset value per share | $132.48 | $184.69 | $136.71 | $191.45 | $140.75  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1300644 | $1747565 | $938313 | $3220195 | $1932775 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

43<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2054** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2054** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Longevity** <br>**Income ETF** | **LifeX 2056** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $2364923 | $715858 | $3054083 | $1174304 | $7727433  |
| Interest and dividends receivable | 13636 | 7206 | 15306 | 12003 | 46444  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2378559 | 723064 | 3069389 | 1186307 | 7773877  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 656 | 378 | 622 | 400 | 1570  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 656 | 378 | 622 | 400 | 1570  |
| **NET ASSETS** | $2377903 | $722686 | $3068767 | $1185907 | $7772307  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $2793199 | $1320693 | $3422192 | $1730893 | $8211071  |
| Total accumulated losses | (415296) | (598007) | (353425) | (544986) | (438764)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $2377903 | $722686 | $3068767 | $1185907 | $7772307  |
| Net assets | $2377903 | $722686 | $3068767 | $1185907 | $7772307  |
| Shares issued and outstanding<sup>(a)</sup> | 11996 | 4998 | 14997 | 7997 | 36999  |
| Net asset value per share | $198.22 | $144.60 | $204.63 | $148.29 | $210.07  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $2504879 | $714845 | $3252233 | $1181033 | $7756589 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

44<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2056** <br>**Longevity** <br>**Income ETF** | **LifeX 2057** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2057** <br>**Longevity** <br>**Income ETF** | **LifeX 2058** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2058** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $2998405 | $1727082 | $1226032 | $1104912 | $2971733  |
| Interest and dividends receivable | 39394 | 11708 | 16152 | 7928 | 41250  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3037799 | 1738790 | 1242184 | 1112840 | 3012983  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 615 | 528 | 418 | 1204 | 610  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 615 | 528 | 418 | 1204 | 610  |
| **NET ASSETS** | $3037184 | $1738262 | $1241766 | $1111636 | $3012373  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $3526469 | $2206851 | $1837168 | $1582386 | $3521187  |
| Total accumulated losses | (489285) | (468589) | (595402) | (470750) | (508814)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $3037184 | $1738262 | $1241766 | $1111636 | $3012373  |
| Net assets | $3037184 | $1738262 | $1241766 | $1111636 | $3012373  |
| Shares issued and outstanding<sup>(a)</sup> | 19997 | 7997 | 7998 | 4998 | 18997  |
| Net asset value per share | $151.88 | $217.36 | $155.26 | $222.42 | $158.57  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $3074026 | $1718245 | $1222800 | $1112262 | $3078770 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

45<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2059** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2059** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Longevity** <br>**Income ETF** | **LifeX 2061** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $6590281 | $1116874 | $3029556 | $2926029 | $5245431  |
| Interest and dividends receivable | 40922 | 15591 | 17882 | 42641 | 35027  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 6631203 | 1132465 | 3047438 | 2968670 | 5280458  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 1343 | 392 | 617 | 601 | 1070  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1343 | 392 | 617 | 601 | 1070  |
| **NET ASSETS** | $6629860 | $1132073 | $3046821 | $2968069 | $5279388  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $7067282 | $1780255 | $3504920 | $3494755 | $5689794  |
| Total accumulated losses | (437422) | (648182) | (458099) | (526686) | (410406)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $6629860 | $1132073 | $3046821 | $2968069 | $5279388  |
| Net assets | $6629860 | $1132073 | $3046821 | $2968069 | $5279388  |
| Shares issued and outstanding<sup>(a)</sup> | 28997 | 6998 | 12999 | 17997 | 21998  |
| Net asset value per share | $228.64 | $161.77 | $234.39 | $164.92 | $239.99  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $6783759 | $1126651 | $3101631 | $3061648 | $5260518 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

46<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2061** <br>**Longevity** <br>**Income ETF** | **LifeX 2062** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2062** <br>**Longevity** <br>**Income ETF** | **LifeX 2063** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2063** <br>**Longevity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $2978273 | $727843 | $1008481 | $5980146 | $1024583  |
| Interest and dividends receivable | 44090 | 6496 | 15201 | 43922 | 15692  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3022363 | 734339 | 1023682 | 6024068 | 1040275  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 611 | 1108 | 367 | 1389 | 373  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 611 | 1108 | 367 | 1389 | 373  |
| **NET ASSETS** | $3021752 | $733231 | $1023315 | $6022679 | $1039902  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $3568466 | $1334807 | $1631807 | $6754929 | $1694530  |
| Total accumulated losses | (546714) | (601576) | (608492) | (732250) | (654628)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $3021752 | $733231 | $1023315 | $6022679 | $1039902  |
| Net assets | $3021752 | $733231 | $1023315 | $6022679 | $1039902  |
| Shares issued and outstanding<sup>(a)</sup> | 17998 | 2998 | 5996 | 23995 | 5997  |
| Net asset value per share | $167.89 | $244.57 | $170.67 | $251.00 | $173.40  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $3129134 | $722959 | $1012792 | $5876484 | $1034530 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

47<br>

------

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

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2064** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2064** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**Durable** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1737787 | $693278 | $1013126 | $702695 | $701954  |
| Interest and dividends receivable | 12076 | 10120 | 6843 | 10447 | 10951  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1749863 | 703398 | 1019969 | 713142 | 712905  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Payable to adviser | 354 | 142 | 206 | 144 | 144  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 354 | 142 | 206 | 144 | 144  |
| **NET ASSETS** | $1749509 | $703256 | $1019763 | $712998 | $712761  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1686448 | $729295 | $1028076 | $740332 | $872868  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 63061 | (26039) | (8313) | (27334) | (160107)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1749509 | $703256 | $1019763 | $712998 | $712761  |
| Net assets | $1749509 | $703256 | $1019763 | $712998 | $712761  |
| Shares issued and outstanding<sup>(a)</sup> | 6998 | 3997 | 3998 | 3998 | 3998  |
| Net asset value per share | $250.00 | $175.95 | $255.07 | $178.34 | $178.28  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1733821 | $688096 | $1014261 | $698266 | $704501 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

48<br>

------

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

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2035** <br>**Term** <br>**Income ETF<sup>(a)</sup>** | **LifeX 2040** <br>**Term** <br>**Income ETF<sup>(a)</sup>** | **LifeX 2045** <br>**Term** <br>**Income ETF<sup>(a)</sup>** | **LifeX 2048** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2048** <br>**Longevity** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $5094619 | &nbsp;&nbsp;&nbsp; $12220 | &nbsp;&nbsp;&nbsp; $16084 | $106786 | $89752  |
| Dividend income | 109400 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 216 | 1836 | 1372  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5204019 | &nbsp;&nbsp;&nbsp; 12364 | &nbsp;&nbsp;&nbsp; 16300 | 108622 | 91124  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 297172 | &nbsp;&nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; 909 | 5990 | 6847  |
| &nbsp;&nbsp;&nbsp; Total expenses | 297172 | &nbsp;&nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; 909 | 5990 | 6847  |
| **Net investment income** | 4906847 | &nbsp;&nbsp;&nbsp; 11655 | &nbsp;&nbsp;&nbsp; 15391 | 102632 | 84277  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 2308860 | &nbsp;&nbsp;&nbsp; 5014 | &nbsp;&nbsp;&nbsp; 5742 | (211467) | (77919)  |
| &nbsp;&nbsp;&nbsp; In-kind transactions |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  | 2101 |
| Net realized gain (loss) | 2308860 | &nbsp;&nbsp;&nbsp; 5014 | &nbsp;&nbsp;&nbsp; 5742 | (211467) | (75818)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 4987917 | &nbsp;&nbsp;&nbsp; 9058 | &nbsp;&nbsp;&nbsp; (2700) | 186737 | 123204  |
|  Net change in unrealized appreciation (depreciation) | 4987917 | &nbsp;&nbsp;&nbsp; 9058 | &nbsp;&nbsp;&nbsp; (2700) | 186737 | 123204  |
| **Net realized and unrealized gain (loss)** | 7296777 | &nbsp;&nbsp;&nbsp; 14072 | &nbsp;&nbsp;&nbsp; 3042 | (24730) | 47386  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $12203624 | &nbsp;&nbsp;&nbsp; $25727 | &nbsp;&nbsp;&nbsp; $18433 | $77902 | $131663 |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

The accompanying notes are an integral part of these financial statements.

49<br>

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

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2049** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2049** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2050** <br>**Longevity** <br>**Income ETF** | **LifeX 2051** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $91358 | $79770 | $91470 | $70826 | $88964  |
| Dividend income | 995 | 1262 | 1397 | 1143 | 1125  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 92353 | 81032 | 92867 | 71969 | 90089  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 5318 | 5931 | 5214 | 5239 | 5089  |
| &nbsp;&nbsp;&nbsp; Total expenses | 5318 | 5931 | 5214 | 5239 | 5089  |
| **Net investment income** | 87035 | 75101 | 87653 | 66730 | 85000  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (149543) | (95241) | 1118 | (91331) | (134960)  |
| Net realized gain (loss) | (149543) | (95241) | 1118 | (91331) | (134960)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 154614 | 111653 | 41814 | 98731 | 125638  |
|  Net change in unrealized appreciation (depreciation) | 154614 | 111653 | 41814 | 98731 | 125638  |
| **Net realized and unrealized gain (loss)** | 5071 | 16412 | 42932 | 7400 | (9322)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $92106 | $91513 | $130585 | $74130 | $75678 |

---

The accompanying notes are an integral part of these financial statements.

50<br>

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

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2051** <br>**Longevity** <br>**Income ETF** | **LifeX 2052** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2052** <br>**Longevity** <br>**Income ETF** | **LifeX 2053** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2053** <br>**Longevity** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $75042 | $95066 | $82454 | $84202 | $76462  |
| Dividend income | 1234 | 1021 | 1400 | 790 | 1314  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 76276 | 96087 | 83854 | 84992 | 77776  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 5567 | 5308 | 6123 | 4837 | 5389  |
| &nbsp;&nbsp;&nbsp; Total expenses | 5567 | 5308 | 6123 | 4837 | 5389  |
| **Net investment income** | 70709 | 90779 | 77731 | 80155 | 72387  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (119921) | (136017) | (157179) | 104 | (176572)  |
| Net realized gain (loss) | (119921) | (136017) | (157179) | 104 | (176572)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 129066 | 110528 | 154610 | 33057 | 161781  |
|  Net change in unrealized appreciation (depreciation) | 129066 | 110528 | 154610 | 33057 | 161781  |
| **Net realized and unrealized gain (loss)** | 9145 | (25489) | (2569) | 33161 | (14791)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $79854 | $65290 | $75162 | $113316 | $57596 |

---

The accompanying notes are an integral part of these financial statements.

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

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2054** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2054** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2055** <br>**Longevity** <br>**Income ETF** | **LifeX 2056** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $108990 | $71816 | $85823 | $72325 | $150583  |
| Dividend income | 1135 | 1265 | 400 | 1219 | 1899  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 110125 | 73081 | 86223 | 73544 | 152482  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 6054 | 5324 | 4857 | 5295 | 8443  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6054 | 5324 | 4857 | 5295 | 8443  |
| **Net investment income** | 104071 | 67757 | 81366 | 68249 | 144039  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (95453) | (209500) | 915 | (151756) | (97766)  |
| &nbsp;&nbsp;&nbsp; In-kind transactions |  |  |  |  | (5785) |
| Net realized gain (loss) | (95453) | (209500) | 915 | (151756) | (103551)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 85065 | 191231 | 27141 | 149116 | 177053  |
|  Net change in unrealized appreciation (depreciation) | 85065 | 191231 | 27141 | 149116 | 177053  |
| **Net realized and unrealized gain (loss)** | (10388) | (18269) | 28056 | (2640) | 73502  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $93683 | $49488 | $109422 | $65609 | $217541 |

---

The accompanying notes are an integral part of these financial statements.

52<br>

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

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2056** <br>**Longevity** <br>**Income ETF** | **LifeX 2057** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2057** <br>**Longevity** <br>**Income ETF** | **LifeX 2058** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2058** <br>**Longevity** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $66464 | $95319 | $75976 | $120827 | $66025  |
| Dividend income | 1092 | 1812 | 1250 | 2089 | 1083  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 67556 | 97131 | 77226 | 122916 | 67108  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 4830 | 5478 | 5549 | 6592 | 4792  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4830 | 5478 | 5549 | 6592 | 4792  |
| **Net investment income** | 62726 | 91653 | 71677 | 116324 | 62316  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (48723) | (266726) | (191325) | (315922) | (35405)  |
| &nbsp;&nbsp;&nbsp; In-kind transactions |  |  |  | 33720 |  |
| Net realized gain (loss) | (48723) | (266726) | (191325) | (282202) | (35405)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 91993 | 233236 | 183958 | 268728 | 75405  |
|  Net change in unrealized appreciation (depreciation) | 91993 | 233236 | 183958 | 268728 | 75405  |
| **Net realized and unrealized gain (loss)** | 43270 | (33490) | (7367) | (13474) | 40000  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $105996 | $58163 | $64310 | $102850 | $102316 |

---

The accompanying notes are an integral part of these financial statements.

53<br>

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

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2059** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2059** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2060** <br>**Longevity** <br>**Income ETF** | **LifeX 2061** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $114681 | $71771 | &nbsp;&nbsp; $82776 | $65282 | $90214  |
| Dividend income | 2191 | 1223 | &nbsp;&nbsp; 846 | 1059 | 1775  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 116872 | 72994 | &nbsp;&nbsp; 83622 | 66341 | 91989  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 6484 | 5331 | &nbsp;&nbsp; 4860 | 4725 | 5135  |
| &nbsp;&nbsp;&nbsp; Total expenses | 6484 | 5331 | &nbsp;&nbsp; 4860 | 4725 | 5135  |
| **Net investment income** | 110388 | 67663 | &nbsp;&nbsp; 78762 | 61616 | 86854  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (39646) | (243394) | &nbsp;&nbsp; (2597) | (28926) | (855)  |
| Net realized gain (loss) | (39646) | (243394) | &nbsp;&nbsp; (2597) | (28926) | (855)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 94632 | 231149 | &nbsp;&nbsp; (1081) | 65008 | 32534  |
|  Net change in unrealized appreciation (depreciation) | 94632 | 231149 | &nbsp;&nbsp; (1081) | 65008 | 32534  |
| **Net realized and unrealized gain (loss)** | 54986 | (12245) | &nbsp;&nbsp; (3678) | 36082 | 31679  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $165374 | $55418 | &nbsp;&nbsp; $75084 | $97698 | $118533 |

---

The accompanying notes are an integral part of these financial statements.

54<br>

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

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2061** <br>**Longevity** <br>**Income ETF** | **LifeX 2062** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2062** <br>**Longevity** <br>**Income ETF** | **LifeX 2063** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2063** <br>**Longevity** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | $66633 | $101424 | $63349 | $140101 | $71244  |
| Dividend income | 1076 | 3342 | 1060 | 4378 | 1189  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 67709 | 104766 | 64409 | 144479 | 72433  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 4814 | 5678 | 4584 | 8491 | 5201  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4814 | 5678 | 4584 | 8491 | 5201  |
| **Net investment income** | 62895 | 99088 | 59825 | 135988 | 67232  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (31065) | (292943) | (242938) | (459472) | (239910)  |
| &nbsp;&nbsp;&nbsp; In-kind transactions |  | (36256) |  |  |  |
| Net realized gain (loss) | (31065) | (329199) | (242938) | (459472) | (239910)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 65872 | 193021 | 214168 | 437271 | 213609  |
|  Net change in unrealized appreciation (depreciation) | 65872 | 193021 | 214168 | 437271 | 213609  |
| **Net realized and unrealized gain (loss)** | 34807 | (136178) | (28770) | (22201) | (26301)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $97702 | $(37090) | $31055 | $113787 | $40931 |

---

The accompanying notes are an integral part of these financial statements.

55<br>

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

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2064** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF<sup>(a)</sup>** | **LifeX 2064** <br>**Longevity** <br>**Income ETF<sup>(a)</sup>** | **LifeX 2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF<sup>(a)</sup>** | **LifeX 2065** <br>**Longevity** <br>**Income ETF<sup>(a)</sup>** | **LifeX** <br>**Durable** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp; $35855 | &nbsp;&nbsp;&nbsp; $14771 | &nbsp;&nbsp;&nbsp; $27236 | &nbsp;&nbsp;&nbsp; $14978 | $16407  |
| Dividend income | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 598 | &nbsp;&nbsp;&nbsp; 253 | 246  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 36724 | &nbsp;&nbsp;&nbsp; 14998 | &nbsp;&nbsp;&nbsp; 27834 | &nbsp;&nbsp;&nbsp; 15231 | 16653  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 1756 | &nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp; 1531 | &nbsp;&nbsp;&nbsp; 975 | 1143  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 1756 | &nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp; 1531 | &nbsp;&nbsp;&nbsp; 975 | 1143  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 34968 | &nbsp;&nbsp;&nbsp; 14037 | &nbsp;&nbsp;&nbsp; 26303 | &nbsp;&nbsp;&nbsp; 14256 | 15510  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 2507 | &nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp; 4089 | &nbsp;&nbsp;&nbsp; 888 | (10211)  |
| &nbsp;&nbsp;&nbsp; In-kind transactions | &nbsp;&nbsp;&nbsp; 54600 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 57107 | &nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp; 4089 | &nbsp;&nbsp;&nbsp; 888 | (10211)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp; 5182 | &nbsp;&nbsp;&nbsp; (1135) | &nbsp;&nbsp;&nbsp; 4429 | 15503  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp; 5182 | &nbsp;&nbsp;&nbsp; (1135) | &nbsp;&nbsp;&nbsp; 4429 | 15503  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 61073 | &nbsp;&nbsp;&nbsp; 5741 | &nbsp;&nbsp;&nbsp; 2954 | &nbsp;&nbsp;&nbsp; 5317 | 5292  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $96041 | &nbsp;&nbsp;&nbsp; $19778 | &nbsp;&nbsp;&nbsp; $29257 | &nbsp;&nbsp;&nbsp; $19573 | $20802 |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

The accompanying notes are an integral part of these financial statements.

56<br>

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

**Statements of Changes in Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
|  | **LifeX 2035** <br>**Term** <br>**Income ETF** | **LifeX 2040** <br>**Term** <br>**Income ETF** | **LifeX 2045** <br>**Term** <br>**Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4906847 | &nbsp;&nbsp;&nbsp; $11655 | &nbsp;&nbsp; $15391  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2308860 | &nbsp;&nbsp;&nbsp; 5014 | &nbsp;&nbsp; 5742  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 4987917 | &nbsp;&nbsp;&nbsp; 9058 | &nbsp;&nbsp; (2700)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 12203624 | &nbsp;&nbsp;&nbsp; 25727 | &nbsp;&nbsp; 18433  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (21015229) | &nbsp;&nbsp;&nbsp; (47697) | &nbsp;&nbsp; (60046)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (21015229) | &nbsp;&nbsp;&nbsp; (47697) | &nbsp;&nbsp; (60046)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 280587516 | &nbsp;&nbsp;&nbsp; 795639 | &nbsp;&nbsp; 1098887  |
| &nbsp;&nbsp;&nbsp; Redemptions | (531) | &nbsp;&nbsp;&nbsp;&nbsp;(292) | (351)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 48311 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 3  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 280635296 | &nbsp;&nbsp;&nbsp; 795352 | &nbsp;&nbsp; 1098539  |
| **Net increase (decrease) in net assets** | 271823691 | &nbsp;&nbsp;&nbsp; 773382 | &nbsp;&nbsp; 1056926  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $271823691 | &nbsp;&nbsp;&nbsp; $773382 | &nbsp;&nbsp; $1056926  |
| **SHARES TRANSACTIONS<sup>(b)</sup>**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3121182 | &nbsp;&nbsp;&nbsp; 6636 | &nbsp;&nbsp; 7636  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6) | &nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp; (2)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3121176 | &nbsp;&nbsp;&nbsp; 6634 | &nbsp;&nbsp; 7634 |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> The Fund completed a 11-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

57<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2048 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2048 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2048 Longevity Income ETF**  | **LifeX 2048 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $102632 | $70181 | $84277 | $77058  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (211467) | (74057) | (75818) | (289965)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 186737 | (195215) | 123204 | (111636)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 77902 | (199091) | 131663 | (324543)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (135932) | (70181) | (271971) | (77058)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (32264) |  | (81086) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (135932) | (102445) | (271971) | (158144)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1724696 | 5972271 |  | 7809085  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 3143 |  | 3949  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3351006) | (2282864) | (3759627) | (2232379)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 2085 | 1984 | 493 | 34  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1624225) | 3694534 | (3759134) | 5580689  |
| **Net increase (decrease) in net assets** | (1682255) | 3392998 | (3899442) | 5098002  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3392998 |  | 5098002 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1710743 | $3392998 | $1198560 | $5098002  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 11000 | 36313 |  | 59656  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 20 |  | 31  |
| &nbsp;&nbsp;&nbsp; Redemptions | (22003) | (14333) | (32005) | (17587)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (11003) | 22000 | (32005) | 42100 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

58<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2049 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2049 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2049 Longevity Income ETF**  | **LifeX 2049 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $87035 | $68422 | $75101 | $83943  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (149543) | (79499) | (95241) | (327107)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 154614 | (181739) | 111653 | (100651)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 92106 | (192816) | 91513 | (343815)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (111996) | (68422) | (234526) | (83943)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (26387) |  | (78735) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (111996) | (94809) | (234526) | (162678)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 970555 | 5649175 |  | 8690648  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2978 |  | 3779  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2561551) | (2283776) | (2413033) | (4150942)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 1650 | 1780 | 482 | 43  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1589346) | 3370157 | (2412551) | 4543528  |
| **Net increase (decrease) in net assets** | (1609236) | 3082532 | (2555564) | 4037035  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3082532 |  | 4037035 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1473296 | $3082532 | $1481471 | $4037035  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 6000 | 32579 |  | 63807  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 18 |  | 28  |
| &nbsp;&nbsp;&nbsp; Redemptions | (16002) | (13597) | (20003) | (31835)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (10002) | 19000 | (20003) | 32000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

59<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2050 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2050 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2050 Longevity Income ETF**  | **LifeX 2050 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $87653 | $68492 | $66730 | $66486  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1118 | (81315) | (91331) | (258208)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 41814 | (187798) | 98731 | (90911)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 130585 | (200621) | 74130 | (282633)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (109298) | (68492) | (215682) | (66486)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (22214) |  | (56357) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (109298) | (90706) | (215682) | (122843)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 678911 | 5631159 | 1385981 | 6176628  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2832 |  | 3628  |
| &nbsp;&nbsp;&nbsp; Redemptions | (517) | (2284339) | (3508046) | (2231604)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 10 | 1759 | 706 | 27  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 678404 | 3351411 | (2121359) | 3948679  |
| **Net increase (decrease) in net assets** | 699691 | 3060084 | (2262911) | 3543203  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3060084 |  | 3543203 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $3759775 | $3060084 | $1280292 | $3543203  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 4000 | 30923 | 11000 | 43141  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 16 |  | 26  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3) | (12939) | (28005) | (16167)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3997 | 18000 | (17005) | 27000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

60<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2051 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2051 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2051 Longevity Income ETF**  | **LifeX 2051 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $85000 | $68457 | $70709 | $67861  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (134960) | (83846) | (119921) | (258382)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 125638 | (190980) | 129066 | (119459)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 75678 | (206369) | 79854 | (309980)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (123748) | (68457) | (229539)  | (67861)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (18641) |  | (54359) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (123748) | (87098) | (229539) | (122220)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1235516 | 5594175 |  | 6462051  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2701 |  | 3493  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2609000) | (2284821) | (2328726) | (2231024)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 1584 | 1725 | 466 | 18  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1371900) | 3313780 | (2328260) | 4234538  |
| **Net increase (decrease) in net assets** | (1419970) | 3020313 | (2477945) | 3802338  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3020313 |  | 3802338 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1600343 | $3020313 | $1324393 | $3802338  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 7000 | 29334 |  | 43546  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 14 |  | 24  |
| &nbsp;&nbsp;&nbsp; Redemptions | (15002) | (12348) | (18003) | (15570)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (8002) | 17000 | (18003) | 28000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

61<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2052 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2052 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2052 Longevity Income ETF**  | **LifeX 2052 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $90779 | $69908 | $77731 | $71844  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (136017) | (88254) | (157179) | (263766)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 110528 | (205017) | 154610 | (146044)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 65290 | (223363) | 75162 | (337966)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (141096) | (69908) | (260014) | (71844)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (16090) |  | (52695) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (141096) | (85998) | (260014) | (124539)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1113996 | 5739382 |  | 6900922  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2582 |  | 3372  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2527245) | (2285006) | (3070901) | (2230144)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 1529 | 1802 | 613 | 30  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1411720) | 3458760 | (3070288) | 4674180  |
| **Net increase (decrease) in net assets** | (1487526) | 3149399 | (3255140) | 4211675  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3149399 |  | 4211675 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1661873 | $3149399 | $956535 | $4211675  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 6000 | 28799 |  | 45010  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 13 |  | 22  |
| &nbsp;&nbsp;&nbsp; Redemptions | (14002) | (11812) | (23003) | (15032)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (8002) | 17000 | (23003) | 30000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

62<br>

------

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2053 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2053 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2053 Longevity Income ETF**  | **LifeX 2053 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $80155 | $69672 | $72387 | $63275  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 104 | (92162) | (176572) | (231535)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 33057 | (204962) | 161781 | (144529)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 113316 | (227452) | 57596 | (312789)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (132813) | (69672) | (220469) | (63275)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (12730) |  | (46909) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (132813) | (82402) | (220469) | (110184)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 5673344 | 1973005 | 5831246  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2474 |  | 3263  |
| &nbsp;&nbsp;&nbsp; Redemptions | (392) | (2284948) | (3023399) | (2229157)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  | 1754 | 999 | 17  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (392) | 3392624 | (1049395) | 3605369  |
| **Net increase (decrease) in net assets** | (19889) | 3082770 | (1212268) | 3182396  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3082770 |  | 3182396 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $3062881 | $3082770 | $1970128 | $3182396  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 27312 | 14000 | 36524  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 12 |  | 21  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2) | (11324) | (22003) | (14545)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2) | 16000 | (8003) | 22000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

63<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2054 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2054 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2054 Longevity Income ETF**  | **LifeX 2054 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $104071 | $74837 | $67757 | $70802  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (95453) | (113561) | (209500) | (235266)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 85065 | (225021) | 191231 | (190218)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 93683 | (263745) | 49488 | (354682)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (170396) | (74837) | (222011) | (70802)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (16591) |  | (51728) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (170396) | (91428) | (222011) | (122530)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1374961 | 6230171 | 294212 | 6508102  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2376 |  | 3164  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2515930) | (2284894) | (2963853) | (2469818)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 1529 | 1576 | 594 | 20  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1139440) | 3949229 | (2669047) | 4041468  |
| **Net increase (decrease) in net assets** | (1216153) | 3594056 | (2841570) | 3564256  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3594056 |  | 3564256 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $2377903 | $3594056 | $722686 | $3564256  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 7000 | 28867 | 2000 | 39605  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 11 |  | 20  |
| &nbsp;&nbsp;&nbsp; Redemptions | (13004) | (10878) | (21002) | (15625)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (6004) | 18000 | (19002) | 24000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

64<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2055 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2055 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2055 Longevity Income ETF**  | **LifeX 2055 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $81366 | $70858 | $68249 | $62315  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 915 | (91624) | (151756) | (230236)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 27141 | (225291) | 149116 | (155845)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 109422 | (246057) | 65609 | (323766)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (145931) | (70858) | (224515) | (62315)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (7767) |  | (41305) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (145931) | (78625) | (224515) | (103620)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 5710380 | 609780 | 5700441  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2285 |  | 3075  |
| &nbsp;&nbsp;&nbsp; Redemptions | (630) | (2284710) | (2314655) | (2226923)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  | 2633 | 466 | 15  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (630) | 3430588 | (1704409) | 3476608  |
| **Net increase (decrease) in net assets** | (37139) | 3105906 | (1863315) | 3049222  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3105906 |  | 3049222 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $3068767 | $3105906 | $1185907 | $3049222  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 25456 | 4000 | 33684  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 10 |  | 19  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3) | (10466) | (16003) | (13703)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (3) | 15000 | (12003) | 20000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

65<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2056 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2056 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2056 Longevity Income ETF**  | **LifeX 2056 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $144039 | $84331 | &nbsp;&nbsp; $62726 | $63347  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (103551) | (208156) | &nbsp;&nbsp; (48723) | (234615)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 177053 | (206209) | &nbsp;&nbsp; 91993 | (167614)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 217541 | (330034) | &nbsp;&nbsp; 105996 | (338882)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (241941) | (84331) | &nbsp;&nbsp; (193051) | (63347)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (4598) | &nbsp;&nbsp; — | (39668) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (241941) | (88929) | &nbsp;&nbsp; (193051) | (103015)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 9433123 | 7413781 | &nbsp;&nbsp; — | 5789148  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2201 | &nbsp;&nbsp; — | 2992  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6353680) | (2284312) | &nbsp;&nbsp; (469) | (2225553)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 405 | 4152 | &nbsp;&nbsp; — | 18  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 3079848 | 5135822 | &nbsp;&nbsp; (469) | 3566605  |
| **Net increase (decrease) in net assets** | 3055448 | 4716859 | &nbsp;&nbsp; (87524) | 3124708  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 4716859 |  | &nbsp;&nbsp; 3124708 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $7772307 | $4716859 | &nbsp;&nbsp; $3037184 | $3124708  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 45000 | 32073 | &nbsp;&nbsp; — | 33311  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 10 | &nbsp;&nbsp; — | 18  |
| &nbsp;&nbsp;&nbsp; Redemptions | (30001) | (10083) | &nbsp;&nbsp; (3) | (13329)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 14999 | 22000 | &nbsp;&nbsp; (3) | 20000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

66<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2057 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2057 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2057 Longevity Income ETF**  | **LifeX 2057 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $91653 | $72432 | $71677 | $65770  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (266726) | (127326) | (191325) | (240882)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 233236 | (224399) | 183958 | (180726)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 58163 | (279293) | 64310 | (355838)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (175027) | (72432) | (238105) | (65771)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (5332) |  | (39143) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (175027) | (77764) | (238105) | (104914)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 1083236 | 5948774 | 639428 | 6000545  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2122 |  | 2915  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2543560) | (2283568) | (2422073) | (2345011)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 2360 | 2819 | 486 | 23  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (1457964) | 3670147 | (1782159) | 3658472  |
| **Net increase (decrease) in net assets** | (1574828) | 3313090 | (1955954) | 3197720  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3313090 |  | 3197720 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1738262 | $3313090 | $1241766 | $3197720  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5000 | 24714 | 4000 | 33664  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 9 |  | 17  |
| &nbsp;&nbsp;&nbsp; Redemptions | (12003) | (9723) | (16002) | (13681)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (7003) | 15000 | (12002) | 20000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

67<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2058 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2058 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2058 Longevity Income ETF**  | **LifeX 2058 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $116324 | $74845 | &nbsp;&nbsp; $62316 | $63555  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (282202) | (96807) | &nbsp;&nbsp; (35405) | (238920)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 268728 | (276078) | &nbsp;&nbsp; 75405 | (182442)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 102850 | (298040) | &nbsp;&nbsp; 102316 | (357807)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (200715) | (74845) | &nbsp;&nbsp; (189768) | (63555)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (1926) | &nbsp;&nbsp; — | (36142) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (200715) | (76771) | &nbsp;&nbsp; (189768) | (99697)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 5741740 | 6297254 | &nbsp;&nbsp; — | 5777173  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 2048 | &nbsp;&nbsp; — | 2843  |
| &nbsp;&nbsp;&nbsp; Redemptions | (8179401) | (2282869) | &nbsp;&nbsp; (485) | (2222223)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 2619 | 2921 | &nbsp;&nbsp; — | 21  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (2435042) | 4019354 | &nbsp;&nbsp; (485) | 3557814  |
| **Net increase (decrease) in net assets** | (2532907) | 3644543 | &nbsp;&nbsp; (87937) | 3100310  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3644543 |  | &nbsp;&nbsp; 3100310 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1111636 | $3644543 | &nbsp;&nbsp; $3012373 | $3100310  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 26000 | 25377 | &nbsp;&nbsp; — | 31640  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 8 | &nbsp;&nbsp; — | 16  |
| &nbsp;&nbsp;&nbsp; Redemptions | (37002) | (9385) | &nbsp;&nbsp; (3) | (12656)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (11002) | 16000 | &nbsp;&nbsp; (3) | 19000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

68<br>

------

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2059 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2059 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2059 Longevity Income ETF**  | **LifeX 2059 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $110388 | $79629 | $67663 | $70275  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (39646) | (115973) | (243394) | (244835)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 94632 | (288110) | 231149 | (240926)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 165374 | (324454) | 55418 | (415486)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (198713) | (79629) | (217838) | (70275)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | (14382)  |  | (44541) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (198713) | (94011) | (217838) | (114816)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2917065 | 6442722 |  | 6406821  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 1978 |  | 2773  |
| &nbsp;&nbsp;&nbsp; Redemptions | (703) | (2281907) | (2364702) | (2220589)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 133 | 2376 | 474 | 18  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2916495 | 4165169 | (2364228) | 4189023  |
| **Net increase (decrease) in net assets** | 2883156 | 3746704 | (2526648) | 3658721  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3746704 |  | 3658721 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $6629860 | $3746704 | $1132073 | $3658721  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 13000 | 25055 |  | 34324  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 8 |  | 15  |
| &nbsp;&nbsp;&nbsp; Redemptions | (3) | (9063) | (15002) | (12339)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 12997 | 16000 | (15002) | 22000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

69<br>

------

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2060 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2060 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2060 Longevity Income ETF**  | **LifeX 2060 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $78762 | $74799 | &nbsp;&nbsp; $61616 | $63416  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2597) | (300852) | &nbsp;&nbsp; (28926) | (236273)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1081) | (70994) | &nbsp;&nbsp; 65008 | (200627)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 75084 | (297047) | &nbsp;&nbsp; 97698 | (373484)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (163285) | (72851) | &nbsp;&nbsp; (187485) | (63416)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  |  | &nbsp;&nbsp; — | (33453) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (163285) | (72851) | &nbsp;&nbsp; (187485) | (96869)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 5781571 | &nbsp;&nbsp; — | 5744466  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 1911 | &nbsp;&nbsp; — | 2708  |
| &nbsp;&nbsp;&nbsp; Redemptions | (244) | (2280942) | (511) | (2218473)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) |  | 2624 | &nbsp;&nbsp; — | 19  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (244) | 3505164 | &nbsp;&nbsp; (511) | 3528720  |
| **Net increase (decrease) in net assets** | (88445) | 3135266 | &nbsp;&nbsp; (90298) | 3058367  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3135266 |  | &nbsp;&nbsp; 3058367 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $3046821 | $3135266 | &nbsp;&nbsp; $2968069 | $3058367  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions |  | 21749 | &nbsp;&nbsp; — | 30025  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 7 | &nbsp;&nbsp; — | 14  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1) | (8756) | &nbsp;&nbsp; (3) | (12039)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1) | 13000 | &nbsp;&nbsp; (3) | 18000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

70<br>

------

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2061 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2061 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2061 Longevity Income ETF**  | **LifeX 2061 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $86854 | $73429 | &nbsp;&nbsp; $62895 | $64220  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (855) | (317826) | &nbsp;&nbsp; (31065) | (233601)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 32534 | (47621) | &nbsp;&nbsp; 65872 | (216733)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 118533 | (292018) | &nbsp;&nbsp; 97702 | (386114)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (166502) | (70418) | &nbsp;&nbsp; (194083) | (64220)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  |  | &nbsp;&nbsp; — | (32819) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (166502) | (70418) | &nbsp;&nbsp; (194083) | (97039)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 2353325 | 5612655 | &nbsp;&nbsp; — | 5815618  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 1847 | &nbsp;&nbsp; — | 2645  |
| &nbsp;&nbsp;&nbsp; Redemptions | (502) | (2280277) | &nbsp;&nbsp; (347) | (2216654)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 289 | 2456 | &nbsp;&nbsp; — | 24  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 2353112 | 3336681 | &nbsp;&nbsp; (347) | 3601633  |
| **Net increase (decrease) in net assets** | 2305143 | 2974245 | &nbsp;&nbsp; (96728) | 3118480  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 2974245 |  | &nbsp;&nbsp; 3118480 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $5279388 | $2974245 | &nbsp;&nbsp; $3021752 | $3118480  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 10000 | 20457 | &nbsp;&nbsp; — | 29739  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 7 | &nbsp;&nbsp; — | 14  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2) | (8464) | &nbsp;&nbsp; (2) | (11753)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (9998) | 12000 | &nbsp;&nbsp; (2) | 18000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

71<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2062 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2062 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2062 Longevity Income ETF**  | **LifeX 2062 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $99088 | $74765 | $59825 | $63029  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (329199) | (195121) | (242938) | (231209)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 193021 | (188137) | 214168 | (218479)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (37090) | (308493) | 31055 | (386659)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (185262) | (70732) | (189858) | (63029)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  |  |  | (31773) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (185262) | (70732) | (189858) | (94802)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 6898637 | 5709925 | 513481 | 5688904  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 1786 |  | 2585  |
| &nbsp;&nbsp;&nbsp; Redemptions | (9002680) | (2279951) | (2327095) | (2214546)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 4561 | 2530 | 234 | 16  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (2099482) | 3434290 | (1813380) | 3476959  |
| **Net increase (decrease) in net assets** | (2321834) | 3055065 | (1972183) | 2995498  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3055065 |  | 2995498 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $733231 | $3055065 | $1023315 | $2995498  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 28000 | 20177 | 3000 | 28466  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 6 |  | 13  |
| &nbsp;&nbsp;&nbsp; Redemptions | (37002) | (8183) | (14004) | (11479)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (9002) | 12000 | (11004) | 17000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

72<br>

------

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2063 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2063 Inflation-Protected** <br>**Longevity Income ETF** | **LifeX 2063 Longevity Income ETF**  | **LifeX 2063 Longevity Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $135988 | $85660 | $67232 | $67760  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (459472) | (203469) | (239910) | (250737)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 437271 | (333610) | 213609 | (223556)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 113787 | (451419) | 40931 | (406533)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (311692) | (82926) | (221265) | (67760)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  |  |  | (31449) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (311692) | (82926) | (221265) | (99209)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 3443062 | 8028876 |  | 6298762  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 1726 |  | 2527  |
| &nbsp;&nbsp;&nbsp; Redemptions | (2446152) | (2279978) | (2363305) | (2212500)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 2794 | 4601 | 472 | 22  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 999704 | 5755225 | (2362833) | 4088811  |
| **Net increase (decrease) in net assets** | 801799 | 5220880 | (2543167) | 3583069  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 5220880 |  | 3583069 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $6022679 | $5220880 | $1039902 | $3583069  |
| **SHARES TRANSACTIONS<sup>(c)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 14000 | 27907 |  | 31202  |
| &nbsp;&nbsp;&nbsp; Reinvestments  |  | 6 |  | 13  |
| &nbsp;&nbsp;&nbsp; Redemptions | (10005) | (7913) | (14003) | (11215)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3995 | 20000 | (14003) | 20000 |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> The Fund commenced operations on January 8, 2024.

<sup>(c)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

73<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX 2064** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2064** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX 2065** <br>**Longevity** <br>**Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited) | **Period Ended** <br>**June 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $34968 | &nbsp;&nbsp;&nbsp; $14037 | &nbsp;&nbsp; $26303 | &nbsp;&nbsp;&nbsp; $14256  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 57107 | &nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp; 4089 | &nbsp;&nbsp;&nbsp; 888  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3966 | &nbsp;&nbsp;&nbsp; 5182 | &nbsp;&nbsp; (1135) | &nbsp;&nbsp;&nbsp; 4429  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 96041 | &nbsp;&nbsp;&nbsp; 19778 | &nbsp;&nbsp; 29257 | &nbsp;&nbsp;&nbsp; 19573  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | (32980) | &nbsp;&nbsp;&nbsp; (45817) | &nbsp;&nbsp; (37570) | &nbsp;&nbsp;&nbsp; (46907)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (32980) | &nbsp;&nbsp;&nbsp; (45817) | &nbsp;&nbsp; (37570) | &nbsp;&nbsp;&nbsp; (46907)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 8178172 | &nbsp;&nbsp;&nbsp; 729847 | &nbsp;&nbsp; 1028146 | &nbsp;&nbsp;&nbsp; 740704  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6494797) | &nbsp;&nbsp;&nbsp;&nbsp;(553) | (531) | &nbsp;&nbsp;&nbsp;&nbsp;(374)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | 3073 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp; 2  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1686448 | &nbsp;&nbsp;&nbsp; 729295 | &nbsp;&nbsp; 1028076 | &nbsp;&nbsp;&nbsp; 740332  |
| **Net increase (decrease) in net assets** | 1749509 | &nbsp;&nbsp;&nbsp; 703256 | &nbsp;&nbsp; 1019763 | &nbsp;&nbsp;&nbsp; 712998  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $1749509 | &nbsp;&nbsp;&nbsp; $703256 | &nbsp;&nbsp; $1019763 | &nbsp;&nbsp;&nbsp; $712998  |
| **SHARES TRANSACTIONS<sup>(b)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 33000 | &nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 4000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (26002) | &nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp; (2)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 6998 | &nbsp;&nbsp;&nbsp; 3997 | &nbsp;&nbsp; 3998 | &nbsp;&nbsp;&nbsp; 3998 |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

74<br>

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**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $15510 | $32993  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (10211) | (109748)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 15503 | (18050)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 20802 | (94805)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income distributions | &nbsp;&nbsp; (53111) | (32993)  |
| &nbsp;&nbsp;&nbsp; Return of capital distributions | &nbsp;&nbsp; — | (12645) |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (53111) | (45638)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; — | 3119257  |
| &nbsp;&nbsp;&nbsp; Reinvestments | &nbsp;&nbsp; — | 2959  |
| &nbsp;&nbsp;&nbsp; Redemptions | (376) | (2236329)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 1) | &nbsp;&nbsp; — | 2  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (376) | 885889  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (32685) | 745446  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 745446 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $712761 | $745446  |
| **SHARES TRANSACTIONS<sup>(b)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; — | 15735  |
| &nbsp;&nbsp;&nbsp; Reinvestments | &nbsp;&nbsp; — | 15  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (2) | (11750)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (2) | 4000 |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> The Fund completed a 10-for-1 reverse stock split as shown on Schedule B. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

75<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2035 TERM INCOME ETF** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**June 30, 2025<sup>(a)(g)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $90.64  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.75  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.98  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.73  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (7.30)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (7.30)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $87.09  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.33%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $271824  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.08%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 63% |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 3, 2025 the Fund effected a 11-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

76<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2040 TERM INCOME ETF** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**June 30, 2025<sup>(a)(h)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $122.32  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.32  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.00  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 5.32  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (11.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (11.06)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $116.58  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.58%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $773  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.08%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 47% |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> On February 3, 2025 the Fund effected a 11-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

77<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2045 TERM INCOME ETF** 

---

| | |
|:---|:---|
|  | **Period Ended**<br>**June 30, 2025<sup>(a)(h)</sup>**<br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $147.07  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.84  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.00  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;5.84  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (14.46)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (14.46)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $138.45  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1057  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.25%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.20%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 77% |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> On February 3, 2025 the Fund effected a 11-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

78<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2048 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** | **Period Ended** |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,** <br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $154.23 | &nbsp;&nbsp;&nbsp; $163.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4.07 | &nbsp;&nbsp;&nbsp;&nbsp;5.94  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.31 | &nbsp;&nbsp;&nbsp; (6.21)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 6.38 | &nbsp;&nbsp;&nbsp; (0.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (5.13) | &nbsp;&nbsp;&nbsp; (6.28)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.89) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (5.13) | &nbsp;&nbsp;&nbsp; (9.17)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $155.56 | &nbsp;&nbsp;&nbsp; $154.23  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 4.25% | &nbsp;&nbsp;&nbsp; -0.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1711 | &nbsp;&nbsp;&nbsp; $3393  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.72%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.29% | &nbsp;&nbsp;&nbsp; 3.89%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp; 275% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 7, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

79<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2048 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $121.09 | &nbsp;&nbsp;&nbsp; $133.30  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.35  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.10 | &nbsp;&nbsp;&nbsp; (6.49)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 4.53 | &nbsp;&nbsp;&nbsp; (2.14)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (6.90) | &nbsp;&nbsp;&nbsp; (4.91)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.16)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (6.90) | &nbsp;&nbsp;&nbsp; (10.07)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $118.73 | &nbsp;&nbsp;&nbsp; $121.09  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.86% | &nbsp;&nbsp;&nbsp; -1.76%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1199 | &nbsp;&nbsp;&nbsp; $5098  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0.70%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.09% | &nbsp;&nbsp;&nbsp; 3.50%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 75% | &nbsp;&nbsp;&nbsp; 504% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 7, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

80<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2049 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $162.24 | &nbsp;&nbsp;&nbsp; $172.40  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.38  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.35 | &nbsp;&nbsp;&nbsp; (6.94)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 6.55 | &nbsp;&nbsp;&nbsp; (0.56)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (5.13) | &nbsp;&nbsp;&nbsp; (7.05)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.72) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (5.13) | &nbsp;&nbsp;&nbsp; (9.77)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $163.74 | &nbsp;&nbsp;&nbsp; $162.24  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 4.13% | &nbsp;&nbsp;&nbsp; -0.32%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1473 | &nbsp;&nbsp;&nbsp; $3083  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.20% | &nbsp;&nbsp;&nbsp; 3.96%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 30% | &nbsp;&nbsp;&nbsp; 263% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 7, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

81<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2049 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $126.16 | &nbsp;&nbsp;&nbsp; $139.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;4.67  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.12 | &nbsp;&nbsp;&nbsp; (7.14)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 4.64 | &nbsp;&nbsp;&nbsp; (2.47)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (7.33) | &nbsp;&nbsp;&nbsp; (5.45)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.12) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (7.33) | &nbsp;&nbsp;&nbsp; (10.57)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $123.49 | &nbsp;&nbsp;&nbsp; $126.16  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.81% | &nbsp;&nbsp;&nbsp; -2.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1481 | &nbsp;&nbsp;&nbsp; $4037  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.10% | &nbsp;&nbsp;&nbsp; 3.60%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 46% | &nbsp;&nbsp;&nbsp; 724% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 7, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

82<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2050 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(h)</sup> | **December 31,**<br>**2024<sup>(a)(h)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $170.00 | &nbsp;&nbsp;&nbsp; $181.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.73  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.19 | &nbsp;&nbsp;&nbsp; (7.63)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 6.61 | &nbsp;&nbsp;&nbsp; (0.90)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (5.69) | &nbsp;&nbsp;&nbsp; (7.83)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.54) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (5.69) | &nbsp;&nbsp;&nbsp; (10.37)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $170.92 | &nbsp;&nbsp;&nbsp; $170.00  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 3.94% | &nbsp;&nbsp;&nbsp; -0.55%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3760 | &nbsp;&nbsp;&nbsp; $3060  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 5.24% | &nbsp;&nbsp;&nbsp; 3.97%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp; 259% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> On February 7, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

83<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2050 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025** <br>(Unaudited)<sup>(g)</sup> | **December 31,** <br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $131.23 | &nbsp;&nbsp;&nbsp; $145.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;4.84  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.13 | &nbsp;&nbsp;&nbsp; (7.44)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 4.76 | &nbsp;&nbsp;&nbsp; (2.60)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (7.93) | &nbsp;&nbsp;&nbsp; (6.05)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.12) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (7.93) | &nbsp;&nbsp;&nbsp; (11.17)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $128.09 | &nbsp;&nbsp;&nbsp; $131.23  |
| Total return<sup>(d)</sup>  | &nbsp;&nbsp;&nbsp; 3.78% | &nbsp;&nbsp;&nbsp; -2.00%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1280 | &nbsp;&nbsp;&nbsp; $3543  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.11% | &nbsp;&nbsp;&nbsp; 3.57%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 43% | &nbsp;&nbsp;&nbsp; 580% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 7, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

84<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2051 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025** <br>(Unaudited)<sup>(g)</sup> | **December 31,** <br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $177.67 | &nbsp;&nbsp;&nbsp; $189.80  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4.59 | &nbsp;&nbsp;&nbsp;&nbsp;7.08  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp;&nbsp; (8.12)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 6.68 | &nbsp;&nbsp;&nbsp; (1.04)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (6.58) | &nbsp;&nbsp;&nbsp; (8.86)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.41)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (6.58) | &nbsp;&nbsp;&nbsp; (11.27)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.18  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $177.86 | &nbsp;&nbsp;&nbsp; $177.67  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.86% | &nbsp;&nbsp;&nbsp; -0.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1600 | &nbsp;&nbsp;&nbsp; $3020  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.22% | &nbsp;&nbsp;&nbsp; 4.00%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 15% | &nbsp;&nbsp;&nbsp; 256% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 10, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

85<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2051 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $135.80 | &nbsp;&nbsp;&nbsp; $150.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;4.91  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.14 | &nbsp;&nbsp;&nbsp; (7.94)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 4.86 | &nbsp;&nbsp;&nbsp; (3.03)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (8.20) | &nbsp;&nbsp;&nbsp; (6.48)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.19) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (8.20) | &nbsp;&nbsp;&nbsp; (11.67)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $132.48 | &nbsp;&nbsp;&nbsp; $135.80  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp; -2.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1324 | &nbsp;&nbsp;&nbsp; $3802  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.72%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.11% | &nbsp;&nbsp;&nbsp; 3.50%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 48% | &nbsp;&nbsp;&nbsp; 529% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 10, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

86<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2052 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,** <br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $185.26 | &nbsp;&nbsp;&nbsp; $198.40  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4.89 | &nbsp;&nbsp;&nbsp;&nbsp;7.38  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp; (8.64)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 6.85 | &nbsp;&nbsp;&nbsp; (1.26)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (7.50) | &nbsp;&nbsp;&nbsp; (9.81)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.26) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (7.50) | &nbsp;&nbsp;&nbsp; (12.07)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.19  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $184.69 | &nbsp;&nbsp;&nbsp; $185.26  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.80% | &nbsp;&nbsp;&nbsp; -0.72%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1662 | &nbsp;&nbsp;&nbsp; $3149  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.34% | &nbsp;&nbsp;&nbsp; 3.99%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 28% | &nbsp;&nbsp;&nbsp; 252% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 10, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

87<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2052 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $140.39 | &nbsp;&nbsp;&nbsp; $155.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;5.10  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.16 | &nbsp;&nbsp;&nbsp; (8.24)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 4.97 | &nbsp;&nbsp;&nbsp; (3.14)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (8.67) | &nbsp;&nbsp;&nbsp; (7.14)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.23) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (8.67) | &nbsp;&nbsp;&nbsp; (12.37)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $136.71 | &nbsp;&nbsp;&nbsp; $140.39  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.68% | &nbsp;&nbsp;&nbsp; -2.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $957 | &nbsp;&nbsp;&nbsp; $4212  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.71%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp;&nbsp; 3.52%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 51% | &nbsp;&nbsp;&nbsp; 509% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 10, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

88<br>

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

**FINANCIAL HIGHLIGHTS** 

**LifeX 2053 Inflation-Protected Longevity Income ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $192.67 | &nbsp;&nbsp;&nbsp; $207.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.01 | &nbsp;&nbsp;&nbsp;&nbsp;7.75  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.07 | &nbsp;&nbsp;&nbsp; (9.51)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 7.08 | &nbsp;&nbsp;&nbsp; (1.76)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (8.30) | &nbsp;&nbsp;&nbsp; (10.80)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.97) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (8.30) | &nbsp;&nbsp;&nbsp; (12.77)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.20  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $191.45 | &nbsp;&nbsp;&nbsp; $192.67  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.74% | &nbsp;&nbsp;&nbsp; -0.93%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3063 | &nbsp;&nbsp;&nbsp; $3083  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.27% | &nbsp;&nbsp;&nbsp; 4.02%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 266% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 10, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

89<br>

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

**FINANCIAL HIGHLIGHTS** 

**LifeX 2053 Longevity Income ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $144.65 | &nbsp;&nbsp;&nbsp; $161.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;5.25  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp;&nbsp; (8.73)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.02 | &nbsp;&nbsp;&nbsp; (3.48)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (8.96) | &nbsp;&nbsp;&nbsp; (7.45)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.52) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (8.96) | &nbsp;&nbsp;&nbsp; (12.97)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $140.75 | &nbsp;&nbsp;&nbsp; $144.65  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp;&nbsp; -2.50%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1970 | &nbsp;&nbsp;&nbsp; $3182  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.18% | &nbsp;&nbsp;&nbsp; 3.49%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 98% | &nbsp;&nbsp;&nbsp; 523% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 10, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

90<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2054 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $199.67 | &nbsp;&nbsp;&nbsp; $215.40  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.27 | &nbsp;&nbsp;&nbsp;&nbsp;7.90  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp; (10.06)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 7.27 | &nbsp;&nbsp;&nbsp; (2.16)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (8.80) | &nbsp;&nbsp;&nbsp; (11.25)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.49)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (8.80) | &nbsp;&nbsp;&nbsp; (13.74)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.17  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $198.22 | &nbsp;&nbsp;&nbsp; $199.67  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.75% | &nbsp;&nbsp;&nbsp; -1.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $2378 | &nbsp;&nbsp;&nbsp; $3594  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.71%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.37% | &nbsp;&nbsp;&nbsp; 3.94%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 31% | &nbsp;&nbsp;&nbsp; 282% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 11, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

91<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2054 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $148.51 | &nbsp;&nbsp;&nbsp; $166.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;5.43  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.14 | &nbsp;&nbsp;&nbsp; (9.55)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.10 | &nbsp;&nbsp;&nbsp; (4.12)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (9.04) | &nbsp;&nbsp;&nbsp; (7.84)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.73) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (9.04) | &nbsp;&nbsp;&nbsp; (13.57)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $144.60 | &nbsp;&nbsp;&nbsp; $148.51  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.57% | &nbsp;&nbsp;&nbsp; -2.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $723 | &nbsp;&nbsp;&nbsp; $3564  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.10% | &nbsp;&nbsp;&nbsp; 3.52%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 62% | &nbsp;&nbsp;&nbsp; 529% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 11, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

92<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2055 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $207.06 | &nbsp;&nbsp;&nbsp; $223.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.43 | &nbsp;&nbsp;&nbsp;&nbsp;8.46  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp;&nbsp; (10.74)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 7.30 | &nbsp;&nbsp;&nbsp; (2.28)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (9.73) | &nbsp;&nbsp;&nbsp; (13.40)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.47)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (9.73) | &nbsp;&nbsp;&nbsp; (14.87)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.31  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $204.63 | &nbsp;&nbsp;&nbsp; $207.06  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.59% | &nbsp;&nbsp;&nbsp; -1.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3069 | &nbsp;&nbsp;&nbsp; $3106  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.34% | &nbsp;&nbsp;&nbsp; 4.06%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 265% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 11, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

93<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2055 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $152.46 | &nbsp;&nbsp;&nbsp; $171.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;5.59  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.08 | &nbsp;&nbsp;&nbsp; (9.86)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.17 | &nbsp;&nbsp;&nbsp; (4.27)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (9.36) | &nbsp;&nbsp;&nbsp; (8.58)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.69) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (9.36) | &nbsp;&nbsp;&nbsp; (14.27)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $148.29 | &nbsp;&nbsp;&nbsp; $152.46  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp; -2.91%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1186 | &nbsp;&nbsp;&nbsp; $3049  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.17% | &nbsp;&nbsp;&nbsp; 3.51%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 52% | &nbsp;&nbsp;&nbsp; 522% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 11, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

94<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2056 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $214.40 | &nbsp;&nbsp;&nbsp; $232.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.48 | &nbsp;&nbsp;&nbsp;&nbsp;8.61  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp; (11.16)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.95 | &nbsp;&nbsp;&nbsp; (2.55)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (10.30) | &nbsp;&nbsp;&nbsp; (15.14)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.83)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (10.30) | &nbsp;&nbsp;&nbsp; (15.97)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.42  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $210.07 | &nbsp;&nbsp;&nbsp; $214.40  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.83% | &nbsp;&nbsp;&nbsp; -1.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $7772 | &nbsp;&nbsp;&nbsp; $4717  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.69%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp; 4.00%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 57% | &nbsp;&nbsp;&nbsp; 419% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 11, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

95<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2056 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $156.24 | &nbsp;&nbsp;&nbsp; $175.80  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.75  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.15 | &nbsp;&nbsp;&nbsp; (10.34)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.29 | &nbsp;&nbsp;&nbsp; (4.59)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (9.65) | &nbsp;&nbsp;&nbsp; (9.21)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.76) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (9.65) | &nbsp;&nbsp;&nbsp; (14.97) |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $151.88 | &nbsp;&nbsp;&nbsp; $156.24  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.52% | &nbsp;&nbsp;&nbsp; -3.05%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3037 | &nbsp;&nbsp;&nbsp; $3125  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.14% | &nbsp;&nbsp;&nbsp; 3.53%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 33% | &nbsp;&nbsp;&nbsp; 502% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 11, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

96<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2057 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $220.87 | &nbsp;&nbsp;&nbsp; $241.10  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;8.97  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.66 | &nbsp;&nbsp;&nbsp; (12.28)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp; (3.31)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (10.99) | &nbsp;&nbsp;&nbsp; (16.09)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.18) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (10.99) | &nbsp;&nbsp;&nbsp; (17.27)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.35  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $217.36 | &nbsp;&nbsp;&nbsp; $220.87  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.45% | &nbsp;&nbsp;&nbsp; -1.52%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1738 | &nbsp;&nbsp;&nbsp; $3313  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.72%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp; 4.02%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 54% | &nbsp;&nbsp;&nbsp; 353% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 12, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

97<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2057 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $159.89 | &nbsp;&nbsp;&nbsp; $180.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.92  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.03 | &nbsp;&nbsp;&nbsp; (10.76)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.27 | &nbsp;&nbsp;&nbsp; (4.84)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (9.92) | &nbsp;&nbsp;&nbsp; (9.89)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.88)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (9.92) | &nbsp;&nbsp;&nbsp; (15.77)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $155.26 | &nbsp;&nbsp;&nbsp; $159.89  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.43% | &nbsp;&nbsp;&nbsp; -3.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1242 | &nbsp;&nbsp;&nbsp; $3198  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.18% | &nbsp;&nbsp;&nbsp; 3.54%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 39% | &nbsp;&nbsp;&nbsp; 501% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 12, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

98<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2058 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $227.78 | &nbsp;&nbsp;&nbsp; $249.70  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.53  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; (13.05)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 6.03 | &nbsp;&nbsp;&nbsp; (3.52)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (11.53) | &nbsp;&nbsp;&nbsp; (18.30)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (11.53) | &nbsp;&nbsp;&nbsp; (18.77)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.37  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $222.42 | &nbsp;&nbsp;&nbsp; $227.78  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.75% | &nbsp;&nbsp;&nbsp; -1.63%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1112 | &nbsp;&nbsp;&nbsp; $3645  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.72%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.42% | &nbsp;&nbsp;&nbsp; 4.13%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 122% | &nbsp;&nbsp;&nbsp; 278% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 12, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

99<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2058 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $163.17 | &nbsp;&nbsp;&nbsp; $185.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;6.07  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.11 | &nbsp;&nbsp;&nbsp; (11.53)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.39 | &nbsp;&nbsp;&nbsp; (5.46)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (9.99) | &nbsp;&nbsp;&nbsp; (10.56)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.01) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (9.99) | &nbsp;&nbsp;&nbsp; (16.57)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $158.57 | &nbsp;&nbsp;&nbsp; $163.17  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.42% | &nbsp;&nbsp;&nbsp; -3.44%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3012 | &nbsp;&nbsp;&nbsp; $3100  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.15% | &nbsp;&nbsp;&nbsp; 3.55%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp; 482% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 12, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

100<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2059 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $234.17 | &nbsp;&nbsp;&nbsp; $258.60  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6.01 | &nbsp;&nbsp;&nbsp;&nbsp;9.70  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; (13.79)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 6.19 | &nbsp;&nbsp;&nbsp; (4.09)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (11.73) | &nbsp;&nbsp;&nbsp; (17.47)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.16) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (11.73) | &nbsp;&nbsp;&nbsp; (20.63)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.29  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $228.64 | &nbsp;&nbsp;&nbsp; $234.17  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.69% | &nbsp;&nbsp;&nbsp; -1.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $6630 | &nbsp;&nbsp;&nbsp; $3747  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.71%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.28% | &nbsp;&nbsp;&nbsp; 4.08%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp; 268% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 12, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

101<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2059 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $166.31 | &nbsp;&nbsp;&nbsp; $189.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;6.24  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp; (12.07)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.34 | &nbsp;&nbsp;&nbsp; (5.83)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (9.90) | &nbsp;&nbsp;&nbsp; (10.87)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.89)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (9.90) | &nbsp;&nbsp;&nbsp; (17.76)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $161.77 | &nbsp;&nbsp;&nbsp; $166.31  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.34% | &nbsp;&nbsp;&nbsp; -3.60%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1132 | &nbsp;&nbsp;&nbsp; $3659  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.72%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp;&nbsp; 3.57%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 29% | &nbsp;&nbsp;&nbsp; 461% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 12, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

102<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2060 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $241.17 | &nbsp;&nbsp;&nbsp; $267.70  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6.06 | &nbsp;&nbsp;&nbsp;&nbsp;10.46  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (14.79)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.78 | &nbsp;&nbsp;&nbsp; (4.33)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (12.56) | &nbsp;&nbsp;&nbsp; (22.57)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (12.56) | &nbsp;&nbsp;&nbsp; (22.57)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.37  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $234.39 | &nbsp;&nbsp;&nbsp; $241.17  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp; -1.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3047 | &nbsp;&nbsp;&nbsp; $3135  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.17% | &nbsp;&nbsp;&nbsp; 4.25%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp; 355% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 13, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

103<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2060 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $169.91 | &nbsp;&nbsp;&nbsp; $194.70  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;6.38  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp; (12.60)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.43 | &nbsp;&nbsp;&nbsp; (6.22)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (10.42) | &nbsp;&nbsp;&nbsp; (12.16)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.41)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (10.42) | &nbsp;&nbsp;&nbsp; (18.57) |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $164.92 | &nbsp;&nbsp;&nbsp; $169.91  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; -3.77%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $2968 | &nbsp;&nbsp;&nbsp; $3058  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.16% | &nbsp;&nbsp;&nbsp; 3.56%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp; 465% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 13, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

104<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2061 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $247.85 | &nbsp;&nbsp;&nbsp; $276.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21.67 | &nbsp;&nbsp;&nbsp;&nbsp;10.89  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (16.44) | &nbsp;&nbsp;&nbsp; (15.83)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.23 | &nbsp;&nbsp;&nbsp; (4.94)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (13.16) | &nbsp;&nbsp;&nbsp; (24.47)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (13.16) | &nbsp;&nbsp;&nbsp; (24.47)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.36  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $239.99 | &nbsp;&nbsp;&nbsp; $247.85  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp; -2.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $5279 | &nbsp;&nbsp;&nbsp; $2974  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp; 4.29%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp; 376% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 13, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

105<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2061 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $173.25 | &nbsp;&nbsp;&nbsp; $199.40  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;6.54  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp; (12.82)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.42 | &nbsp;&nbsp;&nbsp; (6.28)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (10.78) | &nbsp;&nbsp;&nbsp; (13.15)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.72)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (10.78) | &nbsp;&nbsp;&nbsp; (19.87) |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $167.89 | &nbsp;&nbsp;&nbsp; $173.25  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; -3.79%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $3022 | &nbsp;&nbsp;&nbsp; $3118  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.17% | &nbsp;&nbsp;&nbsp; 3.57%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp; 454% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 13, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

106<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2062 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $254.59 | &nbsp;&nbsp;&nbsp; $286.40  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6.52 | &nbsp;&nbsp;&nbsp;&nbsp;11.26  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (2.82) | &nbsp;&nbsp;&nbsp; (16.68)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 3.70 | &nbsp;&nbsp;&nbsp; (5.42)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (14.02) | &nbsp;&nbsp;&nbsp; (26.77)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (14.02) | &nbsp;&nbsp;&nbsp; (26.77)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.38  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $244.57 | &nbsp;&nbsp;&nbsp; $254.59  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; -2.33%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $733 | &nbsp;&nbsp;&nbsp; $3055  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.33% | &nbsp;&nbsp;&nbsp; 4.31%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 114% | &nbsp;&nbsp;&nbsp; 313% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 13, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

107<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2062 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $176.21 | &nbsp;&nbsp;&nbsp; $204.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;6.68  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.77 | &nbsp;&nbsp;&nbsp; (13.40)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.33 | &nbsp;&nbsp;&nbsp; (6.72)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (10.88) | &nbsp;&nbsp;&nbsp; (14.14)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7.13) |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (10.88) | &nbsp;&nbsp;&nbsp; (21.27)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $170.67 | &nbsp;&nbsp;&nbsp; $176.21  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.13% | &nbsp;&nbsp;&nbsp; -3.99%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1023 | &nbsp;&nbsp;&nbsp; $2995  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.74%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.17% | &nbsp;&nbsp;&nbsp; 3.58%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 25% | &nbsp;&nbsp;&nbsp; 458% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 13, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

108<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2063 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $261.04 | &nbsp;&nbsp;&nbsp; $296.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6.34 | &nbsp;&nbsp;&nbsp;&nbsp;10.49  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (1.52) | &nbsp;&nbsp;&nbsp; (16.74)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 4.82 | &nbsp;&nbsp;&nbsp; (6.25)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (14.99) | &nbsp;&nbsp;&nbsp; (29.47)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (14.99) | &nbsp;&nbsp;&nbsp; (29.47)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.56  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $251.00 | &nbsp;&nbsp;&nbsp; $261.04  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; -2.55%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $6023 | &nbsp;&nbsp;&nbsp; $5221  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.69%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.04% | &nbsp;&nbsp;&nbsp; 3.93%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 50% | &nbsp;&nbsp;&nbsp; 397% |

---

<sup>(a)</sup> The Fund commenced operations on January 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

109<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2063 LONGEVITY INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $179.15 | &nbsp;&nbsp;&nbsp; $209.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 3.66 | &nbsp;&nbsp;&nbsp;&nbsp;6.91  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp;&nbsp; (14.09)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.28 | &nbsp;&nbsp;&nbsp; (7.18)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (11.06) | &nbsp;&nbsp;&nbsp; (15.48)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7.19)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (11.06) | &nbsp;&nbsp;&nbsp; (22.67)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp; 0.00<sup>(h)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $173.40 | &nbsp;&nbsp;&nbsp; $179.15  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.07% | &nbsp;&nbsp;&nbsp; -4.20%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $1040 | &nbsp;&nbsp;&nbsp; $3583  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0.73%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.22% | &nbsp;&nbsp;&nbsp; 3.64%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 24% | &nbsp;&nbsp;&nbsp; 491% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

<sup>(h)</sup> Amount represents less than $0.005 per share. 

The accompanying notes are an integral part of these financial statements.

110<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2064 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | |
|:---|:---|
|  | **June 30, 2025**<br>(Unaudited)<sup>(a)(g)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $252.10  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.87  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.79)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 6.08  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (8.78)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (8.78)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; 0.60  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $250.00  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.65%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1750  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.28%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.64%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 24% |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

111<br>

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2064 LONGEVITY INCOME ETF** 

---

| | |
|:---|:---|
|  | **June 30, 2025**<br>(Unaudited)<sup>(a)(h)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $181.60  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.77  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.04  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 5.81  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (11.46)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (11.46)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $175.95  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.30%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $703  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.36%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 85% |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

112<br>

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

**FINANCIAL HIGHLIGHTS** 

**LIFEX 2065 INFLATION-PROTECTED LONGEVITY INCOME ETF** 

---

| | |
|:---|:---|
|  | **June 30, 2025** <br>(Unaudited)<sup>(a)(g)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $257.90  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6.65  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; (0.20)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 6.45  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (9.40)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (9.40)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; 0.12  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $255.07  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $1020  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.31%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 5.31%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 34% |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

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**FINANCIAL HIGHLIGHTS** 

**LIFEX 2065 LONGEVITY INCOME ETF** 

---

| | |
|:---|:---|
|  | **June 30, 2025** <br>(Unaudited)<sup>(a)(h)</sup>  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $184.30  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.82  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.95  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp; 5.77  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (11.73)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (11.73)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $178.34  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.23%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $713  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.30%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.36%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 88% |

---

<sup>(a)</sup> The Fund commenced operations on January 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

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**FINANCIAL HIGHLIGHTS** 

**LIFEX DURABLE INCOME ETF** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**  | **Period Ended**  |
|  | **June 30, 2025**<br>(Unaudited)<sup>(g)</sup> | **December 31,**<br>**2024<sup>(a)(g)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $186.36 | &nbsp;&nbsp;&nbsp; $201.20  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;6.62  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.32 | &nbsp;&nbsp;&nbsp; (11.09)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp;&nbsp; (4.47)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (13.28) | &nbsp;&nbsp;&nbsp; (7.50)  |
| Return of capital distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.87)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (13.28) | &nbsp;&nbsp;&nbsp; (2.87)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $178.28 | &nbsp;&nbsp;&nbsp; $186.36  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.91% | &nbsp;&nbsp;&nbsp; -2.33%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $713 | &nbsp;&nbsp;&nbsp; $745  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0.95%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.34% | &nbsp;&nbsp;&nbsp; 3.47%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp;&nbsp; 780% |

---

<sup>(a)</sup> The Fund commenced operations on January 8, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period ended June 30, 2025, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> On February 14, 2025 the Fund effected a 10-for-1 reverse stock split. All per share information has been retroactively adjusted to reflect this reverse stock split.

The accompanying notes are an integral part of these financial statements.

115<br>

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**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)** 

1. ORGANIZATION

Stone Ridge Trust (the "Trust") was organized as a Delaware statutory trust on September 28, 2012 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company issuing shares in multiple series, each series representing a distinct portfolio with its own investment objectives and policies. As of June 30, 2025, each of the LifeX Term Income ETFs, each of the LifeX Inflation-Protected Income ETFs, each of the LifeX Income ETFs, and the LifeX Durable Income ETF (each a "Fund" as shown on Schedule A attached hereto) are a series of the Trust. The LifeX Income ETFs and LifeX Durable Income ETF commenced operations on January 8, 2024, with the exception of the 2064 and 2065 LifeX Income ETFs, and LifeX Inflation-Protected Income ETFs on January 17, 2024, with the exception of the 2064 and 2065 LifeX Inflation-Protected ETFs. The 2064 and 2065 LifeX Income ETFs, the 2064 and 2065 LifeX Inflation-Protected Income ETFs and the LifeX Term Income ETFs all commenced operations on January 3, 2025. The Funds offer one class of shares to investors. There are an unlimited number of authorized shares.

The LifeX Income ETFs' investment objective is to provide reliable monthly distributions, consisting of income and principal, through its end year. The LifeX Inflation-Protected Income ETFs' investment objective is to provide reliable monthly inflation-linked distributions, consisting of income and principal, through its end year. The LifeX Term Income ETFs' investment objective is to provide fixed monthly distributions, consisting of income and principal, through its liquidation year. The LifeX Durable Income ETF's investment objective is to provide reliable monthly distributions, consisting of income and principal.

The LifeX Term Income ETFs, LifeX Income ETFs, LifeX Inflation-Protected Income ETFs and the LifeX Durable Income ETF (together, the "ETFs") list and principally trade their shares on Cboe BZX Exchange, Inc. ("Exchange"). Shares of the ETFs trade on the Exchange at market prices that may be below, at, or above the ETFs' net asset value ("NAV"). The ETFs will issue and redeem shares on a continuous basis at NAV only in large blocks of shares called "Creation Units". The number of shares typically issued or redeemed in each Creation Unit is 10,000 shares.

Creation Units of the ETFs may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed an Authorized Participant Agreement with Foreside Financial Services, LLC (the "Distributor"). Most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees. A purchase or redemption (i.e. creation or redemption) transaction fee, payable by the Authorized Participant or Adviser, is imposed for the transfer and other transaction costs associated with the purchase or redemption of Creation Units.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each of the Funds in the preparation of each of their financial statements. The financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP"). Each 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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Valuation and Fair Value Measurement. The Board of Trustees (the "Board") has approved procedures pursuant to which each 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 (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 each Fund (as needed), and periodically assessing and managing any material valuation
 risks and establishing and applying fair value methodologies subject to the oversight of the Board

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**June 30, 2025 (Unaudited)(Continued)** 

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. Listed below is a summary of certain of the methods generally used currently to value investments of each Fund under the Valuation Procedures:

Other debt securities, including U.S. government debt securities (which we refer to as "U.S. Government Securities"), are valued by an independent pricing service at an evaluated (or estimated) mean between the closing bid and asked prices.

For investments in investment companies that are registered under the 1940 Act, the value of the shares of such funds is calculated based upon the NAV per share of such funds. The prospectuses for such funds explain the circumstances under which they will use fair value pricing and its effects.

The Funds generally expect that their investments in U.S. Government Securities will not require the use of fair valuation methodologies. In the event that market quotations are not readily available for a particular Fund asset or available market quotations, or other information is deemed to be unreliable by the Adviser Valuation Committee, then such instruments will be valued as determined in good faith by the Adviser Valuation Committee. In these circumstances, each Fund determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Adviser Valuation Committee of any information or factors it deems appropriate.

Fair value pricing may require subjective determinations about the value of a portfolio instrument. Fair values may differ from quoted or published prices, or 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 each Fund. It is possible that the fair value determined for a security 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 each Fund.

Each 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 each Fund can access at the measurement date;

---

| | |
|:---|:---|
| Level 2 –<br>| 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

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**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

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.

**LifeX 2035 Term Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $264591363 | $— | $264591363  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 4615550 |  |  | 4615550  |
| **Total Investments** | $4615550 | $264591363 | $— | $269206913 |

---

**LifeX 2040 Term Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $760604 | $— | $760604  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 4646 |  |  | 4646  |
| **Total Investments** | $4646 | $760604 | $— | $765250 |

---

**LifeX 2045 Term Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1034341 | $— | $1034341  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 9922 |  |  | 9922  |
| **Total Investments** | $9922 | $1034341 | $— | $1044263 |

---

**LifeX 2048 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $376170 | $1279646 | $— | $1655816  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 45310 |  |  | 45310  |
| **Total Investments** | $421480 | $1279646 | $— | $1701126 |

---

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**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2048 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1161670 | $— | $1161670  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 22264 |  |  | 22264  |
| **Total Investments** | $22264 | $1161670 | $— | $1183934 |

---

**LifeX 2049 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1413072 | $— | $1413072  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 10650 |  |  | 10650  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 41543 |  | 41543  |
| **Total Investments** | $10650 | $1454615 | $— | $1465265 |

---

**LifeX 2049 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1436275 | $— | $1436275  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 27834 |  |  | 27834  |
| **Total Investments** | $27834 | $1436275 | $— | $1464109 |

---

**LifeX 2050 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $3553264 | $— | $3553264  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 85256 |  |  | 85256  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 102175 |  | 102175  |
| **Total Investments** | $85256 | $3655439 | $— | $3740695 |

---

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**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2050 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1241059 | $— | $1241059  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 24980 |  |  | 24980  |
| **Total Investments** | $24980 | $1241059 | $— | $1266039 |

---

**LifeX 2051 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1420846 | $— | $1420846  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 22954 |  |  | 22954  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 148101 |  | 148101  |
| **Total Investments** | $22954 | $1568947 | $— | $1591901 |

---

**LifeX 2051 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1283921 | $— | $1283921  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 26330 |  |  | 26330  |
| **Total Investments** | $26330 | $1283921 | $— | $1310251 |

---

**LifeX 2052 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1494306 | $— | $1494306  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 18630 |  |  | 18630  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 140140 |  | 140140  |
| **Total Investments** | $18630 | $1634446 | $— | $1653076 |

---

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**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2052 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $926750 | $— | $926750  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 20130 |  |  | 20130  |
| **Total Investments** | $20130 | $926750 | $— | $946880 |

---

**LifeX 2053 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $2943311 | $— | $2943311  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 40204 |  |  | 40204  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 64775 |  | 64775  |
| **Total Investments** | $40204 | $3008086 | $— | $3048290 |

---

**LifeX 2053 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1910143 | $— | $1910143  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 39884 |  |  | 39884  |
| **Total Investments** | $39884 | $1910143 | $— | $1950027 |

---

**LifeX 2054 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $78541 | $2120437 | $— | $2198978  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 62028 |  |  | 62028  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 103917 |  | 103917  |
| **Total Investments** | $140569 | $2224354 | $— | $2364923 |

---

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**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2054 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $701074 | $— | $701074  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 14784 |  |  | 14784  |
| **Total Investments** | $14784 | $701074 | $— | $715858 |

---

**LifeX 2055 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $2997287 | $— | $2997287  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 26134 |  |  | 26134  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 30662 |  | 30662  |
| **Total Investments** | $26134 | $3027949 | $— | $3054083 |

---

**LifeX 2055 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1151094 | $— | $1151094  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 23210 |  |  | 23210  |
| **Total Investments** | $23210 | $1151094 | $— | $1174304 |

---

**LifeX 2056 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $1118335 | $5705298 | $— | $6823633  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 97690 |  |  | 97690  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 806110 |  | 806110  |
| **Total Investments** | $1216025 | $6511408 | $— | $7727433 |

---

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**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2056 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $2957609 | $— | $2957609  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 40796 |  |  | 40796  |
| **Total Investments** | $40796 | $2957609 | $— | $2998405 |

---

**LifeX 2057 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $654995 | $1011028 | $— | $1666023  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 47136 |  |  | 47136  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 13923 |  | 13923  |
| **Total Investments** | $702131 | $1024951 | $— | $1727082 |

---

**LifeX 2057 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1201698 | $— | $1201698  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 24334 |  |  | 24334  |
| **Total Investments** | $24334 | $1201698 | $— | $1226032 |

---

**LifeX 2058 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $470152 | $573590 | $— | $1043742  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 25698 |  |  | 25698  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 35472 |  | 35472  |
| **Total Investments** | $495850 | $609062 | $— | $1104912 |

---

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**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2058 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $2932055 | $— | $2932055  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 39678 |  |  | 39678  |
| **Total Investments** | $39678 | $2932055 | $— | $2971733 |

---

**LifeX 2059 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $1847090 | $3986496 | $— | $5833586  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 162402 |  |  | 162402  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 594293 |  | 594293  |
| **Total Investments** | $2009492 | $4580789 | $— | $6590281 |

---

**LifeX 2059 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1094108 | $— | $1094108  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 22766 |  |  | 22766  |
| **Total Investments** | $22766 | $1094108 | $— | $1116874 |

---

**LifeX 2060 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $2489457 | $— | $2489457  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 19836 |  |  | 19836  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 520263 |  | 520263  |
| **Total Investments** | $19836 | $3009720 | $— | $3029556 |

---

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**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2060 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $2888989 | $— | $2888989  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 37040 |  |  | 37040  |
| **Total Investments** | $37040 | $2888989 | $— | $2926029 |

---

**LifeX 2061 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $1603298 | $2733549 | $— | $4336847  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 113224 |  |  | 113224  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 795360 |  | 795360  |
| **Total Investments** | $1716522 | $3528909 | $— | $5245431 |

---

**LifeX 2061 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $2939289 | $— | $2939289  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 38984 |  |  | 38984  |
| **Total Investments** | $38984 | $2939289 | $— | $2978273 |

---

**LifeX 2062 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $473300 | $127973 | $— | $601273  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 34186 |  |  | 34186  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 92384 |  | 92384  |
| **Total Investments** | $507486 | $220357 | $— | $727843 |

---

125<br>

------

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2062 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $990435 | $— | $990435  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 18046 |  |  | 18046  |
| **Total Investments** | $18046 | $990435 | $— | $1008481 |

---

**LifeX 2063 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $3974895 | $857392 | $— | $4832287  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 153854 |  |  | 153854  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 994005 |  | 994005  |
| **Total Investments** | $4128749 | $1851397 | $— | $5980146 |

---

**LifeX 2063 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1003437 | $— | $1003437  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 21146 |  |  | 21146  |
| **Total Investments** | $21146 | $1003437 | $— | $1024583 |

---

**LifeX 2064 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $1399103 | $— | $1399103  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 41380 |  |  | 41380  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 297304 |  | 297304  |
| **Total Investments** | $41380 | $1696407 | $— | $1737787 |

---

126<br>

------

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

**LifeX 2064 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $683848 | $— | $683848  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 9430 |  |  | 9430  |
| **Total Investments** | $9430 | $683848 | $— | $693278 |

---

**LifeX 2065 Inflation-Protected Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $790475 | $— | $790475  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 20984 |  |  | 20984  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 201667 |  | 201667  |
| **Total Investments** | $20984 | $992142 | $— | $1013126 |

---

**LifeX 2065 Longevity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $692669 | $— | $692669  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 10026 |  |  | 10026  |
| **Total Investments** | $10026 | $692669 | $— | $702695 |

---

**LifeX Durable Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| Investments:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $693588 | $— | $693588  |
| &nbsp;&nbsp;&nbsp; Treasury Money Market Funds | 8366 |  |  | 8366  |
| **Total Investments** | $8366 | $693588 | $— | $701954 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Use of Estimates. The preparation of the 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 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.

127<br>

------

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)**

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Federal Income Taxes. The Funds qualify and intend to continue to qualify as regulated investment companies ("RICs") under Subchapter M of the Internal
 Revenue Code of 1986, as amended. As RICs, the Funds will not be subject to federal income tax to the extent they distribute all of their
 net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributions to Shareholders. The Funds intend to make distributions monthly, for which a significant portion of each distribution is expected and intended to constitute
 a return of capital, which will reduce the amount of capital available for investment and reduce a shareholder's tax basis in his
 or her shares. A return of capital is generally not taxable to the shareholder. However, following the point at which a shareholder's
 tax basis in his or her shares has been reduced to zero, this portion of the Funds' intended distributions are expected to constitute
 capital gains.

Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment in-come, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Foreign Securities and Currency Transactions. The Funds' 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 Funds do 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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Other. 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. Realized gains and
 losses on securities sold are calculated on a highest-amortized cost basis.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Market Volatility. The value of the securities in the Funds may go up or down in response to market and/or general economic conditions. Price changes may
 be short- or long-term. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public
 health issues, recessions, or other events could have a significant impact on the Funds and their investments, including hampering the
 ability of the Adviser to invest the Funds' assets as intended.

&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 CEO of Stone Ridge Asset Management is the CODM of each fund. Each Fund represents a single operating segment,
 as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocations are pre-determined
 in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers as a team.
 The financial information in the form of each Fund's 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 each Fund's comparative
 benchmark and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the
 each Fund's financial statements.

128<br>

------

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

Segment assets of each Fund are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and each Fund's investment advisory fee, which is the only expense of each Fund, is listed on the accompanying Statements of Operations.

3. FEDERAL TAX MATTERS

Provisions for federal income taxes or excise taxes have not been made because the Funds intend to be taxed as RICs and intend 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 year ended December 31, 2024 there were no permanent "book/tax" reclassifications between the components of the Funds' net assets.

As of December 31, 2024, tax cost of investments and components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2048** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2048** <br>**Longevity** <br>**Income ETF**  | **LifeX 2049** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2049** <br>**Longevity** <br>**Income ETF**  | **LifeX 2050** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2050** <br>**Longevity** <br>**Income ETF**  |
| Tax cost of investments  | $3576659  | $5157469  | $3254760  | $4120423  | $3234702  | $3617153  |
| Unrealized appreciation  | 439  | 270  | 283  | 202  | 247  | 185  |
| Unrealized depreciation  | (201244)  | (113759)  | (188484)  | (125045)  | (191222)  | (112117)  |
|  Net unrealized appreciation (depreciation)  | (200805)  | (113489)  | (188201)  | (124843)  | (190975)  | (111932)  |
| Undistributed ordinary income  | —  | —  | —  | —  | —  | —  |
|  Undistributed long-term gain (capital loss carryover)  | —  | —  | —  | —  | —  | —  |
| Distributable earnings  | —  | —  | —  | —  | —  | —  |
| Other accumulated earnings (loss)  | (68467)  | (288112)  | (73038)  | (302915)  | (78138)  | (237187)  |
| Total accumulated gain (loss)  | $(269272)  | $(401601)  | $(261239)  | $(427758)  | $(269113)  | $(349119) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2051** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2051** <br>**Longevity** <br>**Income ETF**  | **LifeX 2052** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2052** <br>**Longevity** <br>**Income ETF**  | **LifeX 2053** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2053** <br>**Longevity** <br>**Income ETF**  |
| Tax cost of investments  | $3198801  | $3892568  | $3341181  | $4328541  | $3274592  | $3288302  |
| Unrealized appreciation  | 247  | 256  | 239  | 347  | 225  | 188  |
| Unrealized depreciation  | (195220)  | (133831)  | (209405)  | (168355)  | (209257)  | (146964)  |
|  Net unrealized appreciation (depreciation)  | (194973)  | (133575)  | (209166)  | (168008)  | (209032)  | (146776)  |
| Undistributed ordinary income  | —  | —  | —  | —  | —  | —  |
|  Undistributed long-term gain (capital loss carryover)  | —  | —  | —  | —  | —  | —  |
| Distributable earnings  | —  | —  | —  | —  | —  | —  |
| Other accumulated earnings (loss)  | (79854)  | (244266)  | (84106)  | (241801)  | (88092)  | (229288)  |
| Total accumulated gain (loss)  | $(274827)  | $(377841)  | $(293272)  | $(409809)  | $(297124)  | $(376064) |

---

129<br>

------

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2054** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2054** <br>**Longevity** <br>**Income ETF**  | **LifeX 2055** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2055** <br>**Longevity** <br>**Income ETF**  | **LifeX 2056** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2056** <br>**Longevity** <br>**Income ETF**  |
| Tax cost of investments  | $3800933  | $3706844  | $3317237  | $3173468  | $4897460  | $3249329  |
| Unrealized appreciation  | 193  | 21  | 232  | 25  | 372  | —  |
| Unrealized depreciation  | (228248)  | (190694)  | (228504)  | (166640)  | (206949)  | (168370)  |
|  Net unrealized appreciation (depreciation)  | (228055)  | (190673)  | (228272)  | (166615)  | (206577)  | (168370)  |
| Undistributed ordinary income  | —  | —  | —  | —  | —  | —  |
|  Undistributed long-term gain (capital loss carryover)  | —  | —  | —  | —  | —  | —  |
| Distributable earnings  | —  | —  | —  | —  | —  | —  |
| Other accumulated earnings (loss)  | (110528)  | (234811)  | (88644)  | (219465)  | (207787)  | (233860)  |
| Total accumulated gain (loss)  | $(338583)  | $(425484)  | $(316916)  | $(386080)  | $(414364)  | $(402230) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2057** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2057** <br>**Longevity** <br>**Income ETF**  | **LifeX 2058** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2058** <br>**Longevity** <br>**Income ETF**  | **LifeX 2059** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2059** <br>**Longevity** <br>**Income ETF**  |
| Tax cost of investments  | $3517464  | $3344736  | $3905473  | $3239311  | $4018956  | $3848361  |
| Unrealized appreciation  | 276  | —  | 230  | —  | 226  | 11  |
| Unrealized depreciation  | (226759)  | (192155)  | (280824)  | (183155)  | (293208)  | (242073)  |
|  Net unrealized appreciation (depreciation)  | (226483)  | (192155)  | (280594)  | (183155)  | (292982)  | (242062)  |
| Undistributed ordinary income  | —  | —  | —  | —  | —  | —  |
|  Undistributed long-term gain (capital loss carryover)  | —  | —  | —  | —  | —  | —  |
| Distributable earnings  | —  | —  | —  | —  | —  | —  |
| Other accumulated earnings (loss)  | (125242)  | (229452)  | (92291)  | (238207)  | (111101)  | (243700)  |
| Total accumulated gain (loss)  | $(351725)  | $(421607)  | $(372885)  | $(421362)  | $(404083)  | $(485762) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX 2060** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2060** <br>**Longevity** <br>**Income ETF**  | **LifeX 2061** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2061** <br>**Longevity** <br>**Income ETF**  | **LifeX 2062** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2062** <br>**Longevity** <br>**Income ETF**  |
| Tax cost of investments  | $3190575  | $3215343  | $3006790  | $3290069  | $3227485  | $3170338  |
| Unrealized appreciation  | 158  | 85  | 163  | 85  | 178  | 84  |
| Unrealized depreciation  | (73609)  | (201409)  | (49963)  | (217427)  | (189928)  | (219174)  |
|  Net unrealized appreciation (depreciation)  | (73451)  | (201324)  | (49800)  | (217342)  | (189750)  | (219090)  |
| Undistributed ordinary income  | 1961  | —  | 3018  | —  | 4033  | —  |
|  Undistributed long-term gain (capital loss carryover)  | —  | —  | —  | —  | —  | —  |
| Distributable earnings  | 1961  | —  | 3018  | —  | 4033  | —  |
| Other accumulated earnings (loss)  | (298408)  | (235575)  | (315655)  | (232991)  | (193507)  | (230599)  |
| Total accumulated gain (loss).  | $(369898)  | $(436899)  | $(362437)  | $(450333)  | $(379224)  | $(449689) |

---

130<br>

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **LifeX 2063** <br>**Inflation-** <br>**Protected** <br>**Longevity** <br>**Income ETF**  | **LifeX 2063** <br>**Longevity** <br>**Income ETF**  | **LifeX** <br>**Durable** <br>**Income ETF**  |
| Tax cost of investments  | $5538035  | $3794607  | &nbsp;&nbsp; $752547  |
| Unrealized appreciation  | 166  | 84  | &nbsp;&nbsp; 24  |
| Unrealized depreciation  | (352771)  | (265010)  | &nbsp;&nbsp; (18792)  |
| Net unrealized appreciation (depreciation)  | (352605)  | (264926)  | &nbsp;&nbsp; (18768)  |
| Undistributed ordinary income  | 2747  | —  | &nbsp;&nbsp; —  |
| Undistributed long-term gain (capital loss carryover)  | —  | —  | &nbsp;&nbsp; —  |
| Distributable earnings  | 2747  | —  | &nbsp;&nbsp; —  |
| Other accumulated earnings (loss)  | (184487)  | (209367)  | &nbsp;&nbsp; (109030)  |
| Total accumulated gain (loss)  | $(534345)  | $(474293)  | &nbsp;&nbsp; $(127798) |

---

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to wash sales losses.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ORDINARY** <br>**INCOME**  | **LONG-TERM** <br>**CAPITAL GAIN**  | **RETURN OF** <br>**CAPITAL**  | **TOTAL**  |
| LifeX 2048 Inflation-Protected Longevity Income ETF  | $70181  | &nbsp;&nbsp; $—  | $32264  | $102445  |
| LifeX 2048 Longevity Income ETF  | 77058  | &nbsp;&nbsp; —  | 81086  | 158144  |
| LifeX 2049 Inflation-Protected Longevity Income ETF  | 68422  | &nbsp;&nbsp; —  | 26387  | 94809  |
| LifeX 2049 Longevity Income ETF  | 83943  | &nbsp;&nbsp; —  | 78735  | 162678  |
| LifeX 2050 Inflation-Protected Longevity Income ETF  | 68492  | &nbsp;&nbsp; —  | 22214  | 90706  |
| LifeX 2050 Longevity Income ETF  | 66486  | &nbsp;&nbsp; —  | 56357  | 122843  |
| LifeX 2051 Inflation-Protected Longevity Income ETF  | 68457  | &nbsp;&nbsp; —  | 18641  | 87098  |
| LifeX 2051 Longevity Income ETF  | 67861  | &nbsp;&nbsp; —  | 54359  | 122220  |
| LifeX 2052 Inflation-Protected Longevity Income ETF  | 69908  | &nbsp;&nbsp; —  | 16090  | 85998  |
| LifeX 2052 Longevity Income ETF  | 71844  | &nbsp;&nbsp; —  | 52695  | 124539  |
| LifeX 2053 Inflation-Protected Longevity Income ETF  | 69672  | &nbsp;&nbsp; —  | 12730  | 82402  |
| LifeX 2053 Longevity Income ETF  | 63275  | &nbsp;&nbsp; —  | 46909  | 110184  |
| LifeX 2054 Inflation-Protected Longevity Income ETF  | 74837  | &nbsp;&nbsp; —  | 16591  | 91428  |
| LifeX 2054 Longevity Income ETF  | 70802  | &nbsp;&nbsp; —  | 51728  | 122530  |
| LifeX 2055 Inflation-Protected Longevity Income ETF  | 70858  | &nbsp;&nbsp; —  | 7767  | 78625  |
| LifeX 2055 Longevity Income ETF  | 62315  | &nbsp;&nbsp; —  | 41305  | 103620  |
| LifeX 2056 Inflation-Protected Longevity Income ETF  | 84331  | &nbsp;&nbsp; —  | 4598  | 88929  |
| LifeX 2056 Longevity Income ETF  | 63347  | &nbsp;&nbsp; —  | 39668  | 103015  |
| LifeX 2057 Inflation-Protected Longevity Income ETF  | 72432  | &nbsp;&nbsp; —  | 5332  | 77764  |
| LifeX 2057 Longevity Income ETF  | 65770  | &nbsp;&nbsp; —  | 39144  | 104914  |
| LifeX 2058 Inflation-Protected Longevity Income ETF  | 74845  | &nbsp;&nbsp; —  | 1926  | 76771  |
| LifeX 2058 Longevity Income ETF  | 63555  | &nbsp;&nbsp; —  | 36142  | 99697  |
| LifeX 2059 Inflation-Protected Longevity Income ETF  | 79629  | &nbsp;&nbsp; —  | 14382  | 94011  |
| LifeX 2059 Longevity Income ETF  | 70275  | &nbsp;&nbsp; —  | 44541  | 114816  |
| LifeX 2060 Inflation-Protected Longevity Income ETF  | 72851  | &nbsp;&nbsp; —  | —  | 72851  |
| LifeX 2060 Longevity Income ETF  | 63416  | &nbsp;&nbsp; —  | 33453  | 96869  |
| LifeX 2061 Inflation-Protected Longevity Income ETF  | 70418  | &nbsp;&nbsp; —  | —  | 70418  |
| LifeX 2061 Longevity Income ETF  | 64220  | &nbsp;&nbsp; —  | 32819  | 97039  |
| LifeX 2062 Inflation-Protected Longevity Income ETF  | 70732  | &nbsp;&nbsp; —  | —  | 70732  |
| LifeX 2062 Longevity Income ETF  | 63029  | &nbsp;&nbsp; —  | 31773  | 94802  |
| LifeX 2063 Inflation-Protected Longevity Income ETF  | 82926  | &nbsp;&nbsp; —  | —  | 82926  |
| LifeX 2063 Longevity Income ETF  | 67760  | &nbsp;&nbsp; —  | 31449  | 99209  |
| LifeX Durable Income ETF  | 32993  | &nbsp;&nbsp; —  | 12645  | 45638 |

---

131<br>

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

At December 31, 2024 the Fund had no tax basis capital losses to offset future capital gains as shown below:

---

| | | | |
|:---|:---|:---|:---|
|  | **SHORT-TERM**  | **LONG-TERM**  | **TOTAL**  |
| LifeX 2048 Inflation-Protected Longevity Income ETF  | $(68467)  | $—  | $(68467)  |
| LifeX 2048 Longevity Income ETF  | (288112)  | —  | (288112)  |
| LifeX 2049 Inflation-Protected Longevity Income ETF  | (73038)  | —  | (73038)  |
| LifeX 2049 Longevity Income ETF  | (302915)  | —  | (302915)  |
| LifeX 2050 Inflation-Protected Longevity Income ETF  | (78138)  | —  | (78138)  |
| LifeX 2050 Longevity Income ETF  | (237187)  | —  | (237187)  |
| LifeX 2051 Inflation-Protected Longevity Income ETF  | (79854)  | —  | (79854)  |
| LifeX 2051 Longevity Income ETF  | (244266)  | —  | (244266)  |
| LifeX 2052 Inflation-Protected Longevity Income ETF  | (84106)  | —  | (84106)  |
| LifeX 2052 Longevity Income ETF  | (241801)  | —  | (241801)  |
| LifeX 2053 Inflation-Protected Longevity Income ETF  | (88092)  | —  | (88092)  |
| LifeX 2053 Longevity Income ETF  | (229288)  | —  | (229288)  |
| LifeX 2054 Inflation-Protected Longevity Income ETF  | (110528)  | —  | (110528)  |
| LifeX 2054 Longevity Income ETF  | (234811)  | —  | (234811)  |
| LifeX 2055 Inflation-Protected Longevity Income ETF  | (88644)  | —  | (88644)  |
| LifeX 2055 Longevity Income ETF  | (219465)  | —  | (219465)  |
| LifeX 2056 Inflation-Protected Longevity Income ETF  | (207533)  | (254)  | (207787)  |
| LifeX 2056 Longevity Income ETF  | (233860)  | —  | (233860)  |
| LifeX 2057 Inflation-Protected Longevity Income ETF  | (125242)  | —  | (125242)  |
| LifeX 2057 Longevity Income ETF  | (229452)  | —  | (229452)  |
| LifeX 2058 Inflation-Protected Longevity Income ETF  | (92262)  | (29)  | (92291)  |
| LifeX 2058 Longevity Income ETF  | (238207)  | —  | (238207)  |
| LifeX 2059 Inflation-Protected Longevity Income ETF  | (111072)  | (29)  | (111101)  |
| LifeX 2059 Longevity Income ETF  | (243700)  | —  | (243700)  |
| LifeX 2060 Inflation-Protected Longevity Income ETF  | (298349)  | (59)  | (298408)  |
| LifeX 2060 Longevity Income ETF  | (235575)  | —  | (235575)  |
| LifeX 2061 Inflation-Protected Longevity Income ETF  | (315441)  | (214)  | (315655)  |
| LifeX 2061 Longevity Income ETF  | (232991)  | —  | (232991)  |
| LifeX 2062 Inflation-Protected Longevity Income ETF  | (193103)  | (404)  | (193507)  |
| LifeX 2062 Longevity Income ETF  | (230599)  | —  | (230599)  |
| LifeX 2063 Inflation-Protected Longevity Income ETF  | (184487)  | —  | (184487)  |
| LifeX 2063 Longevity Income ETF  | (209367)  | —  | (209367)  |
| LifeX Durable Income ETF  | (109030)  | —  | (109030) |

---

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions expected to be taken on the tax returns for the initial period ended December 31, 2024 which is the sole tax year open for examination. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties.

4. AGREEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;(a) Investment Management Agreement. The Adviser is the Funds' investment adviser 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 Funds.

As compensation for its services, the Adviser is paid by the Funds a fee, computed daily and paid monthly in arrears at an annual rate of 0.25% of each Funds' average daily net assets. The

132<br>

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

Adviser had previously been compensated for its services by Funds, computed daily and paid monthly in arrears at an annual rate of 0.50% of each Funds' average daily net assets for the period from July 26, 2024 through February 19, 2025, for the LifeX Income ETFs, LifeX Inflation-Protected Income ETFs and LifeX Durable Income ETF. Prior to that, the Adviser had previously been compensated for its services by Funds, computed daily and paid monthly in arrears at an annual rate of 1.00% of each Funds' average daily net assets for the period from January 8, 2024 through July 26, 2024, and January 17, 2024, through July 26, 2024, for the LifeX Income ETFs and LifeX Inflation-Protected Income ETFs.

5. SERVICE PROVIDERS

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributor. Foreside
 Financial Services, LLC (the "Distributor"), serves as the Funds' distributor.

6. INVESTMENT TRANSACTIONS

For the period ended June 30, 2025, aggregate purchases and sales of securities (excluding short-term securities and in-kind transactions) by the Funds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2035 Term**<br>**Income ETF** | **LifeX** <br>**2040 Term** <br>**Income ETF** | **LifeX** <br>**2045 Term** <br>**Income ETF** | **LifeX**<br>**2048** <br>**Inflation-**<br>**Protected** <br>**Longevity**<br>**Income ETF** | **LifeX**<br>**2048**<br>**Longevity**<br>**Income ETF** | **LifeX**<br>**2049**<br>**Inflation-**<br>**Protected**<br>**Longevity**<br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $374831261 | $301206 | $608354 | $1945599 | $3012598 | $964382  |
| Sales | $158285712 | $307170 | $640152 | $5290124 | $5561719 | $3341762 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2049**<br>**Longevity**<br>**Income ETF** | **LifeX**<br>**2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2050** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2051** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2051** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2052** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $1615989 | $458347 | $1363310 | $449531 | $1582633 | $881844  |
| Sales | $4121979 | $609685 | $4920607 | $3187245 | $4001668 | $3568970 |

---

133<br>

------

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2052** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2053** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2053** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2054** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2054** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $1843006 | $654315 | $3366479 | $1160555 | $1941462 | $669524  |
| Sales | $5002308 | $800830 | $4528087 | $3870340 | $4968658 | $738831 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2055** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2056** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2056** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2057** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2057** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2058** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $1618720 | $2689519 | $999425 | $1791104 | $1250305 | $4261148  |
| Sales | $4003819 | $2675548 | $1108693 | $4290378 | $3755322 | $6422511 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2058** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2059** <br>**Inflation-**<br>**Protected** <br>**Longevity**<br>**Income ETF** | **LifeX** <br>**2059** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2060** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2061** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $871322 | $415820 | $923242 | $491163 | $734569 | $528696  |
| Sales | $978378 | $776499 | $3354687 | $573637 | $835966 | $609026 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2061** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2062** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2062** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2063** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2063** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2064** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $737172 | $2979177 | $682261 | $2304438 | $741593 | $422536  |
| Sales | $847820 | $4851119 | $3057896 | $4791320 | $3173160 | $239550 |

---

134<br>

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2064** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2065** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**Durable** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |
| Purchases | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |
| Purchases | $591504 | $672643 | $622074 | $155480  |
| Sales | $618491 | $285897 | $646275 | $188250 |

---

For the period ended June 30, 2025, aggregate in-kind purchases and sales of securities by the Funds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2035 Term** <br>**Income ETF** | **LifeX** <br>**2040 Term** <br>**Income ETF** | **LifeX** <br>**2045 Term** <br>**Income ETF** | **LifeX** <br>**2048** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2048** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2049** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $38546825 | $752119 | $1062785 | $1594695 | $— | $778510  |
| Sales | $— | $— | $— | $— | $1288799 | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2049** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2050** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2050** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2051** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2051** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2052** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $659573 | $1346864 | $1200877 | $— | $1090684  |
| Sales | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2052** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2053** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2053** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2054** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2054** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2055** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $1335574 | $286269 | $—  |
| Sales | $— | $— | $— | $— | $— | $— |

---

135<br>

------

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2055** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2056** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2056** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2057** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2057** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2058** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $585691 | $9144028 | $— | $1000479 | $619996 | $5421855  |
| Sales | $— | $6223804 | $— | $— | $— | $5529677 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2058** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2059** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2059** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2060** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2060** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2061** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $2753591 | $— | $— | $— | $2019099  |
| Sales | $— | $— | $— | $— | $— | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2061** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2062** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2062** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2063** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2063** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2064** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $— | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |  |  |
| Purchases | $— | $5491671 | $500724 | $2764969 | $— | $6112684  |
| Sales | $— | $5282745 | $— | $— | $— | $4978561 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LifeX** <br>**2064** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2065** <br>**Inflation-**<br>**Protected** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**2065** <br>**Longevity** <br>**Income ETF** | **LifeX** <br>**Durable** <br>**Income ETF**  |
| **Non U.S. Government**<br>|  |  |  |  |
| Purchases | $— | $— | $— | $—  |
| Sales | $— | $— | $— | $—  |
| **U.S. Government**<br>|  |  |  |  |
| Purchases | $704289 | $385653 | $710782 | $—  |
| Sales | $— | $— | $— | $— |

---

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.

136<br>

------

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

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

7. SUBSEQUENT EVENTS EVALUATION

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through the date the financial statements were issued. Effective September 2025, 14 of the LifeX Longevity Income ETFs will be reorganized with and into the 2050, 2055, 2060 and 2065 LifeX Longevity Income ETFs and 14 of the LifeX Inflation-Protected Income ETFs will be reorganized with and into the 2050, 2055, 2060 and 2065 LifeX Inflation-Protected Longevity Income ETFs. In addition, the acquiring ETFs will undergo a reverse share split as noted in Schedule C as approved by the Board on July 22, 2025. In August 2025, the 2040 and 2045 Term Income ETFs will be liquidated and pay a final distribution of their remaining assets to shareholders. Effective September 2025, the LifeX 2035 Term Income ETF will change its name to the LifeX 2035 Income Bucket ETF.

137<br>

------

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**Schedule A (Unaudited)** 

---

| |
|:---|
| **LifeX Income ETFs**  |
| LifeX 2048 Longevity Income ETF  |
| LifeX 2049 Longevity Income ETF  |
| LifeX 2050 Longevity Income ETF  |
| LifeX 2051 Longevity Income ETF  |
| LifeX 2052 Longevity Income ETF  |
| LifeX 2053 Longevity Income ETF  |
| LifeX 2054 Longevity Income ETF  |
| LifeX 2055 Longevity Income ETF  |
| LifeX 2056 Longevity Income ETF  |
| LifeX 2057 Longevity Income ETF  |
| LifeX 2058 Longevity Income ETF  |
| LifeX 2059 Longevity Income ETF  |
| LifeX 2060 Longevity Income ETF  |
| LifeX 2061 Longevity Income ETF  |
| LifeX 2062 Longevity Income ETF  |
| LifeX 2063 Longevity Income ETF  |
| LifeX 2064 Longevity Income ETF  |
| LifeX 2065 Longevity Income ETF  |
| **LifeX Inflation-Protected Income ETFs**  |
| LifeX 2048 Inflation-Protected Longevity Income ETF  |
| LifeX 2049 Inflation-Protected Longevity Income ETF  |
| LifeX 2050 Inflation-Protected Longevity Income ETF  |
| LifeX 2051 Inflation-Protected Longevity Income ETF  |
| LifeX 2052 Inflation-Protected Longevity Income ETF  |
| LifeX 2053 Inflation-Protected Longevity Income ETF  |
| LifeX 2054 Inflation-Protected Longevity Income ETF  |
| LifeX 2055 Inflation-Protected Longevity Income ETF  |
| LifeX 2056 Inflation-Protected Longevity Income ETF  |
| LifeX 2057 Inflation-Protected Longevity Income ETF  |
| LifeX 2058 Inflation-Protected Longevity Income ETF  |
| LifeX 2059 Inflation-Protected Longevity Income ETF  |
| LifeX 2060 Inflation-Protected Longevity Income ETF  |
| LifeX 2061 Inflation-Protected Longevity Income ETF  |
| LifeX 2062 Inflation-Protected Longevity Income ETF  |
| LifeX 2063 Inflation-Protected Longevity Income ETF  |
| LifeX 2064 Inflation-Protected Longevity Income ETF  |
| LifeX 2065 Inflation-Protected Longevity Income ETF  |
| **LifeX Term Income ETFs**  |
| LifeX 2035 Term Income ETF  |
| LifeX 2040 Term Income ETF  |
| LifeX 2045 Term Income ETF  |
| **LifeX Durable Income ETF**  |
| LifeX Durable Income ETF |

---

138<br>

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**Schedule B (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Effective Name** | **Prior Name** | **Effective** <br>**Date** | **Reverse** <br>**Share** <br>**Split Rate**  |
| **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  |
| LifeX 2048 Longevity Income ETF | Stone Ridge 2048 Longevity Income ETF | 2-7-2025 | 10:1  |
| LifeX 2049 Longevity Income ETF | Stone Ridge 2049 Longevity Income ETF | 2-7-2025 | 10:1  |
| LifeX 2050 Longevity Income ETF | Stone Ridge 2050 Longevity Income ETF | 2-7-2025 | 10:1  |
| LifeX 2051 Longevity Income ETF | Stone Ridge 2051 Longevity Income ETF | 2-10-2025 | 10:1  |
| LifeX 2052 Longevity Income ETF | Stone Ridge 2052 Longevity Income ETF | 2-10-2025 | 10:1  |
| LifeX 2053 Longevity Income ETF | Stone Ridge 2053 Longevity Income ETF | 2-10-2025 | 10:1  |
| LifeX 2054 Longevity Income ETF | Stone Ridge 2054 Longevity Income ETF | 2-11-2025 | 10:1  |
| LifeX 2055 Longevity Income ETF | Stone Ridge 2055 Longevity Income ETF | 2-11-2025 | 10:1  |
| LifeX 2056 Longevity Income ETF | Stone Ridge 2056 Longevity Income ETF | 2-11-2025 | 10:1  |
| LifeX 2057 Longevity Income ETF | Stone Ridge 2057 Longevity Income ETF | 2-12-2025 | 10:1  |
| LifeX 2058 Longevity Income ETF | Stone Ridge 2058 Longevity Income ETF | 2-12-2025 | 10:1  |
| LifeX 2059 Longevity Income ETF | Stone Ridge 2059 Longevity Income ETF | 2-12-2025 | 10:1  |
| LifeX 2060 Longevity Income ETF | Stone Ridge 2060 Longevity Income ETF | 2-13-2025 | 10:1  |
| LifeX 2061 Longevity Income ETF | Stone Ridge 2061 Longevity Income ETF | 2-13-2025 | 10:1  |
| LifeX 2062 Longevity Income ETF | Stone Ridge 2062 Longevity Income ETF | 2-13-2025 | 10:1  |
| LifeX 2063 Longevity Income ETF | Stone Ridge 2063 Longevity Income ETF | 2-14-2025 | 10:1  |
| LifeX 2064 Longevity Income ETF | N/A | 2-14-2025 | 10:1  |
| LifeX 2065 Longevity Income ETF | N/A | 2-14-2025 | 10:1  |
| **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  |
| LifeX 2048 Inflation-Protected Longevity Income ETF | Stone Ridge 2048 Inflation-Protected Longevity Income ETF | 2-7-2025 | 10:1  |
| LifeX 2049 Inflation-Protected Longevity Income ETF | Stone Ridge 2049 Inflation-Protected Longevity Income ETF | 2-7-2025 | 10:1  |
| LifeX 2050 Inflation-Protected Longevity Income ETF | Stone Ridge 2050 Inflation-Protected Longevity Income ETF | 2-7-2025 | 10:1  |
| LifeX 2051 Inflation-Protected Longevity Income ETF | Stone Ridge 2051 Inflation-Protected Longevity Income ETF | 2-10-2025 | 10:1  |
| LifeX 2052 Inflation-Protected Longevity Income ETF | Stone Ridge 2052 Inflation-Protected Longevity Income ETF | 2-10-2025 | 10:1  |
| LifeX 2053 Inflation-Protected Longevity Income ETF | Stone Ridge 2053 Inflation-Protected Longevity Income ETF | 2-10-2025 | 10:1  |
| LifeX 2054 Inflation-Protected Longevity Income ETF | Stone Ridge 2054 Inflation-Protected Longevity Income ETF | 2-11-2025 | 10:1  |
| LifeX 2055 Inflation-Protected Longevity Income ETF | Stone Ridge 2055 Inflation-Protected Longevity Income ETF | 2-11-2025 | 10:1  |
| LifeX 2056 Inflation-Protected Longevity Income ETF | Stone Ridge 2056 Inflation-Protected Longevity Income ETF | 2-11-2025 | 10:1  |
| LifeX 2057 Inflation-Protected Longevity Income ETF | Stone Ridge 2057 Inflation-Protected Longevity Income ETF | 2-12-2025 | 10:1  |
| LifeX 2058 Inflation-Protected Longevity Income ETF | Stone Ridge 2058 Inflation-Protected Longevity Income ETF | 2-12-2025 | 10:1  |
| LifeX 2059 Inflation-Protected Longevity Income ETF | Stone Ridge 2059 Inflation-Protected Longevity Income ETF | 2-12-2025 | 10:1  |
| LifeX 2060 Inflation-Protected Longevity Income ETF | Stone Ridge 2060 Inflation-Protected Longevity Income ETF | 2-13-2025 | 10:1  |
| LifeX 2061 Inflation-Protected Longevity Income ETF | Stone Ridge 2061 Inflation-Protected Longevity Income ETF | 2-13-2025 | 10:1  |
| LifeX 2062 Inflation-Protected Longevity Income ETF | Stone Ridge 2062 Inflation-Protected Longevity Income ETF | 2-13-2025 | 10:1  |
| LifeX 2063 Inflation-Protected Longevity Income ETF | Stone Ridge 2063 Inflation-Protected Longevity Income ETF | 2-14-2025 | 10:1  |
| LifeX 2064 Inflation-Protected Longevity Income ETF | N/A | 2-14-2025 | 10:1  |
| LifeX 2065 Inflation-Protected Longevity Income ETF | N/A | 2-14-2025 | 10:1  |

---

139<br>

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**Schedule B (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Effective Name** | **Prior Name** | **Effective** <br>**Date** | **Reverse** <br>**Share** <br>**Split Rate**  |
| **LifeX Term Income ETF**  | **LifeX Term Income ETF**  | **LifeX Term Income ETF**  | **LifeX Term Income ETF**  |
| LifeX 2035 Term Income ETF | N/A | 2-3-2025 | 11:1  |
| LifeX 2040 Term Income ETF | N/A | 2-3-2025 | 11:1  |
| LifeX 2045 Term Income ETF | N/A | 2-3-2025 | 11:1  |
| **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  |
| LifeX Durable Income ETF | Stone Ridge Durable Income ETF | 2-14-2025 | 10:1 |

---

140<br>

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

**Schedule C (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Reorganizing ETFs** | **Acquiring ETFs** | **Reorganization**<br>**Effective** <br>**Date<sup>(a)</sup>** | **Reverse** <br>**Share** <br>**Split Rate<sup>(b)</sup>**  |
| **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  | **LifeX Income ETFs**  |
| LifeX 2048 Longevity Income ETF | LifeX 2050 Longevity Income ETF | 09-15-2025 | 10-for-13  |
| LifeX 2049 Longevity Income ETF | LifeX 2050 Longevity Income ETF | 09-15-2025 | 10-for-13  |
| LifeX 2051 Longevity Income ETF | LifeX 2055 Longevity Income ETF | 09-16-2025 | 10-for-12  |
| LifeX 2052 Longevity Income ETF | LifeX 2055 Longevity Income ETF | 09-16-2025 | 10-for-12  |
| LifeX 2053 Longevity Income ETF | LifeX 2055 Longevity Income ETF | 09-16-2025 | 10-for-12  |
| LifeX 2054 Longevity Income ETF | LifeX 2055 Longevity Income ETF | 09-16-2025 | 10-for-12  |
| LifeX 2056 Longevity Income ETF | LifeX 2060 Longevity Income ETF | 09-17-2025 | 10-for-11  |
| LifeX 2057 Longevity Income ETF | LifeX 2060 Longevity Income ETF | 09-17-2025 | 10-for-11  |
| LifeX 2058 Longevity Income ETF | LifeX 2060 Longevity Income ETF | 09-17-2025 | 10-for-11  |
| LifeX 2059 Longevity Income ETF | LifeX 2060 Longevity Income ETF | 09-17-2025 | 10-for-11  |
| LifeX 2061 Longevity Income ETF | LifeX 2065 Longevity Income ETF | 09-18-2025 | 10-for-11  |
| LifeX 2062 Longevity Income ETF | LifeX 2065 Longevity Income ETF | 09-18-2025 | 10-for-11  |
| LifeX 2063 Longevity Income ETF | LifeX 2065 Longevity Income ETF | 09-18-2025 | 10-for-11  |
| LifeX 2064 Longevity Income ETF | LifeX 2065 Longevity Income ETF | 09-18-2025 | 10-for-11  |
| **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  | **LifeX Inflation-Protected Income ETFs**  |
| LifeX 2048 Inflation-Protected Longevity Income ETF | LifeX 2050 Inflation-Protected <br>Longevity Income ETF | 09-15-2025 | 10-for-13  |
| LifeX 2049 Inflation-Protected Longevity Income ETF | LifeX 2050 Inflation-Protected <br>Longevity Income ETF | 09-15-2025 | 10-for-13  |
| LifeX 2051 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected <br>Longevity Income ETF | 09-16-2025 | 10-for-12  |
| LifeX 2052 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected <br>Longevity Income ETF | 09-16-2025 | 10-for-12  |
| LifeX 2053 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected <br>Longevity Income ETF | 09-16-2025 | 10-for-12  |
| LifeX 2054 Inflation-Protected Longevity Income ETF | LifeX 2055 Inflation-Protected <br>Longevity Income ETF | 09-16-2025 | 10-for-12  |
| LifeX 2056 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected <br>Longevity Income ETF | 09-17-2025 | 10-for-12  |
| LifeX 2057 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected <br>Longevity Income ETF | 09-17-2025 | 10-for-12  |
| LifeX 2058 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected <br>Longevity Income ETF | 09-17-2025 | 10-for-12  |
| LifeX 2059 Inflation-Protected Longevity Income ETF | LifeX 2060 Inflation-Protected <br>Longevity Income ETF | 09-17-2025 | 10-for-12  |
| LifeX 2061 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected <br>Longevity Income ETF | 09-18-2025 | 10-for-12  |
| LifeX 2062 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected <br>Longevity Income ETF | 09-18-2025 | 10-for-12  |
| LifeX 2063 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected <br>Longevity Income ETF | 09-18-2025 | 10-for-12  |
| LifeX 2064 Inflation-Protected Longevity Income ETF | LifeX 2065 Inflation-Protected <br>Longevity Income ETF | 09-18-2025 | 10-for-12  |
| **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  | **LifeX Durable Income ETF**  |
| LifeX Durable Income ETF |  | n/a | 10-for-11 |

---

<sup>(a)</sup> Effective date may change without notice to shareholders

<sup>(b)</sup> Record date and payment date for such reverse splits will be announced in future communication.

141<br>

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**Additional Information (Unaudited)** 

1. Availability of Quarterly Portfolio Holdings Schedules

The Funds are required to file their 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 Funds' filings on Part F of Form N-PORT are available without charge on the SEC's website, <u>www.sec.gov</u>, or upon request by calling 1.855.609.3680.

2. Proxy Voting Policies and Procedures and Proxy Voting Record

A description of the policies and procedures that the Funds use 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, <u>www.sec.gov</u>. The Funds are required to file how they 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, <u>www.sec.gov</u>.

3. Form N-CSR Items 8-11

Set forth below is the information required to be provided in Items 8-11 of Form N-CSR.

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

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosure for Open-End Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Not applicable.

142<br>

------

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

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

<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>

Ernst & Young LLP

700 Nicollet Mall, Suite 500

Minneapolis, MN 55402

<u>Legal Counsel</u>

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, MA 02199

<u>Custodians</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, Main 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

This report has been prepared for shareholders and must be preceded or accompanied by an effective prospectus, which includes information regarding the Funds' investment objectives, risks, experience of its management and other information.

------

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

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

![](img16894backcover.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form N-CSR.

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

There were no changes in or disagreements with accountants during the period covered by this report.

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

There were no matters submitted to a vote of shareholders during the period covered by this report.

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

All fund expenses, including Trustee compensation are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

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

Not applicable.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

**<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>**

Not applicable to open-end investment companies.

**<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.

&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.](le-efp16894_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. Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](le-efp16894_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

---

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

---

Date <u>9/5/25</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 |

---

Date <u>9/5/25</u>

---

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

---

Date <u>9/5/25</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;

&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: | 9/5/25 | /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;

&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: | 9/5/25 | /s/ Maura Keselowsky |
|  |  | Maura Keselowsky<br> Treasurer, Principal Financial Officer, Chief Financial Officer and Chief Accounting Officer |

---

## 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, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Stone Ridge Trust for the period ended June 30, 2025 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 for the stated period.

---

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

---

Dated: <u>9/5/25</u>

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 for purposes of Section 18 of the Securities Exchange Act of 1934.